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Coventry profits leap 44%

  • 01/03/2011
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Coventry profits leap 44%
Coventry Building Society has reported its profit before tax rose almost 44% in 2010 to £100.6m compared to £56.3m in 2009.

In a record breaking year for the building society, its gross mortgage lending increased to £3.5bn in 2010 from £2.7bn in 2009.

It said this gave it is highest ever market share, accounting for 17.1% of all mortgage advances made by building societies and mutual lenders.

In addition, excluded balances acquired through its merger with Stroud & Swindon, Coventry’s net mortgage lending was £1.6bn in 2010, up from £0.9bn the previous year.

According to CML figures, this accounted for 19% of all net mortgage lending in the UK.

The mutual’s mortgage assets increased £1.9bn following its merger with Stroud & Swindon in September last year.

Including former Stroud & Swindon mortgages, 0.82% of mortgage balances were 2.5% or more in arrears, down from 0.93% in 2009.

The Coventry’s operating profit before impairments rose to £85m last year, up from £75m in 2009, while underlying profit before tax increased 27% to £75.3m.

David Stewart, chief executive of Coventry Building Society, said: “I am pleased to report that Coventry has again recorded a very strong performance, a track record that has been largely unaffected by the onset of the financial crisis in 2007.

“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.”

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