This represents three times the society’s normal market share and equates to almost 3% of the total market and around 25% of net lending by building societies.
The UK's fourth largest building society’s interim results for the six months ended 30 June 2008 also show:
* Retail savings balances increased by £905 million (9%) during the first six months of the year and by £2,743 million (32%) in the twelve months since 30 June 2007
* Mortgages and other loans grew by £862 million (7%) in the half year and by £1,930 million (18%) since 30 June 2007
* Total assets reached £16.3 billion, an increase of 9% over 31 December 2007 and of 26% in the twelve months since 30 June 2007
* Gross mortgage advances totalled £1,909 million, an increase of 1% over the 2007 first half year
* Net mortgage lending increased by 24% to £851 million
Commenting on the results, David Stewart, chief executive, said: "There's no doubt that this is a tough climate for mortgage lenders. However, our ability to attract and retain retail savings and our consistent focus over many years on low risk lending means we have been able to meet the challenges that we have faced. These results testify that Coventry Building Society is in good shape.
"In addition to building our retail savings balances, we have also given attention to the most effective way of managing our wholesale funding requirements. In July we issued our debut covered bond. This programme will enhance our already strong funding position, enabling us to attract further cost effective long term wholesale funding. This funding position has allowed us to maintain our appetite for new mortgage lending.”
