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Coventry wins 17% slice of the mutual market

Coventry Building Society advanced £4bn of new lending in 2011, up by 14.3 per cent from £3.5bn in 2010.

The figure represents 2.8 per cent of all mortgage advances in the UK and about 17 per cent of all lending undertaken by building societies and mutual lenders.
Coventry’s annual results, published last week, show net lending totalled £1.7bn in 2011, up from £1.6bn of net lending.

Impairment charges were just under £10m from a mortgage book totalling £19.2bn. The average loan-to-value ratio of its mortgage book is about 50 per cent.

The percentage of mortgages that were 2.5 per cent or more in arrears as at December 31 totalled 0.79 per cent, down from 0.82 per cent in 2010.

Profits rose by 12 per cent to £84.6m, from £75.3m the previous year.

Its core tier-one capital ratio increased slightly, from 22 per cent to 22.8 per cent between 2010 and 2011, which is the highest reported by any UK building society or high-street bank. Retail balances, capital and reserves are equivalent to 104 per cent of Coventry’s mortgage lending.

Emba group sales and marketing director Mike Fitzgerald says: “The mortgage lending and arrears figures show Coventry is one of the leaders among building societies. Its service is superb, the people are a pleasure to deal with and it is a good lender so I am not surprised it has produced such strong figures.”

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