Their net mortgage lending was £1.2 billion, equivalent to 47% of all net mortgage lending in the UK. Their profit also incresed, with profit before tax up 18% to £62.2 million.
Gross mortgage advances totalled £2.9 billion, a record for the Society in terms of both value and market share. Mortgage balances increased by £1.2 billion, a performance in contrast to that of the market as a whole. Coventry now accounts for 25% of mortgage growth in the UK since the start of 2010.
David Stewart, Chief Executive, commented on the results:
"Coventry has maintained its track record of strong performance which was established before the onset of the current financial crisis in late 2007.
"As a mutual building society, we run the Society in the interests of members. Whilst this requires us to remain strongly profitable, the need to protect savers in a difficult market has been a particular priority, alongside providing a consistent and responsible level of mortgage finance to homeowners. These priorities can be seen in the further growth of both savings and mortgage balances.
"Coventry’s consistent performance is based on strong fundamentals. We remain the most cost-efficient building society in the UK, the quality of our lending is exemplary, and our core tier 1 capital ratios show us to be amongst the strongest of UK financial institutions. We have retained our ‘A’ rating from the two main credit rating agencies that rate the building society sector, and have developed a sustainable business that has the fair treatment of customers at its heart.
"Although these achievements may not be guaranteed by a mutual business model, Coventry continues to demonstrate that building societies can thrive in the toughest of environments."
