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Mercantile Building Society increases profits


Mercantile Building Society has recorded a 22 per cent increase in net profits for 1998 to £1.02m from £836,000 the previous year.


The increase has taken the Tyneside society&#39s gross capital ratio to 9.55 per cent and free capital ratio to 7.96 per cent as a percentage of shares and borrowings.


Gross mortgage lending for the year was £19m and savings balances grew £8m to £135m from £123m.


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