In its interim results for this year Royal Bank of Scotland announced group pre-tax profits of £10.94 billion, thus making an astounding £21 million a day. HSBC saw a 53 per cent rise in profits to £5.14 billion including an 18 per cent growth in mortgage balances while Barclays, which owns The Woolwich, saw a 23 per cent profit rise to £2.41 billon. Lloyds TSB actually experienced a 7 per cent fall in its pre-tax profits after selling a number of its overseas assets, yet it still managed to rake in an impressive £1.6 billion.
HBOS revealed pre-tax profits of £2.161 billion, up 21 per cent, despite taking a lower level of the UK’s net lending share, with 17 per cent in the first half of this year compared to 25 per cent in 2003.
Alliance &Leicester’s pre-tax profits were up 22 per cent standing at £320 million.
London-based sole broker Roy New, said: “These lenders are making huge profits but still can’t get their service standards right. Some lenders’ service levels are atrocious. I had to wait 14 days to get a decision-in-principle from one lender which promised it within 48 hours.”
