Coventry sees 16pc jump in mortgage lending

Mortgage assets also increased during the year growing by £2.1bn to £24.1bn.

David Stewart, chief executive of the Coventry, said: “Our results for 2013 demonstrate that Coventry Building Society remains in good shape, continuing the track record of strong financial performance and genuinely member-focused service established before the onset of the current financial crisis.

“The last twelve months have seen a number of notable market developments, some of which have helped the performance of mortgage lenders generally.

“The improved availability of mortgage finance to borrowers is a welcome development, though banks and building societies must remain mindful of the need to lend responsibly.”

Coventry’s mortgage lending in 2013 is a new record for the Society and a total which represents around a four-fold increase on its market share at the end of 2006.