Coventry reports strong 2012 results

Sam Cordon

March 1, 2013

This represents a market share that is four times greater than at the onset of the credit crisis in 2007.

David Stewart, chief executive, said: “We continued to grow our mortgage assets whilst retaining the quality of lending that protects individual members and the society alike.”

Net mortgage lending ended the year on £2.3bn and mortgage balances increased by £2.8bn to £22bn, an uplift of 15%.

Stewart said that once the impact of those assets acquired from UK businesses of the Bank of Ireland were excluded, this would be equivalent to 31% of all net mortgage lending in the UK.

He said: “This means that the Coventry has accounted for over 23% of UK net mortgage lending since the start of 2010.”

The society’s pre-tax profits increased by £88.5m representing a 49% increase on 2011 profits.

And its core tier one ratio stood at 23.2% which the society said was the highest reported by any top ten building society or mutual lender.

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