The Coventry Building Society has revealed that during the first six months of the year its mortgage assets were up 9% on June 2015.
This follows record advances of £4.8 billion and net lending of £2.0 billion for the first half of 2016.
Its market share of net lending for the five months to May 2016 was 13%.
Statutory profit before tax increased by 10% to £110.0 million.
Mark Parsons, Coventry Building Society chief executive, said: “The repercussions of the European Union referendum may affect market sentiment and government policy; however, the fundamentals of our business are unchanged. We are a low cost, low risk provider of residential mortgages wholly within the UK, funded predominantly by over one million individual savers. There continues to be strong demand for housing and a consistent need amongst savers for security and long-term value. In this context I am confident that the Society will continue its track record of strong performance.
“In common with other lenders, we had a particularly strong period ahead of the stamp duty changes in April, driven by the buy-to-let sector which has been an area of strength for the Society in recent years.
“The new stamp duty rules, together with the forthcoming changes to mortgage interest tax relief, are significant developments within this sector. We will adapt to these changes, as will landlords and tenants, and I am confident that buy-to-let investments will continue to offer secure and high quality lending opportunities.
“The Board is confident that Coventry Building Society is well positioned to continue its strong, profitable, member-focused growth, notwithstanding the outcome of the EU referendum. The same is true in relation to the developments affecting the savings and mortgage markets in the form of new regulation, competition and technology.”
