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Halifax announces business figures for 1998

Halifax&#39s mortgage lending increased 18 per cent to a record £14.2bn in 1998.


It says its net mortgage lending in the second half of 1998 accounted for 11 per cent of the market and 5 per cent for the year as a whole.


It took £7bn in savings which it estimates to be 12 per cent of all savings accounts opened in the year.


Pre tax profits grew by 33 per cent to £541m and earnings per share increased by 9 per cent to 47.5p.


The total dividend increased by 16 per cent with a proposed final dividend of 13.5p per share to be paid on May 10 1999.


Clerical Medical&#39s income from regular and single premiums grew 33 per cent to £238m. The company also won a pension scheme with 20,000 contributions.


Halifax will also undergo a corporate restructuring in a bid to return £1.5bn to its 3.6m ordinary shareholders.


Shareholders can expect a return of £217 in early June for exchanging their shares in Halifax plc for shares in a new holding company.


Chief executive James Crosby says: &#34These results confirm our position as the market leader whilst underlying the exceptional progress we are making in our new business.&#34

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