The Coventry Building Society has reported that its new mortgage lending increased by 25% to £7.4 billion last year.
During 32014, mortgage assets increased by £2.8 billion (12%) to £27.0 billion. Net mortgage lending was equivalent to 13% of all net mortgage lending in the UK.
Profit before tax was £201.8 million compared to £132.1 million for 2013.
Mark Parsons, the Coventry Building Society’s chief executive, said: “With total mortgage balances up 12%, the Society now accounts for 2.1% of all UK mortgage balances, more than double our market share seven years ago when the financial crisis began.
“The Society’s ability to provide attractive savings and mortgage products whilst building capital is supported by its sector-leading cost-efficiency and low level of mortgage arrears and impairment charges.
“Coventry Building Society is a 130 year old mutual and proud of it. We are also a growth business and the 2014 results continue a trend of growth which was maintained throughout the financial crisis. Our ability to grow rests, as it always has done, on retaining the loyalty of existing members and attracting new members to the Society. I believe that staying true to our principles, which protect the interests of all of our members, means we are well placed to continue this growth.”
