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Coventry reports 25% gross lending jump

Coventry Building Society has reported a 25 per cent year-on-year increase in gross lending last year.

The lender’s full-year results, published today, show it advanced £7.4bn in new mortgage lending in 2014, up from £5.92bn a year earlier. This gave Coventry a 3.6 per cent share of the market in 2014, up slightly from 3.3 per cent the previous year.

Pre-tax profit rose 53 per cent from £132.1m in 2013 to £201.8m last year.

Impairment charges fell 14 per cent to £5.4m in 2014, down from £6.3m a year earlier when Coventry BS allocated £0.9m to PPI-related charges. The lender also set aside £15.3m for the FSCS levy last year, down from £15.4 the previous year.

Coventry Building Society chief executive Mark Parsons says: “Coventry Building Society is a strong organisation, with a clear and consistent record of success. In 2014, we once again proved that a business model based on doing the right things for members can flourish.

“In this regard the continuing strong financial performance of the Society with an increase in profit before tax of 53 per cent to £201.8m has been achieved whilst still providing long-term value to our saving and borrowing members.”

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