Annual report and accounts 2007

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Financial highlights

• underlying profit before tax up 24% to £668.6 million
• reported profit before tax up 17% to £652.0 million
• an estimated £660 million of pricing benefits delivered to our members
• cost income ratio improved to 56.6%
• net residential mortgage lending up 78% to £11.2 billion
• net commercial lending up 89% to £3.4 billion
• planned merger with Portman approved by its members