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Halifax announces 5 per cent increase in profits

The Halifax has announced a 5 per cent rise in the group&#39s pre-tax profits for the first six months of the year.

The group saw profits rise by £42m to £885m from £843m for the same period last year.

In line with its strategy the group reported that 35 per cent of the total profit now comes from diversified business areas, other than its traditional mortgage and savings business.

This included a 53 per cent rise in profits at Clerical Medical its IFA life office.

Secured lending was up by 38 per cent to £7.7bn from £5.6bn for the same period the previous year. This represents a 1 per cent increase in its lending market share which rises to 15 per cent from 14 per cent.

The bank also reports it has sold 750,000 cash and equity Isas and claims this represents nearly a third of all cash and 17 per cent of all equity Isas sold.

Halifax executive director John Lee says: &#34These are strong results which show the Halifax is competing in its traditional mortgage and savings business.

&#34But more importantly it shows we have grown our diversified business in line with our strategy.&#34


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