Profits are up once again by 18% from £52.8m last year to £62.2m. One of the key indicators of strength for any financial institution is its core tier 1 ratio - for the Coventry, the figure is the highest for any top 10 building society or mutual lender at 22.5% - but a reduction from the figure of 24.1% reported at the same point last year. They have maintained their high credit rating throughout the financial crisis and are the only major high street bank or building society not to have been downgraded over the past 4 years.
Savings balances have increased to a record £20.9bn - up £821m.
After the problems experienced by the Co-op Bank in recent weeks, its reassuring to see another solid set of figures from the Coventry.
The mid-price for CVB is 95p giving a current yield of 6.4%. They are due to be called (repaid) in June 2016.
|CVB 3 yr price chart |
(click to enlarge)