The UK’s second largest building society grew mortgage balances by 8% and savings balances by 9% last year, compared with market growth of 3% and 4% respectively. It now has more than two million members and total assets of £49.5 billion.

Mortgage assets increased by £3 billion to £42.2 billion, representing growth of 8%, more than twice the rate of the market.

Coventry’s average savings rate in 2019 was 1.49% compared with a market average of 0.84%. This represents value returned to members of £228 million, up from £227 million in 2018.

Savings deposit balances grew by £2.9 billion to £36.2 billion, a growth of 9%, more than twice the rate of the market.

The Net Promoter Score was +74 (2018: +75), representing a strong endorsement from our members. NPS score is between -100 and +100 and represents how likely a customer is to recommend products and services.

Mortgage arrears fell and were only an eighth of the industry average.

Coventry’s chief executive Mark Parsons said: “We are a growth business and have continued to outpace a highly competitive market.

“I want to thank our intermediary partners who have played a big part in the strong performance we’ve announced today. We’re particularly pleased that our Net Promoter Score, as rated by brokers, was a very high +85, reflecting the energy and commitment we put into our mortgage service and proposition.”

“Our continued investment in this area and absolute focus on the needs of our intermediary partners is a proven combination that will help sustain our mortgage growth into the future.”