HBOS (HBOS).

Investors Chronicle, March, 2006

While there are plenty of banks struggling in tougher UK retail banking conditions, HBOS isn't one of them. During 2005, the retail banking unit's profits grew a solid 8 per cent to GBP2.28bn. However, HBOS is turning cautious on mortgages, and its share of net new mortgage lending in 2005 slipped to just 14 per cent, well below its 21 per cent historic market share.

Nevertheless, HBOS's decent UK performance has not stopped it looking for opportunities to grow the business overseas. Boosted by acquisitions, the international unit's profits jumped 50 per cent last year to GBP610m. The Australian operation performed particularly well, with profits up 17 per cent to GBP224m. And the corporate banking arm boosted profits by a fifth during 2005 to GBP1.42bn -...

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