HBOS new mortgage lending tops £10 billion
HBOS, the UK's biggest mortgage provider, has reported new net lending worth £10.3 billion, a rise of 49 per cent. The banks share of redemptions fell by 2 per cent on 2005's figure of 25 per cent as fewer people left the bank for other lenders. The bank had been disappointed in its business share in 2005 when its new net lending fell to 11 per cent in the second half, much lower than its usual market share of 21 per cent.
HBOS has been hit by recod numbers of borrowers defaulting on unsecured loans with bad debt charges reaching 26 per cent to £592m. Unsecured loans accounted for £520m which was a rise of around 28 per cent on the previous year. Pre tax profits in the corporate banking business rose 14 per cent to £758 million and its investment and insurance profits jumped by 17 per cent. | 
