For its half year, Coventry Building Society reports that statutory profit before tax increased to £722m (H1 2024: £159m), including a gain of £584m on the acquisition of The Co-operative Bank.

The acquisition of the Co-op Bank also increased the lender’s market share of mortgages to 4.3% (FY 2024: 3.1%).

Excluding the growth relating to the acquisition, the society said group lending balances remained stable in the period as it focused on capital in a low margin and highly competitive market and given its significant ‘inorganic growth in the period.’

The group also highlighted the launch of its limited company buy to let proposition in April and pointed to a strong pipeline of applications in the first three months of launch.

Commenting on these results Coventry BS chief executive Steve Hughes said: “This is a transformational year with the addition of The Co-operative Bank into the Coventry Building Society Group and it is pleasing to see such a robust performance in the first six months.

“We remain focused on delivering the right outcomes for our members and customers as we continue our journey of building a purpose-led organisation that will stand out in UK financial services.”