Another £1.1 billion is in the pipeline through loans, mortgages and other products waiting to be approved. At the same point in 2001, IF (www.if.com) account balances were worth more than £4.4 billion.
Its savings and current accounts increased by £732 million over the first six months of the year. It now has a savings and current account balance of £2.9 billion.
In first-half financial results for the six months to 30 June, Halifax revealed that 40,000 new IF current accounts were opened, with an average balance of £4,000. Halifax also reported a pre-tax loss of £88 million for IF, up from £72 million in the same period last year.
Savings balances make up £2.3 billion, with an average balance of about £14,000, which is more than double the industry average of £5,900. Loans now total £380 million, an increase of £163 million in the past six months.
Gross mortgage lending now amounts to £9.6 billion, with an average balance of £111,000, compared with the industry average of £82,000.
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