The building society’s annual results showed mortgage assets grew by 12% to £27bn, seeing it more than double its market share of UK mortgage balances over the last seven years, surpassing 2% for the first time in the lender’s history.
Net mortgage lending was equivalent to 13% of all net mortgage lending in the UK.
Underlying profit at Coventry surged to £217.8m, increasing by 51% with profit before tax rising to £201.8m compared to £132.1m in 2013.
Lending has been focused on high quality, low loan-to-value owner-occupied and low loan-to-value buy-to-let loans within the prime residential market, Coventry said.
It added that growth in its mortgage assets has been achieved while retaining a focus on low-risk lending.
Chief executive Mark Parsons said: “In 2014, we once again proved that a business model based on doing the right things for members can flourish. In this regard the continuing strong financial performance of the society with an increase in profit before tax of 53% to £201.8m has been achieved whilst still providing long-term value to our saving and borrowing members.
“With total mortgage balances up 12%, the society now accounts for 2.1% of all UK mortgage balances, more than double our market share seven years ago when the financial crisis began.”
