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Coventry’s mortgage lending up 14% in 2011

Coventry Building Society increased its gross mortgage lending by 14% to £4bn in 2011.

This compares to lending of £3.5bn in 2010 and equates to a market share of all mutual lending of 17%.

The society’s net mortgage lending was £1.7bn for 2011, up slightly from £1.6bn in 2010.

Its underlying profit before tax was £84.6m, 12% higher than the previous year’s profit of £75.3m.

David Stewart, chief executive of the Coventry, says: “I am pleased to report that the Coventry has maintained its track record of strong results, and believe that the society’s success in serving the interests of its members whilst remaining financially strong, secure and growing, stands comparison with that of any large bank or building society.”

He adds that the support of the intermediary sector has been key to the society’s performance and that it plans to strengthen its partnership with intermediaries further going forward.

The results also show that the Coventry’s retail savings balances grew by 8%, from £17.6bn in 2010 to £19bn in 2011.

The average LTV of its mortgage book, as adjusted for house price changes, is 50%.

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