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Coventry increases lending and profits

Coventry Building Society increased its gross lending by 14.3 per cent in 2000 to £1.2bn from £1.05bn in 1999.

Coventry&#39s pre-tax profits were also up by 5.9 per cent in 2000, at £40.7m from £34.8m. Its management expense ratio was reduced by 0.03 per cent to 0.70 per cent from 0.73 per cent over the same period.

Coventry chief executive Martin Ritchley says: “Our results demonstrate the benefits which our building society status brings to our savers and borrowers. Over the last five years we have returned over £120m to our members, in the form of better savings rates and lower mortgage rates.”

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