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Coventry Building Society sees mortgages balances grow in H1

Ryan Fowler

August 6, 2020

Coventry Building Society saw its mortgage balances increase by £0.8bn for the first half of 2020 to £43.0bn, its latest results show. 

The results also revealed that the Society had made substantial progress in developing its technology infrastructure and completed significant migrations to new data centres.

In June, it delivered a project to allow stronger online authentication, a significant deliverable in the Society’s digital journey and important with more members looking to manage their money online – a trend that has been accelerated by the pandemic.

Steve Hughes, chief executive of the Coventry Building Society, said: “I joined the Society on the 20th April with Covid-19 impacting all parts of the Society and affecting our members, intermediaries, colleagues and the communities in which we operate. It has dominated the first half of the year.

“We responded quickly to keep members and colleagues safe and stayed open for business. I am very proud of the service we’ve maintained for our borrowers and intermediaries in these very challenging times and proud also that we’ve continued to grow our mortgages and outperform the market in doing so.

“I am delighted to have met – if virtually – many of our intermediary partners over these last few weeks and I’ve no doubt that the excellent relationships we have are the foundation for past, present and future success.

“I look forward to developing these relationships further and doing more in the market in the coming months.”


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