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Profits down at A&L

Alliance & Leicester pre-tax profits for last year were down to £396 million from £447m in 2000.

It says this reflects investment in the group which rose to £85m from £48m last year. It also invested £13m in building a small business banking division and suffered a £14m reduction in loan loss recoveries.

Its gross mortgage lending increased by 104 per cent to £6.1 billion and its net mortgage lending was £2.6bn.

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