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Business News

Profits up 40 per cent at Coventry BS

Coventry building Society posted record results yesterday as its conservative business model enabled it to thrive despite the credit crunch. The UK's third largest building society reported a 40 per cent jump in underlying pre-tax profit to £46.5m for the six months to 30 June.

The company attributed its success to its "simple business model". It said its policy of funding all of its mortgage lending through savers' deposits had enabled it to remain "open for business" during the credit crunch, with its mortgage book up 6 per cent during the first half.

Overall, net mortgage lending totalled £751m during the first half of the year.