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August 18, 2010    

Coventry Building Society announces record results

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by Kay Murchie

Coventry Building Society, which is scheduled to finalise its merger with smaller rival Stroud & Swindon next month, has today announced record results for the six months ending June 30.

The UK’s third largest building society said pre-tax profit grew by 20% to £43.5 million - compared with £36.2 million in the same period a year ago.

In the meantime, net mortgage lending totalled £751 million in the six-month period - equivalent to almost one third of all net mortgage lending in the UK.

Commenting, chief executive David Stewart, said: “From the very start of the credit crunch, it was my belief that Coventry had the right business model for these difficult times.

“Subsequent events have shown this to be the case and I remain confident of further progress in 2010 and beyond,” he added.

The Coventry has maintained its ‘A’ credit ratings throughout the financial crisis.

Meanwhile, in March the Coventry confirmed it was in merger talks with the Stroud & Swindon.

The merger, due to be completed early next month, will bring together the country’s third and eleventh largest building societies and create a business with approximately 1.5 million customers and assets of more than £20 billion.

The deal follows a series of recent mergers between Britain’s building societies and brings further consolidation to the mutual sector.

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