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31/07/2001
Halifax and Bank of Scotland merger costs total £21 million
The Halifax's merger with Bank of Scotland has cost £21 million, the mortgage bank has revealed.
The merger which took effect on Tuesday July 31st will see the Halifax, the UK’s biggest mortgage lender diversify into small business and corporate banking, while Bank of Scotland will gain retail deposits and branches.
Halifax has reported a 5 per cent slide in profits in its last set of results posted before completing its merger with Bank of Scotland. Interim results show pre-tax profit of £839 million, down from £885 million last year.
The bank says it's made significant productivity gains that mean it's beaten its own target of keeping operating expenses steady by 6 per cent.
But it says it's having to trim its profits margin in order to "sweep aside 'back book' pricing practices in the mortgage, savings and traditional banking businesses". This is the practice of offering better rates to new savers and borrowers than existing customers.
Profits from Halifax's diversified businesses, which account for 49 per cent of group profit, grew by 33 per cent to £452 million.
Looking ahead, Halifax says the UK is well placed by comparison with most major economies, but is still dependent on when the US economy improves.
Halifax Chief Executive James Crosby said: “The housing market has generally been strong. However, in the current economic environment, it is likely to settle back to trend performance without the need for interest rate increases.”
The company said that depressed stock markets must inevitably impact on near-term prospects in the group's important long-term savings businesses, but "nonetheless we believe that these results show that we are laying the foundation for future earnings growth".
HBOS, as the merged group will style itself, is expected to challenge the dominance of the so-called Big Four high street banks - Lloyds TSB, Barclays, HSBC and Royal Bank of Scotland. Halifax says the new bank will become a "powerful competitive force". (AMcE)
The merger which took effect on Tuesday July 31st will see the Halifax, the UK’s biggest mortgage lender diversify into small business and corporate banking, while Bank of Scotland will gain retail deposits and branches.
Halifax has reported a 5 per cent slide in profits in its last set of results posted before completing its merger with Bank of Scotland. Interim results show pre-tax profit of £839 million, down from £885 million last year.
The bank says it's made significant productivity gains that mean it's beaten its own target of keeping operating expenses steady by 6 per cent.
But it says it's having to trim its profits margin in order to "sweep aside 'back book' pricing practices in the mortgage, savings and traditional banking businesses". This is the practice of offering better rates to new savers and borrowers than existing customers.
Profits from Halifax's diversified businesses, which account for 49 per cent of group profit, grew by 33 per cent to £452 million.
Looking ahead, Halifax says the UK is well placed by comparison with most major economies, but is still dependent on when the US economy improves.
Halifax Chief Executive James Crosby said: “The housing market has generally been strong. However, in the current economic environment, it is likely to settle back to trend performance without the need for interest rate increases.”
The company said that depressed stock markets must inevitably impact on near-term prospects in the group's important long-term savings businesses, but "nonetheless we believe that these results show that we are laying the foundation for future earnings growth".
HBOS, as the merged group will style itself, is expected to challenge the dominance of the so-called Big Four high street banks - Lloyds TSB, Barclays, HSBC and Royal Bank of Scotland. Halifax says the new bank will become a "powerful competitive force". (AMcE)
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27 August 2010
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
08 November 2002
Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
18 June 2010
Halifax Bank Makes 'Final Withdrawal'
The anticipated withdrawal of the Halifax bank from the Irish market is now taking place after it was announced in February this year. Some 750 job losses are anticipated as Bank of Scotland Ireland began closing its Halifax bank branch network today.
Halifax Bank Makes 'Final Withdrawal'
The anticipated withdrawal of the Halifax bank from the Irish market is now taking place after it was announced in February this year. Some 750 job losses are anticipated as Bank of Scotland Ireland began closing its Halifax bank branch network today.
10 September 2001
Halifax Bank of Scotland shares make a solid start
Share trading in HBOS, the bank formed through the merger of Halifax and Bank of Scotland, has made a solid start on its first day of trading. Despite a depressed market, the bank’s shares opened at 827p, with analysts predicting shares to fare well, setting a price range forecast over the next year of between 750p and 1,035p.
Halifax Bank of Scotland shares make a solid start
Share trading in HBOS, the bank formed through the merger of Halifax and Bank of Scotland, has made a solid start on its first day of trading. Despite a depressed market, the bank’s shares opened at 827p, with analysts predicting shares to fare well, setting a price range forecast over the next year of between 750p and 1,035p.
26 June 2002
Empey hails 'talent' of NI workforce
Sir Reg Empey, Minister for Enterprise, Trade and Investment, has praised the "talent" of the north's workforce in assisting in the success of the Halifax's Cromac Woods call centre. The Minister congratulated management and staff on the centre’s achievements, which was celebrating its first anniversary.
Empey hails 'talent' of NI workforce
Sir Reg Empey, Minister for Enterprise, Trade and Investment, has praised the "talent" of the north's workforce in assisting in the success of the Halifax's Cromac Woods call centre. The Minister congratulated management and staff on the centre’s achievements, which was celebrating its first anniversary.
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Northern Ireland WeatherThis Evening and Tonight:Dry in the southeast at first otherwise widespread light rain or drizzle for most. It will turn mostly dry towards dawn, although a few patches of light rain or drizzle continuing, mainly in the southwest. Minimum temperature 5 °C.
