LLOYDS TSB Offshore’s pre-tax profits went up by more than 50% in 2006. It was the third successive year of income growth at the bank, famous for its long-standing iconic headquarters on the corner of Smith Street and the Pollet.
Profits before tax were £94.8m., up 52% on 2005’s £62m. return.
‘Product development, expansion of international representation and focus on service excellence all contributed to a strong financial performance,’ said acting chairman Martin Fricker.
‘The company’s success in 2006 augurs well for continuing growth and profitability in 2007 and beyond.’
Mr Fricker, also the bank’s island director in Jersey, added that it continued to have a strong market share in personal banking in the Channel Islands.
In what he called a very competitive market, the bank’s ’strong focus’ on customer service and competitive product range led to ‘an encouraging increase in income’.
There was significant growth in corporate banking, based on continued focus on local trading companies, trust and company administrators, and the launch of corporate Internet banking during the year.
Offshore wealth management continued to deliver an above-benchmark performance on managed portfolios and new euro funds were launched.
Mr Fricker said that costs had also been well controlled.
The bank also paid a dividend during the year, paying out more than £159m.
Article posted on 3rd September, 2007 - 12.00am
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