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Coventry BS responsible for 17% of building society mortgage advances

Coventry Building Society was responsible for 17.1 per cent of all mortgage advances by building societies and mutuals in 2010.

The building society reports £3.5bn of gross lending in 2010, up from £2.7bn the year before, and has increased its market share from around 1.9 per cent in 2009 to 2.6 per cent in 2010. Its net lending in 2010 was £1.6bn.

The building society recorded a pre-tax profit of £100.6m, up from £56.2m in 2009.

Mortgage assets increased by £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, 0.82 per cent of mortgage balances were 2.5 per cent or more in arrears, down from 0.93 per cent in 2009.

The building society has a core tier one ratio of 22 per cent.

Chief executive David Stewart says: “In 2010, we are again grateful for the support received from all types of mortgage advisors. This support has been instrumental in helping us achieve a record market share, with Coventry accounting for 19 per cent net mortgage lending in the UK.

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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  1. Exasperated me 1st March 2011 at 3:37 pm

    I didn’t know there were any left..

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