Net lending was £1.3bn, down 13 per cent.
However, the society said that its growth in mortgage balances had outperformed the market by two-and-a-half times for the 12 months to end-June 2019.
Loans where arrears were more than 2.5 per cent of the balance continued falling, reaching 0.09 per cent, compared to a market average of 0.72 per cent. Coventry’s number was down from 0.10 per cent as of December 2018.
“Our track record of growth shows that we’re focusing on the right things – value mortgages and service for borrowers and intermediaries. We’re here to provide mortgages in a responsible and sustainable way,” said Mark Parsons, chief executive of Coventry Building Society.
The lender’s Common Equity Tier 1 (CET 1) ratio was 34.2 per cent as of end-June 2019, against 35.5 per cent as of end-December 2018. The society reported that this “was among the highest of the top 20 UK lenders”.
