Coventry sees record market share
Highlights of the results include:
• Gross mortgage lending of over £2.7 billion, representing 15% of all new lending by building societies (source – BSA).
• Net mortgage lending of £919 million, equivalent to 8% of all net lending undertaken across the market as a whole and the highest of any building society (source – CML).
• At 0.8%, Coventry Building Society has the lowest level of arrears of any lender to have reported 2009 results so far (FSA figures: 2.5% or more balances in arrears). This equates to around one-third of the industry average.
The society also saw record operating profit before impairments and exceptional items of £75.0 million (2008 – £71.7 million); profit before tax of £56.2 million (2008 – £26.4 million); and profit after tax of £43.5 million (2008 – £18.8 million).
David Stewart, chief executive of Coventry Building Society, said: “Coventry has performed extremely strongly in what has undoubtedly been a very difficult environment. Our performance is based on the consistent application of a simple business strategy. We have been successful in attracting and retaining savings balances and have maintained our track record of growth with responsible lending. These results show that the traditional building society model is alive and flourishing.
“The strength of our relationship with intermediaries has played an important part in our success and we remain committed to the pledges we made before the credit crunch, including no dual pricing and 48 hours notice before product withdrawal.”