UK Money News
15th April 2008
Coventry on the up
A prudent lending strategy has given Coventry Building Society a secure financial footing during the current credit crunch, according to chairman David Harding.
Mr Harding reassured investors at last week's annual general meeting that their money is safe.
He said, "We've been criticised in the past for being over-cautious in our lending but I can now say how pleased I am that we have stuck to our own way of doing things."
Less than 100 out of a total of 150,000 Coventry mortgages ended up in repossessions last year.
Chief executive David Stewart noted that this has meant that Coventry is far less exposed to bad credit from the US housing market than other financial institutions.
Coventry is the country's fourth largest society, with 620,000 members. The society increased profits by around 17 per cent to £69m in 2007, while savings also rose by a quarter.
In contrast, other rival societies such as Britannia and Kent Reliance recorded profit falls.
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