HBOS looks forward to bigger profits

Halifax-to-Bank of Scotland group HBOS is set for a sharp rise in annual profits after forecasting results well ahead of market hopes today.

The company said better-than-expected trading meant it was likely to “comfortably exceed” forecasts for underlying profits of around £4.56bn (€6.6bn) – up from the £3.77bn (€5.4bn) achieved in 2003.