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Coventry increases gross lending by 19%

Coventry Building Society advanced £1.9bn to its mortgage customers in the first half of the year, which is a 19 per cent increase on the £1.6bn advanced in the same period last year.

The growth in gross mortgage lending means CBS now represents 3 per cent of all mortgage lending and around 19 per cent of all lending done by mutuals.

Accounts that are in arrears of 2.5 per cent or more stand at 0.79 per cent and impairment charges totalled £4m, from a loan book of £18.4m.

CBS reported a pre-tax profit of £45m, compared to £43.5m in the first half of last year.

Chief executive David Stewart says: “Coventry Building Society continues to perform extremely strongly. Underlying profit before tax increased by 10 per cent to £51.1m, during a period in which the Society’s net mortgage lending was equivalent to 25 per cent of the market as a whole.

“Retail balances also increased to a new record level and the society’s strong funding position was supported by a successful debut in the covered bond market, raising £750m from institutional investors. These excellent results demonstrate Coventry’s consistent strength in what remains an uncertain environment.”

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