Coventry Building Society has posted results for the first half of the year and revealed that net mortgage lending totalled £846 million, equivalent to 25% of all net mortgage lending in the UK.

Gross mortgage advances exceeded £1.9 billion, representing 3% of mortgage lending in the UK and around 19% of all lending undertaken by mutual lenders.

The average loan to value (LTV) ratio on advances made to date in 2011 is 53.6% and the average LTV ratio for its book as a whole, after accounting for changes in house prices, is below 50%.

David Stewart, Coventry chief executive, said: “Coventry Building Society continues to perform extremely strongly. Underlying profit before tax increased by 10% to £51.1 million