The society says it has taken “a deliberately cautious approach to lending to ensure it remains safe and secure for members in an uncertain economic environment and very competitive market”.

Savings balances grew by £0.4bn to £40.3bn, which the society says supported savings members with an average savings rate of 0.852% down from 0.862% in the same period last year. 

It also increased profits to £158m, which it says was underpinned by the rising interest rate environment providing a platform for growth and investment. 

Meanwhile, the net interest margin stood at 1.1% compared to 0.88% in the same period last year. 

The improvement in margin helped the society take a balanced view, supporting savers and protecting mortgage customers in a rising interest rate environment, according to the society. 

Coventry Building Society chief executive Steve Hughes comments: “It’s during tough times that organisations like ours have to stand up to be counted.”

“Our sustainable financial performance and strong capital position underpins this long-term view. We’re making real progress with the investment needed to support a digital business, but always with the human touch. We’ve transformed our online services and website and have launched webchat for members and brokers.”

“More improvements to our online broker experience are on the way, making it easier to complete straightforward tasks and focus their energies on what they do best – helping people find the right choices for their next mortgage decision.”