HBOS says it is closing in on its goal of being number one for sales of investment products in the UK in its 2003 preliminary results, which show a 29 per cent increase in profit and exceptional items to £3.89bn from £3.06bn in 2002.
It has also pledged to tighten its lending criteria. The five HBOS mortgage brands achieved total gross lending of £71.8bn from £56.8bn along with an above target market share for net lending of 25 per cent. Its target was 23 per cent.
Birmingham Midshires' gross lending increased to £11bn from £5.6bn while Intelligent Finance broke even.
Clerical Medical sales fell by 10 per cent to £389m. In the past two years, Clerical has moved away from with-profits business, with WP accounting for just 8 per net of UK intermediary sales compared with 49 per cent two years ago.