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| Name | Symbol | Market | Type |
|---|---|---|---|
| Morg.st.b.v 25 | LSE:BA48 | London | Medium Term Loan |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
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RNS Number:7786O
Coventry Building Society
19 August 2003
Embargoed until 0730 hours
19 August 2003
Coventry hits record lending at half year
Coventry Building Society, the UK's fifth largest building society, today
announces another set of outstanding results for the six months ended 30 June
2003.
Key highlights for the half year include:
Record gross mortgage lending of #1,235 million - 26% up on the first half of
2002
Record net lending of #573 million - well above 'natural' market share
Over 14% annual asset growth
Interest margin narrowed to 1.00% of average assets for benefit of members
Improved management expenses to average assets - down to 0.64%
Pre-tax profit up 4.9% to #21.4 million
Martin Ritchley, Chief Executive of Coventry Building Society said: "Once again
I am delighted to report a successful set of half year results which continue to
build upon the consistently strong performance we've been able to report over
many years. Our results demonstrate the competitive advantage of our building
society status, with our assets growing by over 14% in the year to 30 June 2003.
We continue to reduce our management expenses ratio, down from 0.66% of
average assets a year ago to 0.64%, underpinning our position as one of the most
cost efficient lenders in the UK.
More...
Continuing ...
"Our established position as a low cost provider is reinforced by our status as
a building society, with no dividends to pay to outside shareholders. This has
enabled us to narrow our interest margin to 1.00% of average assets, for the
benefit of our saving and borrowing members.
"Gross mortgage advances, at #1,235 million, is a new record for the Society -
26% up on the same period last year. Net lending (gross advances less capital
repayments) of #573 million, also a record, is well ahead of our 'natural'
market share. This performance demonstrates the success of our multi-channel
approach to distribution, which has enabled us to grow our mortgage book by over
12% in the year to June 2003.
"In 2002, we achieved record net savings receipts of more than #1 billion. This
outstanding performance meant that attracting significant new savings receipts
has not been our priority; nevertheless #29 million was attracted in the half
year.
"Our assets now total over #8.5 billion, maintaining our position as one of the
top five building societies. These are impressive results which continue to
demonstrate the competitive advantages which flow from our building society
status and the benefits which we are able to deliver to our members."
ends
Notes to Editors
* Martin Ritchley, Chief Executive is available for interview and
comment
* Photographs of Martin Ritchley can also be downloaded from the photo
library on our website
* Results for the half year ended 30 June 2003 are attached
Unaudited Society Results
For the half year ended 30 June 2003
Key Results Half Year Year Half Year
Ended Ended Ended
30.06.03 31.12.02 30.06.02
#m #m #m
Pre tax profits 21.4 45.3 20.4
Mortgage provisioning 2.7 2.9 1.8
Gross lending 1,235 1,865 981
Net lending 573 677 471
Net receipts from shares (1) 29 1,035 377
Total assets 8,546 8,058 7,468
Key Ratios Half Year Year Half Year
Ended Ended Ended
30.06.03 31.12.02 30.06.02
% % %
Asset growth 6.06 12.30 4.07
Commercial asset growth 8.84 11.66 8.13
Gross capital 5.71 5.87 6.11
Free capital 5.71 5.81 6.16
Net interest margin (2) 1.00 1.05 1.03
Management expenses to average assets (2) 0.64 0.65 0.66
Profit before tax to average assets (2) 0.52 0.59 0.56
Income and Expenditure Account Half Year Year Half Year
Ended Ended Ended
30.06.03 31.12.02 30.06.02
#m #m #m
Net interest receivable 41.3 80.0 37.4
Other income and charges 9.2 18.0 8.9
Total income 50.5 98.0 46.3
Management expenses (26.4) (49.8) (24.1)
Provisions for bad and doubtful debts (2.7) (2.9) (1.8)
Profit before tax 21.4 45.3 20.4
Tax (6.7) (14.2) (6.4)
Profit after tax 14.7 31.1 14.0
Statement of total recognised gains and losses Half Year Year Half Year
Ended Ended Ended
30.06.03 31.12.02 30.06.02
#m #m #m
Profit for the financial period 14.7 31.1 14.0
Prior year adjustment (3) - 2.4 2.4
Total gains and losses recognised since last annual 14.7 33.5 16.4
report
As at As at As at
Balance Sheet 30.06.03 31.12.02 30.06.02
#m #m #m
Assets
Liquid assets 1,435.4 1,521.2 1,141.5
Mortgages 7,054.7 6,481.6 6,277.0
Fixed assets 27.3 28.6 26.4
Other assets 28.8 26.5 23.3
Total assets 8,546.2 8,057.9 7,468.2
Liabilities
Shares 6,242.0 6,213.2 5,555.2
Borrowings 1,811.6 1,368.9 1,446.4
Other liabilities 32.8 30.6 38.5
Subordinated liabilities 35.0 35.0 35.0
Subscribed capital 40.0 40.0 40.0
Reserves 384.8 370.2 353.1
Total liabilities 8,546.2 8,057.9 7,468.2
Cash Flow Statement Half Year Year Half Year
Ended Ended Ended
30.06.03 31.12.02 30.06.02
#m #m #m
Net cash inflow from operating activities 81.9 194.3 (28.7)
Returns on investments and servicing of finance (3.9) (5.9) (2.9)
Taxation (7.7) (17.7) (6.0)
Capital expenditure and financial investment:
Purchase of investment securities (1,917.9) (2,549.0) (984.7)
Sale and maturity of investment securities 1,934.7 2,397.0 976.2
Purchase of fixed assets (1.7) (5.7) (0.8)
Finance lease payments (0.2) (0.4) (0.1)
Financing
Issue of subordinated liabilities - 15.0 15.0
Increase/(decrease) in cash 85.2 27.6 (32.0)
Notes to the accounts.
(1) Includes interest added to the accounts.
(2) Net interest margin, management expenses as a percentage of average assets
and profit before tax as a percentage of average assets have been calculated
on an annualised basis taking into account the number of days in the six
month period.
(3) The prior year adjustment reflects a change of accounting policy on adoption
of FRS 19 Deferred Tax.
For more information or additional comment please contact
John Thomson FCMA, Deputy Chief Executive
On (0845) 7665522
Visit our websites: www.coventrybuildingsociety.co.uk www.Remortgages.co.uk
Telephone calls may be monitored or recorded for your protection or for training
purposes
Coventry Building Society introduces only to Norwich Union Marketing Group,
members of which are regulated by the Financial Services Authority, for life
assurance, pensions and investments.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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