The building society reported that underlying profit increased by 51% to £217.8 million, with before tax profit reaching £201.8 million compared to £132.1 million for 2013.
New mortgage lending was up by 25% reaching £7.4bn. Mortgage assets increased by £2.8bn or 12% to £27.0bn.
Net mortgage lending equivalent to 13% of all net mortgage lending in the UK.
Mark Parsons, Coventry Building Society Chief Executive said: “Coventry Building Society is a strong organisation, with a clear and consistent record of success. In 2014, we once again proved that a business model based on doing the right things for members can flourish. In this regard the continuing strong financial performance of the Society with an increase in profit before tax of 53% to £201.8 million has been achieved whilst still providing long-term value to our saving and borrowing members. In 2014 we continued to grow our mortgage lending with a record £7.4 billion of advances, a 25% increase on 2013. The overall growth in mortgages held was £2.8 billion, a 35% increase on 2013 growth, and equivalent to 13% of UK net mortgage lending3 . 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.
Mark continued: "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.”
