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Record lending for Rock

Northern Rock has seen record gross lending of £4bn and net lending

of £2.3bn for the first six months of this year.

The increase represents a 28.2 per cent jump from £3.1bn last year

and the 16.3 per cent leap in net lending from £2bn helped give the

company a 7.3 per cent share of UK net mortgage lending.

Northern Rock says the results provide further confirmation that its

strategy of focusing on lending primarily to individuals remains firmly on

track.

Pre-tax profits rose by 14.1 per cent to £139.6m from £122.4m

last year and post-tax profits increased by 14.8 per cent to £97m from

£84.5m.

Northern Rock recorded strong gross residential lending of £3.1bn

from £2.5bn last year and net lending of £1.7bn from £1.5bn

last year.

It says its success is down to the buoyant residential lending market

supported by falling interest rates, house price inflation and robust

consumer confidence.

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