Building society's profits fall ahead of takeover

Coventry Building Society's profits have plunged as it gears up for a multimillion-pound takeover of The Co-operative Bank. The building society blamed the lasting effects of an "Exceptional operating environment" in 2023. Coventry is expecting to complete a £780m deal to buy The Co-operative Bank in the first quarter of 2025. This reflects the difference between the interest rates that a bank or building society pays and what it receives, and it is seen as one way to measure profitability. Chief Executive Steve Hughes said the building society had "Grown mortgages and savings in a market where economic uncertainty persists".

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