Coventry accounted for 17% of mutual mortgage advances in 2010
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Coventry Building Society has announced pre-tax profits of £100.6m for 2010 and gross lending of £3.5bn, 17.1% of all mortgage advances by mutuals.
The society’s £100.6m profit compares to £56.2m in 2009.
Coventry has reported an operating profit before impairments and exceptional items of £85m, compared to £75m in 2009.
Its underlying profit before tax increased by 27% to £75.3m.
The society undertook net mortgage lending of £1.6bn and retail savings balances grew by £2.2bn.
Mortgage assets increased by a further £1.9bn and savings balances by £2.2bn following completion of the merger with Stroud & Swindon on September 1 2010.
Including former Stroud & Swindon mortgages, only 0.82% of mortgage balances were 2.5% or more in arrears
David Stewart, chief executive of Coventry, says: “I am pleased to report that Coventry has again recorded a very strong performance, a track record that has been largely unaffected by the onset of the financial crisis in 2007.
“We also have a track record of supporting mortgage intermediaries. Not only were we the first lender to commit to no dual pricing, a commitment made at the very start of the credit crisis in 2007, but we have backed this up with a unique set of meaningful pledges.
“I hope our partnership with intermediaries goes from strength to strength and we will work hard to repeat the success of 2010, a year in which our approach was recognised in a number of awards, including those from Personal Touch, Sesame and Pink.”
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