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Portman announce profits boost

Perennial carpetbagger&#39s target Portman Building Society has reported a ten per cent boost for its 1999 profits.


The figures have allowed Portman to defend its decision to serve one month&#39s notice on 500 carpetbaggers who chased demutualisation windfalls earlier this year.


Pre-tax profits for 1999 were up 10 per cent to £54.5m, with mortgage lending soaring 24 per cent to £1.5bn.


Portman group communications manager John Gully says: “This is a clear indication to those who have no long term interest in the society that the concept of mutuality is commercially viable.”

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