The mutual’s gross mortgage lending rose by 29% to £5.1bn last year. This figure represents 3.6% of all new UK mortgages and Coventry said it had witnessed a fourfold increase in its market share since 2007.
It added that net mortgage lending for the year was £2.3bn, equivalent to 31% of all net mortgage lending.
This resulted in a huge increase in profits for the Coventry, it posted a 49% increase on 2011 by posting a pre-tax profit of £88.5m.
At the end of the year only 0.72% of all the mutual’s mortgage balances were in arrears of 2.5% or more.
The mutual purchased a £0.5bn buy-to-let loan book from the Bank of Ireland last June and said these mortgages were ‘performing well’, with an average loan-to-value ratio of 54%.
David Stewart, chief executive of the Coventry, said: “I am pleased to report that in 2012, Coventry Building Society once again delivered both a robust financial performance and genuinely member-focused service.
“We continued to grow our mortgage assets whilst retaining the quality of lending that protects individual members and the Society alike. We helped homeowners and, most importantly, we have done the right thing for our savers.
“This is made possible by not only our financial strength, built on years of consistent and sustainable performance, but also by our focus on our members and balancing the needs of savers and borrowers.”
