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Norwich & Peterborough mortgage lending falls

Mortgage lending by Norwich & Peterborough Building Society fell by 32 per cent to £304m in 2000 from £447m in 1999.

But Norwich & Peterborough increased profits by 1 per cent to £17.9m from £17.7m over the same period.

Norwich & Peterborough chief executive Matthew Bullock says: “We decided not to join the number of lenders who have increased income multiples in order to buy market share. We are more comfortable being in a position of not encouraging our members to over-extend themselves than chasing asset growth.”

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