Midshires profits rise by 22%

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The Independent Online
BIRMINGHAM MIDSHIRES, the building society set for takeover by the Halifax, has seen underlying profits rise by 22 per cent for the first half of 1998.

Strong mortgage business - gross lending rose by 24 per cent - boosted profits, but savings receipts fell by 40 per cent as last year's rush to join the society slowed. The society's 1 million members will receive windfall details by autumn and will vote on the Halifax bid on 11 December.