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HBOS mortgage business shines in 2006

HBOS has revealed a dramatic increase in mortgage lending over the first six months of the year.

Its estimated gross market share increased to 22 per cent, from 21 per cent over the same period last year – with the figures up from 27.6bn to 35.3bn. The mortgage book grew by 10.3bn, representing an estimated net lending market share of 21 per cent, up from 14 per cent last year.

The growth in its home loan business came despite the potentially destabilising departure of a number of senior executives suring the second half of last year.

Group profit before tax rose by 17 per cent to 2.65bn, with underlying profit before tax increasing by 13 per cent to 2.6bn.

Chief executive Andy Hornby says: We remain confident about the long term growth potential of our retail business where our multi-branded sales and distribution model will allow us to deliver further market share gains and continued improvements in efficiency ratios.

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