Halifax profits hit record £3.8 billion

Halifax Bank of Scotland today became the latest High Street bank to report record profits - jumping by 29 per cent last year to £3.8 billion.

But it moved quickly to counter accusations of profiteering, pointing out that 2.6 million people, who are both shareholders and customers, would benefit through bigger dividend cheques.

Halifax customers were given an average of 120 shares each when the former building society demutualised. That should see them receive a cheque of £37 each.

Royal Bank of Scotland, which owns NatWe s t , reported the biggest ever profit by a bank at £6 billion last week, easily topping the 20 per cent increase shown by Barclays at £3.8 billion.

The City still expects HSBC to topple all records when it reports its profits on Monday.