Coventry Building Society alone accounted for 17.1 percent of all mortgages advanced by building societies and mutuals in 2010, reports suggest.
Coventry had approved gross mortgages worth £3.5 billion in 2010 compare to £2.7 billion recorded in 2009. Net lending for the year stood at £1.6 billion. The company also managed to increase its share in the total mortgages market from 1.9 percent in 2009 to 2.6 percent in 2010.
Pre-tax profit nearly doubled for the year to £100.6 million from £56.2 million recorded in 2009.
Following its merger with Stroud & Swindon on September 1, 2010, the company’s savings balances jumped by £2.2 billion while mortgage assets grew by £1.9 billion.
The building society’s 0.82 percent of mortgages was in arrears of 2.5 percent or more, down from 0.93 percent in 2009.
The core tier 1 capital ratio of Coventry BS stands at 22 percent.
“In 2010, 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, with Coventry accounting for 19 per cent net mortgage lending in the UK”, said chief executive David Stewart.
“I hope our partnership with intermediaries goes from strength to strength and we will work hard to repeat the success of 2010, a year in which our approach was recognised in a number of awards, including those from Personal Touch, Sesame and Pink”, he added.