Mortgage assets increased by 3% to £48 billion in 2022
Coventry Building Society reported a strong set of results for 2022, bannered by 3% annual mortgage growth.
The mutual had moderated mortgage growth in the first half of the year, but mortgage balances grew by 6% in the second half as consumer demand spiked in the rising rate environment. The full year growth of 3%, or £1.4 billion, took overall mortgage assets to £48 billion.
Profit before tax went up to £371 million in 2022 from the £233 million recorded in the previous year.
“It was a strong and balanced performance in the interests of members and the long-term resilience and relevance of the Society.”
— Coventry Building Society (@CoventryBS) February 24, 2023
Today we’ve announced our annual results for 2022:https://t.co/psLPdoMhhT pic.twitter.com/B1E562lgcv
The building society also reported a low and stable arrears balance of 0.17% of mortgages more than three months in arrears.
Coventry’s mortgage teams experienced some of the busiest days on record, with its intermediary support team responding to 278,000 broker queries throughout the year. The lender also regularly updated its offer to borrowers with new mortgage products, including new propositions for first-time buyers and new build, to help keep pace with market demand that at some point led to £400 million worth of applications per day.
“Our strong performance last year was built on the high levels of customer and broker service, in person, online and on the phone,” Steve Hughes (pictured), chief executive at Coventry Building Society, said. “In a year with many challenging moments, our people delivered the consistent value and outstanding service experience that our customers expect.
“Our intermediary partners played a critical role in this performance. In a year of so much disruption, their advice has never been needed more and we really value the support brokers have given us throughout the year. We’re proud to have supported the market through thick and thin in 2022 with a service that brokers can rely on.”
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