profits up at Coventry Building Society

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PROFITS at Coventry Building Society are up to £52.8million for the first six months of the year.

It is thanks largely to a huge rise in increase in savings balances and mortgage business.

Last year profits at the society were £84.6million.

Chief executive David Stewart said: "Over many years, we have taken care to make sure that borrowers can afford their mortgage, and this is reflected in both arrears and impairment charges that are very much lower than for the industry as a whole.

"The caution we exercise in our lending decisions is reflected equally in the care we take to control our costs."

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