TIDMCVBP
RNS Number : 4151V
Coventry Building Society
06 August 2020
RELEASED IN ERROR
The 'Half-year Report' announcement released on 6 August 2020 at
07:00 under RNS No 2894V was released in error and should be
disregarded.
6 August 2020
Coventry delivers resilient performance and mortgage growth in
a challenging environmentDespite the impact of the Covid-19 on financial results, Coventry
Building Society has remained firmly open for business. It has
seen continued growth in mortgages and maintained its robust capital
position, whilst continuing to deliver exceptional service to
members, outstanding levels of colleague engagement and ongoing
support to the local communities it serves.
Financial results for the six months ended 30 June 2020 include:
* Mortgages: Mortgage balances have increased by
GBP0.8bn for the first half of 2020 to GBP43.0bn,
over twice the rate of market growth in the period(1)
.
* Savings: Savings balances reduced by GBP0.8bn to
GBP35.4bn in the first half of 2020 due to lower
mortgage growth and strong acquisition at the end of
2019.
* Member value: The average weighted savings rate paid
to members was 1.33%, 0.57% higher than the average
paid in the market and equivalent to an additional
GBP103m in interest to savers(2) .
* Member outcomes: The Society's overall Net Promoter
Score increased to +77(3) during a period of
exceptional concern for members and disruption to
normal operations. The Society continues to report
one of the lowest complaint overturn rates by the
Financial Ombudsman Service(4) . During H1 the
Society supported over 37,000 borrowers with payment
holidays.
* Profit: Profit before tax of GBP22m (2019 H1: GBP75m),
reduced from 2019 as a result of additional
provisions of GBP39m for potential future credit
losses in addition to lower net interest income
following the reduction in the Bank of England Base
Rate in March.
* Capital and liquidity strength: Common Equity Tier 1
(CET 1) ratio remains well above statutory
requirements at 31.7% whilst the Society's Leverage
Ratio(5) on a UK modified basis has been maintained
at 4.5%. The Liquidity Coverage Ratio of 200% is also
considerably above the regulatory minimum
requirement.
* Leading cost efficiency: At 0.47%(6) the Society
continues to report amongst the lowest cost to mean
assets ratio of any UK building society(7) , whilst
continuing to invest significantly in its technology
infrastructure and digital capability.
* Outstanding employee engagement: The Society is rated
'Extraordinary' for employee engagement and was
recognised for being 2nd in the Sunday Times Best Big
Companies to Work For(8) list.
* Supporting communities: Whilst face to face activity
has been limited due to lockdown, we have increased
emergency support for our community partners,
tackling immediate needs and the longer term
consequences of the pandemic. 66% of colleagues have
been engaged in charitable activity over the last 12
months (2019 H1: 75%).
A resilient operational and capital performance
The Society has delivered a resilient performance. It has been
open for business throughout the pandemic, increasing member
satisfaction and delivering continued excellent service. It has
continued to grow, increasing mortgage balances by GBP0.8bn.
The strength of the Society's savings proposition is shown by
the GBP103m additional savings interest it returned to members
by paying higher than market rates(2) . The Society remains committed
to providing long term value, great service and a secure home
for its members' savings.
As a mutual building society the organisation is run in the long
term interest of members, with prudence and resilience being
key parts of this. The reduction in the Bank of England base
rate significantly impacts mortgage earnings and investment returns
and as a result the Society has had to make difficult decisions
on savings rates to balance the impact on margin. Due to the
worsening economic outlook and the potential for higher unemployment
GBP39m of additional provisions have been set aside to mitigate
the risk of future credit losses.
Whilst costs have increased marginally, the Society remains one
of the most cost efficient building societies in the UK, reducing
its cost to mean assets ratio to 0.47%(6) , amongst the lowest
in the sector. Investment in the business has continued during
the year and cost efficiency continues to be a key strategic
focus.
The Society maintained its capital strength. Common Equity Tier
1 ratio remains strong at 31.7% and the Leverage Ratio(5) has
been maintained at 4.5% - both being well above the regulatory
minimum requirement. Together with a Liquidity Coverage Ratio
of 200% these underline the Society's core strength and ability
to focus on the long term benefit of its members.
Delivering for members, colleagues and the communities we serve
Over 90% of branches have been open throughout lockdown. During
the toughest times, the average call waiting time across the
Society was just over 3 minutes(9) and this reduced to 21 seconds
in May - an incredible achievement by colleagues. We also helped
over 25,000 members use our services online for the first time.
The Society has implemented flexible working practices and retrained
colleagues to ensure that it meets its service promise to members
and satisfaction, judged by Net Promoter Score(3) , was higher
than the same period last year. The close relationship the Society
has with members has meant it was able to contact some of the
most vulnerable and help them when isolated and shielding.
The Society has supported over 37,000 borrowers through payment
holidays, making a difficult time a little easier for those whose
income has reduced in recent months. I am particularly proud
of the way colleagues adapted and worked together tirelessly
to provide a high quality service to members when they needed
it most, including launching a new online application for payment
holidays. Whilst it is still early days I am also encouraged
by the high numbers of borrowers who have restarted their mortgage
payments over the last few weeks.
The Society has kept colleagues safe too. No-one has been furloughed
and 60% of colleagues have been working from home, supported
by new technology and flexible working practices - including
over 14,000 hours of paid leave for those with caring responsibilities.
The wellbeing of colleagues, whether serving members in branches
or adapting to working from home, continues to be a critical
part of our response to the pandemic.
The Society has actively supported national and local charities,
providing emergency funding and focusing on both the immediate
needs of the vulnerable through support for local foodbanks and
donations of PPE, and the consequences of the pandemic through
long-standing partnerships with Coventry Citizens Advice Bureau
and Coventry Haven - a domestic violence charity. Its successful
schools programme has been re-focussed, providing stationery
packs and books to over 2,000 disadvantaged primary school students
to support home learning. The continued support of the Royal
British Legion resulted in donations of GBP400k to the charity
in the first half of the year, taking total donations to GBP18.3m
making a meaningful difference to the charity and the fantastic
work it does.
Investing for the future
Despite the challenges of Covid-19, the Society has made substantial
progress in developing its technology infrastructure and completed
significant migrations to new data centres. In June, it delivered
a project to allow stronger online authentication, a significant
deliverable in the Society's digital journey and important with
more members looking to manage their money online - a trend that
has been accelerated by the pandemic. The branch refurbishment
programme continued up to lockdown with a further 3 completed
bringing the total to 29. In addition, the Society is on track
to deliver a new HR system in September to underpin the investment
in its greatest asset, its people.
Investing in digital capability for both mortgages and savings
will be a key focus for the Society over the coming months as
it seeks to build on its brilliant personal service in an increasingly
digital world.
Commenting on these results, Steve Hughes, Chief Executive, Coventry
Building Society, said:
"I joined the Society on the 20(th) April with Covid-19 impacting
all parts of the Society and affecting our members, customers,
colleagues and the communities in which we operate. It has dominated
the first half of the year.
We responded quickly to keep members and colleagues safe and
stayed open for business. Managing the competing needs of savers,
borrowers and those in financial difficulty has been challenging.
I'm confident we've made the right decisions, even if difficult
at times, balancing the needs of our savers and borrowers, maintaining
the financial stability of the Society and continuing to invest
for the future, all with the aim of protecting the long term
interests of our members.
Outside of the Society, the efforts to control the pandemic have
been immense and I would like to thank every key worker in the
UK for what they have done for us during this time, the spirit
and hard work shown by so many has been great to see. I extend
this to all of my colleagues at the Society for their fantastic
efforts on behalf of our members during these very challenging
times."
1. Source: Bank of England - latest published data as at 30
June 2020.
2. Based on the Society's average month end savings rate compared
to the Bank of England average rate for household interest-bearing
deposits for the first six months of the year on the Society's
mix of products.
3. A measure of customer advocacy that ranges between -100 and
+100 which represents how likely a customer is to recommend
our products and services. H1 2020 score is based on surveys
completed between 1 January 2020 and 17 March 2020.
4. Source: Financial Ombudsman Service latest available information
for the six months ending 31 December 2019.
5. During the period the Society has refined its calculation
of this measure. Had this applied in 2019 the comparatives would
be 30 June 2019 4.6% and 31 December 2019 4.6 %.
6. Administrative expenses, depreciation and amortisation/Average
total assets.
7. As at 5 August 2020.
8. Source: Best Companies '25 Best Big Companies to Work For'
listing 2020. In 2019 The Society was rated 55th in the 'Top
100 Companies to work for' listing in the Mid-sized companies
category.
9. Based on average call waiting times between 23 March 2020
and 3 May 2020.
Condensed Consolidated Income Period
Statement Period to to Year ended
For the period ended 30 June 30 Jun 30 Jun 31 Dec
2020 2020 (Unaudited) 2019 (Unaudited) 2019 (Audited)
GBPm GBPm GBPm
============================== ================= ================= ===============
Interest receivable and similar
income
calculated using the Effective
Interest
Rate method 438.3 501.7 1,010.5
=============================== ================= ================= ===============
Interest payable and similar
charges (259.9) (300.6) (613.8)
=============================== ================= ================= ===============
Net interest income 178.4 201.1 396.7
=============================== ================= ================= ===============
Fees and commissions receivable 3.5 3.9 7.8
=============================== ================= ================= ===============
Fees and commissions payable (4.4) (5.0) (10.2)
=============================== ================= ================= ===============
Other operating income 0.3 2.2 2.5
=============================== ================= ================= ===============
Net gains/(losses) from
derivative
financial instruments 1.2 (12.4) (17.2)
=============================== ================= ================= ===============
Total income 179.0 189.8 379.6
=============================== ================= ================= ===============
Administrative expenses (103.7) (99.3) (201.4)
=============================== ================= ================= ===============
Amortisation of intangible
assets (5.9) (7.1) (13.5)
=============================== ================= ================= ===============
Depreciation of property, plant
and
equipment (7.6) (6.9) (14.2)
=============================== ================= ================= ===============
Expected credit losses on loans
and
advances to customers (39.4) (1.2) (2.1)
=============================== ================= ================= ===============
Provisions for liabilities and
charges (0.5) - -
=============================== ================= ================= ===============
Charitable donation to Poppy
Appeal (0.4) (0.6) (1.2)
=============================== ================= ================= ===============
Profit before tax 21.5 74.7 147.2
=============================== ================= ================= ===============
Taxation (2.8) (14.1) (25.5)
=============================== ================= ================= ===============
Profit for the financial period 18.7 60.6 121.7
=============================== ================= ================= ===============
Profit for the financial period arises from continuing operations
and is attributable to the members of the Society.
Condensed Consolidated Statement of Comprehensive Income
For the period ended 30 June 2020
Profit for the financial period 18.7 60.6 121.7
============================================= ======= ============== =======
Other comprehensive income
============================================ ======= ============== =======
Items that will not be transferred
to the Income Statement:
============================================ ======= ============== =======
Remeasurement of defined benefit
plan (2.4) (6.9) (6.2)
============================================= ======= ============== =======
Taxation 0.7 1.9 1.6
============================================= ======= ============== =======
Effect of change in corporation tax
rate - (0.1) (0.1)
============================================= ======= ============== =======
Items that may be transferred to
the Income Statement:
============================================ ======= ============== =======
Fair value through other comprehensive
income investments:
============================================ ======= ============== =======
Fair value movements taken to reserves 11.8 6.4 3.7
============================================= ======= ============== =======
Amount transferred to Income Statement (11.7) (9.6) (6.2)
============================================= ======= ============== =======
Taxation (0.1) 0.9 0.6
============================================= ======= ============== =======
Effect of change in corporation tax
rate - (0.1) -
============================================= ======= ============== =======
Cash flow hedges:
============================================ ======= ============== =======
Fair value movements taken to reserves 34.8 4.7 (124.2)
============================================= ======= ============== =======
Amount transferred to Income Statement (115.0) (5.6) 106.0
============================================= ======= ============== =======
Taxation 21.4 0.3 4.9
============================================= ======= ============== =======
Effect of change in corporation tax
rate 0.1 (0.1) (0.3)
============================================= ======= ============== =======
Other comprehensive expense for the period,
net of tax (60.4) (8.2) (20.2)
============================================= ======= ============== =======
Total comprehensive (expense)/income
for the period, net of tax (41.7) 52.4 101.5
============================================= ======= ============== =======
30 Jun 30 Jun 31 Dec
Condensed Consolidated Balance Sheet 2020 (Unaudited) 2019 (Unaudited) 2019 (Audited)
As at 30 June 2020 GBPm GBPm GBPm
======================================== ================= ================= ===============
Assets
======================================= ================= ================= ===============
Cash and balances with the
Bank of England 4,360.2 6,044.2 5,226.0
========================================= ================= ================= ===============
Loans and advances to credit
institutions 807.3 380.7 336.1
========================================= ================= ================= ===============
Debt securities 1,276.5 1,150.7 1,292.6
========================================= ================= ================= ===============
Loans and advances to customers 43,030.0 40,586.5 42,234.7
========================================= ================= ================= ===============
Hedge accounting adjustment 441.5 175.8 149.7
========================================= ================= ================= ===============
Derivative financial instruments 269.4 242.0 137.9
========================================= ================= ================= ===============
Investment in equity shares 4.3 4.0 4.1
========================================= ================= ================= ===============
Current tax asset 4.5 - -
========================================= ================= ================= ===============
Deferred tax asset 17.1 - -
========================================= ================= ================= ===============
Intangible assets 33.3 35.1 33.2
========================================= ================= ================= ===============
Property, plant and equipment 76.0 76.8 77.8
========================================= ================= ================= ===============
Pension benefit surplus 22.0 22.9 24.3
========================================= ================= ================= ===============
Prepayments and accrued income 17.9 15.4 14.4
========================================= ================= ================= ===============
Total assets 50,360.0 48,734.1 49,530.8
========================================= ================= ================= ===============
Liabilities
======================================= ================= ================= ===============
Shares 35,438.6 35,158.7 36,238.1
========================================= ================= ================= ===============
Deposits from banks 7,256.7 5,320.7 5,318.6
========================================= ================= ================= ===============
Other deposits 7.0 12.5 8.5
========================================= ================= ================= ===============
Amounts owed to other customers 217.4 677.6 462.7
========================================= ================= ================= ===============
Debt securities in issue 4,445.5 4,895.2 4,815.6
========================================= ================= ================= ===============
Hedge accounting adjustment 113.8 58.8 44.0
========================================= ================= ================= ===============
Derivative financial instruments 601.1 255.2 281.8
========================================= ================= ================= ===============
Current tax liabilities - 10.1 14.2
========================================= ================= ================= ===============
Deferred tax liabilities - 14.7 5.0
========================================= ================= ================= ===============
Accruals and deferred income 32.8 38.0 36.0
========================================= ================= ================= ===============
Other liabilities 32.7 41.5 35.7
========================================= ================= ================= ===============
Provisions for liabilities
and charges 0.5 1.8 0.7
========================================= ================= ================= ===============
Subordinated liabilities 25.5 25.5 25.5
========================================= ================= ================= ===============
Subscribed capital 41.6 41.6 41.6
========================================= ================= ================= ===============
Total liabilities 48,213.2 46,551.9 47,328.0
========================================= ================= ================= ===============
Equity
======================================= ================= ================= ===============
General reserve 1,776.0 1,725.4 1,773.3
========================================= ================= ================= ===============
Other equity instruments 415.0 429.9 415.0
========================================= ================= ================= ===============
Fair value through other comprehensive
income reserve 3.7 3.2 3.7
========================================= ================= ================= ===============
Cash flow hedge reserve (47.9) 23.7 10.8
========================================= ================= ================= ===============
Total members' interests and
equity 2,146.8 2,182.2 2,202.8
========================================= ================= ================= ===============
Total members' interests, liabilities
and equity 50,360.0 48,734.1 49,530.8
========================================= ================= ================= ===============
Condensed Consolidated Statement of Changes in Members' Interests
and Equity
For the period ended 30 June 2020
=============================================================================================
Fair value Cash
Other through other flow
General equity comprehensive hedge
reserve instruments income reserve reserve Total
Period to 30 June 2020 GBPm GBPm GBPm GBPm GBPm
================================ ======== ============ =============== ======== =======
As at 1 January 2020 (Audited) 1,773.3 415.0 3.7 10.8 2,202.8
================================= ======== ============ =============== ======== =======
Profit for the financial period 18.7 - - - 18.7
================================= ======== ============ =============== ======== =======
Net remeasurement of defined
benefit plan (1.7) - - - (1.7)
================================= ======== ============ =============== ======== =======
Net movement in Fair value - - - - -
through other comprehensive
income reserve
================================ ======== ============ =============== ======== =======
Net movement in Cash flow
hedge reserve - - - (58.7) (58.7)
================================= ======== ============ =============== ======== =======
Total comprehensive income 17.0 - - (58.7) (41.7)
================================= ======== ============ =============== ======== =======
Distribution to Additional
Tier 1 capital holders (14.3) - - - (14.3)
================================= ======== ============ =============== ======== =======
As at 30 June 2020 (Unaudited) 1,776.0 415.0 3.7 (47.9) 2,146.8
================================= ======== ============ =============== ======== =======
Period to 30 June 2019
================================ ======= ======= ===== ===== =======
As at 1 January 2019 (Audited) 1,693.5 396.9 5.6 24.4 2,120.4
================================= ======= ======= ===== ===== =======
Changes on initial application
of IFRS 16 (0.8) - - - (0.8)
================================= ======= ======= ===== ===== =======
Restated balance at 1 January
2019 1,692.7 396.9 5.6 24.4 2,119.6
================================= ======= ======= ===== ===== =======
Profit for the financial period 60.6 - - - 60.6
================================= ======= ======= ===== ===== =======
Net remeasurement of defined
benefit plan (5.1) - - - (5.1)
================================= ======= ======= ===== ===== =======
Net movement in Fair value
through other comprehensive
income reserve - - (2.4) - (2.4)
================================= ======= ======= ===== ===== =======
Net movement in Cash flow
hedge reserve - - - (0.7) (0.7)
================================= ======= ======= ===== ===== =======
Additional Tier 1 Capital
repurchased (net of tax) (9.3) (382.0) - - (391.3)
================================= ======= ======= ===== ===== =======
Additional Tier 1 Capital
issued (net of tax) (2.5) 415.0 - - 412.5
================================= ======= ======= ===== ===== =======
Total comprehensive income 43.7 33.0 (2.4) (0.7) 73.6
================================= ======= ======= ===== ===== =======
Distribution to Additional
Tier 1 capital holders (11.0) - - - (11.0)
================================= ======= ======= ===== ===== =======
As at 30 June 2019 (Unaudited) 1,725.4 429.9 3.2 23.7 2,182.2
================================= ======= ======= ===== ===== =======
Year ending 31 December 2019
================================= ======= ======= ===== ====== =======
As at 1 January 2019 (Audited) 1,693.5 396.9 5.6 24.4 2,120.4
================================== ======= ======= ===== ====== =======
Changes on initial application
of IFRS 16 (0.8) - - - (0.8)
================================== ======= ======= ===== ====== =======
Restated balance at 1 January
2019 1,692.7 396.9 5.6 24.4 2,119.6
================================== ======= ======= ===== ====== =======
Profit for the financial year 121.7 - - - 121.7
================================== ======= ======= ===== ====== =======
Net remeasurement of defined
benefit plan (4.7) - - - (4.7)
================================== ======= ======= ===== ====== =======
Net movement in Fair value
through other comprehensive
income reserve - - (1.9) - (1.9)
================================== ======= ======= ===== ====== =======
Net movement in Cash flow
hedge reserve - - - (13.6) (13.6)
================================== ======= ======= ===== ====== =======
Additional Tier 1 Capital
repurchased (net of tax) (9.3) (396.9) - - (406.2)
================================== ======= ======= ===== ====== =======
Additional Tier 1 Capital
issued (net of tax) (2.5) 415.0 - - 412.5
================================== ======= ======= ===== ====== =======
Total comprehensive income 105.2 18.1 (1.9) (13.6) 107.8
================================== ======= ======= ===== ====== =======
Distribution to Additional
Tier 1 capital holders (24.6) - - - (24.6)
================================== ======= ======= ===== ====== =======
As at 31 December 2019 (Audited) 1,773.3 415.0 3.7 10.8 2,202.8
================================== ======= ======= ===== ====== =======
Condensed Consolidated Statement of Cash Flows
For the period ended 30 June 2020
========================================================================================================
Period Period
to to Year ended
30 Jun 30 Jun 31 Dec
2020 (Unaudited) 2019 (Unaudited) 2019 (Audited)
GBPm GBPm GBPm
================================================ ================= ================= ===============
Cash flows from operating activities
================================================ ================= ================= ===============
Profit before tax 21.5 74.7 147.2
================================================= ================= ================= ===============
Adjustments for:
================================================ ================= ================= ===============
Expected credit loss provisions and
other provisions 39.9 1.2 2.4
================================================= ================= ================= ===============
Depreciation and amortisation 13.5 14.0 27.7
================================================= ================= ================= ===============
Interest on subordinated liabilities
and subscribed capital 3.3 3.3 6.6
================================================= ================= ================= ===============
Changes to fair value adjustment of
hedged risk (126.1) (42.8) 85.3
================================================= ================= ================= ===============
Other non-cash movements (7.1) 1.3 13.9
================================================= ================= ================= ===============
Non-cash items included in profit
before tax (76.5) (23.0) 135.9
================================================= ================= ================= ===============
Loans and advances to credit institutions (479.0) (156.4) (119.3)
================================================= ================= ================= ===============
Loans and advances to customers (834.7) (1,323.1) (2,972.5)
================================================= ================= ================= ===============
Prepayments, accrued income and other
assets (3.6) (5.3) (4.2)
================================================= ================= ================= ===============
Changes in operating assets (1,317.3) (1,484.8) (3,096.0)
================================================= ================= ================= ===============
Shares (790.3) 1,907.6 2,963.5
================================================= ================= ================= ===============
Deposits and other borrowings 1,699.5 51.0 (170.3)
================================================= ================= ================= ===============
Debt securities in issue 132.0 3.2 (57.6)
================================================= ================= ================= ===============
Accruals, deferred income and other
liabilities(1) (4.2) (2.4) (5.8)
================================================= ================= ================= ===============
Changes in operating liabilities 1,037.0 1,959.4 2,729.8
================================================= ================= ================= ===============
Interest paid on subordinated liabilities
and subscribed capital (3.3) (3.3) (6.6)
================================================= ================= ================= ===============
Interest paid on lease liabilities (0.3) (0.4) (0.7)
================================================= ================= ================= ===============
Taxation (21.6) (15.9) (29.0)
================================================= ================= ================= ===============
Net cash flows from operating activities (360.5) 506.7 (119.4)
================================================= ================= ================= ===============
Cash flows from investing activities
================================================ ================= ================= ===============
Purchase of investment securities (572.3) (596.9) (1,095.1)
================================================= ================= ================= ===============
Sale and maturity of investment securities
and equities 599.3 385.8 739.2
================================================= ================= ================= ===============
Proceeds from sale of property 0.5 - -
================================================= ================= ================= ===============
Purchase of property, plant and equipment
and intangible assets (14.2) (12.2) (28.7)
================================================= ================= ================= ===============
Net cash flows from investing activities 13.3 (223.3) (384.6)
================================================= ================= ================= ===============
Cash flows from financing activities
================================================ ================= ================= ===============
Distributions paid to Additional Tier
1 capital holders (14.3) (11.0) (24.6)
================================================= ================= ================= ===============
Repurchase of Additional Tier 1 capital - (393.6) (400.0)
================================================= ================= ================= ===============
Repurchase of Additional Tier 1 transaction
costs - - (8.5)
================================================= ================= ================= ===============
Issue of Additional Tier 1 capital - 411.6 415.0
================================================= ================= ================= ===============
Additional Tier 1 issuance costs - - (3.4)
================================================= ================= ================= ===============
Repurchase and repayment of debt securities (1,009.9) (13.9) (22.6)
================================================= ================= ================= ===============
Principal elements of lease payments (2.4) (3.2) (4.5)
================================================= ================= ================= ===============
Issue of debt securities 500.0 544.6 544.6
================================================= ================= ================= ===============
Net cash flows from financing activities (526.6) 534.5 496.0
================================================= ================= ================= ===============
Net increase/(decrease) in cash (873.8) 817.9 (8.0)
================================================= ================= ================= ===============
Cash and cash equivalents at start
of period 5,114.3 5,122.3 5,122.3
================================================= ================= ================= ===============
Cash and cash equivalents at end of
period 4,240.5 5,940.2 5,114.3
================================================= ================= ================= ===============
Cash and cash equivalents:
================================================ ================= ================= ===============
Cash and balances with the Bank of
England(1) 4,240.5 5,940.2 5,114.3
================================================= ================= ================= ===============
1. Excludes GBP119.7 million mandatory reserve with the Bank
of England (30 June 2019: GBP104.0 million, 31 December 2019:
GBP111.7 million).
Other Information
A copy of the Interim Financial Report is available here:
http://www.rns-pdf.londonstockexchange.com/rns/4151V_1-2020-8-6.pdf
The Interim Financial Report has also been placed on the website
of Coventry Building Society , at www.coventrybuildingsociety.co.uk/interim2020
.
The directors are responsible for the maintenance and integrity
of the information on the Society's website. Information published
on the internet is accessible in many countries with different
legal requirements. Legislation in the UK governing the preparation
and dissemination of financial statements may differ from legislation
in other jurisdictions .
For more information or additional comment please contact the
press office on 0800 121 6868 or email media@thecoventry.co.uk
Coventry Building Society. Principal Office: Economic House,
PO Box 9, High Street, Coventry CV1 5QN. www.thecoventry.co.uk
Calls to 0800 numbers are free when made from the UK. You may
be charged for calls to all other numbers, please contact your
service provider for further details.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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END
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