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Cambridge and Saffron lending up

Cambridge Building Society has reported gross mortgage lending of £144.5m for 2011 – a 13% increase on 2010.

Its 2011 results also reveal a pre-tax profit of £600,000, down from £1m in 2010.

The society’s mortgage balances were up 8% on the previous year at £55.7m, while its savings balances increased by 7% at £940,999. Its total assets are up 6% at £1bn.

Andy Lucas, commercial director at The Cambridge, says: “The Cambridge has money to lend and we are committed to building sustainable relationships with brokers.”

Meanwhile, Saffron Building Society reported gross mortgage lending of £751m for 2011, 10% higher than the £682m it lent in 2010.

The society’s 2011 results show it made a pre-tax profit of £1.8m, a 65% rise on 2010’s profit of £1.1m. Its mortgage balances increased by 10% between 2010 and 2011 to £759m and its retail balances were lifted by 26% to £986m.

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