London Scottish Bank PLC said all its businesses continue to show positive progress with particularly strong performances from the Factoring and Leasing division and Robinson Way as it reported a rise in first-half pre-tax profit to Ј9.2million, up from Ј8.9m.
The specialist provider of financial services said operating income in the period to 30 April 2004 rose to Ј47.19m from Ј41.7m a year earlier and it is to raise the interim dividend by 3%to 1.70 pence a share.
Basic earnings per share of 4.5p for the group were marginally down compared to last year's 4.7p, primarily due to the increase in the effective tax rate, which rose to 30.9% of profit compared to 28.3% previously, following the adverse change in the UK tax treatment of its offshore captive London Scottish Reinsurance.
