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Half-year profit rises for Coventry BS

Coventry Building Society&#39s interim results for the half year to June 30 show pre-tax profits jumped to £20.4 million from £19.1m over the same period last year.

It has achieved gross mortgage lending of £981m up from £861m, but its net lending dropped to £471m from £486m which it blames on redemption due to remortgaging across the market as a whole.

The Society says its results show its multi-channel distribution strategy, by phone, internet and through its branch network and intermediaries is working.

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