Coventry’s annual lending surges 25pc
The society’s lending accounted for 13% of all net mortgage lending in the UK, as the lender increased its mortgage assets by £2.8bn (12%) to £27bn – a 35% increase on 2013’s growth.
Overall Coventry increased its profits before tax by an astonishing 53% to £201.8m, as it also increased its savings balances by 10%.
Mark Parsons, chief executive of Coventry Building Society, said: “In 2014, we once again proved that a business model based on doing the right things for members can flourish.
“The primary source of capital to support future growth will continue to be retained profits.
“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’s impairment charges made up £5.4m of its £27bn loan book in 2014, down from £6.3m of £24.1bn in 2013, while society said this reflects its low risk lending.