Coventry Building Society remains in a ‘very strong position’ despite the global unrest, according to its full year results released this week.
The UK’s third largest building society has posted results for the year ending December 31, which show its profit before tax at £56.3 million - compared to £26.4 million in 2008.
These record-breaking results also show operating profit before impairments and exceptional items of £75 million, which is an increase from £71.7 million the previous year.
David Stewart, chief executive, said: "Coventry Building Society has continued to perform extremely strongly despite the undoubtedly difficult market conditions.
"Our ability to compete is based on a traditional model of attracting and retaining savings balances to support responsible lending.
"The Society’s strength is the ability to do this without needing to take on the higher risks associated with commercial lending, second charge lending, or purchasing third party mortgage books.
"By staying strong, we have been able to offer long-term value to new and existing members as well as secure appropriate profits to safeguard the Society’s future."
The results show that the Coventry Building Society has seen a mortgage growth of £919 million – representing eight per cent of net lending in the UK market and the highest of any building society.
And at 0.8 per cent, Coventry Building Society has the lowest level of arrears of any lender to have reported 2009 results so far, and loan loss provisions among the lowest of any large UK lender.
The figures also revealed that the Society has seen more than 270,000 new accounts opened in 2009.
More than 95 per cent of variable rate retail savings balances have seen an increase in interest rate relative to the Bank of England base rate since 2008 - delivering annualised benefits to members of £70 million.
The Society has also been busy supporting the local community with staff raising more than £50,000 for Age Concern and Help the Aged in 2009, and donated more than £650,000 to local groups since 1999.
Mr Stewart added: "At the same time we have increased our support for local communities, recognising that this is even more important during an economic downturn.
"We have established partnerships with over 35 local community organisations, as well as extended the support we offer to national organisations like The Royal British Legion.
"Coventry Building Society has grown savings and continued lending, provided competitive products to a growing membership and remains committed to local communities - it remains in a very strong position."