Surge in profits for savings account provider Legal & General
www.moneynews.co.uk > Pensions > Surge in profits for savings account provider Legal & General
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Money News |
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Surge in profits for savings account provider Legal & General
Thu 5th Aug 2010
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The firm saw its IFRS operating profit increase by 217 per cent compared to the same time during the previous year, with group chief executive Mark Gregory putting the change down to the policies the company has pursued recently.
He explained that it has focused on cutting costs in its operations and tried to modernise its products, which has ended up "paying dividends".
"Overall, the profitability of the savings business in the first half of 2010 has shown strong improvement, up 217 per cent, coupled with continued strong sales of our non-insured products," remarked the Legal & General spokesperson.
Profits at the firm reached £54 million during that time.
Meanwhile, the company's investment management arm revealed that its operating profit rose 32.2 per cent compared to the same period in 2009 to reach £97.8 million.
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Related News : Legal and General |
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