Wednesday, Feb 27, 2008
It's different this time......
Times: HBOS profits hit by downturn in credit markets
''HBOS, Britain’s biggest mortgage lender, reported broadly flat annual profits for 2007 as it struggled to maintain margins in its core retail banking business. The owner of Halifax and Bank of Scotland posted a 3 per cent increase in underlying pre-tax profits to £5.71 billion in the year to December 31, compared with £5.54 billion the previous year''
Posted by hpwatcher @ 08:43 AM (229 views) Add Comment
2 Comments
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1. shipbuilder said...
And remember, to satisfy the markets and shareholders, profits MUST increase again next year. With a declining potential customer base due to the credit crunch, how will this happen?
By increasing the margins made on the rest of us, of course.
2. hpwatcher said...
Oen thing I would liek to know.....if mortgages and BOE rates are around 5.50%....& most of the bulding societies are offereing saving rates at 5.50% to 6.5% would they not be running at a loss?
Are libor rates crucial here? OR does it mean interest rates must rise to 6.50% so they can make a profit?
Anybody know please?