Building Society, which is the second largest of the UK behind the nationwide, prior to taxes of £ 323 million in 2024, after the previous year of £ 474 million less than £ 474 million
Coventry Building Society has announced that it will decrease due to the reduced mortgage costs of its annual profits as it begins with the merger of the Osuuspanki after acquiring earlier this year.
Building Society, which is the second largest in the United Kingdom after the nationwide, announced that the prior taxes preceded by taxes of £ 323 million in 2024, and the fall to £ 474 the previous year. It considered that the decline in income for lower mortgage costs when the interest rates in the UK were reduced, and savings customers changed money to the accounts at higher interest rates. This influenced the group’s net interest rates – the difference between the bank’s earnings between loans and pays to the savers.
However, the construction society increased mortgage and savings balance throughout the year, which is partly due to competitive prices and savings incentives offered to members. Coventry’s CEO Steve Hughes said that society succeeded in increasing savings and mortgage balances in a “uncertain environment when the UK economy is on constant inflation and higher interest rates than many are believed to be the situation at the beginning of the year.”
The Building Association finished the purchase of a communal bank of £ 780 million at the beginning of 2025 by creating a bank with millions of customers and an estimated £ 89 billion on property.
The Co-OP bank has been restored to the mutual structure, which means that it is owned by individual members as shareholders and investors, as most of the United Kingdom banks. The complete integration of two companies is expected to last for several years, while both brands remain on the main street during that period.
However, the ultimate goal is that CO -OP Bank customers become Coventry Society members. In separate results published on Friday, Co -op Bank stated that the previous taxes preceded by taxes, which was £ 116.2 million for 2024, which is slightly lower than the previous year due to lower mortgage costs and higher savings interest rates.