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Newcastle BS profits up

Newcastle Building Society made a post-tax profit of £12.1 million last year, up 10 per cent from £11.3m in 2000.

Its gross lending rose to what it says is an all-time record of £496m, up 36 per cent from £361m in the previous year.

Group assets were up by 10 per cent to £2.6 billion from £2.2bn and net retail receipts increased by 57 per cent to £230m from £145m.

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