Halifax parent company Lloyds Banking Group profits increase by 46%

It reported pre-tax profits of £2.3bn for the three months to March 31.

That was up from £1.5bn a year earlier.

There are more than 4,000 people in Halifax who work for the finance giant.

It has two corporate centres in the town centre, at Trinity Road and the Collinsons Building.

The group benefited from higher interest rates, which have climbed to 4.25 per cent in the UK over the past year.

And the Bank of England is expected to raise interest rates further to 4.5 per cent next week.

Lloyds said it was seeing “modest” increases in borrowers falling into arrears and defaulting on loans amid the cost-of-living crisis,

But it said levels were the same as or below those seen before the pandemic.

The group attracted criticism from staff last week when it announced their working arrangements would change and said they would have to spend at least two days a week in the office..

The company has told employees they must come into the office two days a week and made changes to “compressed” working hours.

Staff who previously condensed five days of work into four longer days, for example, have been told this is no longer an option.

A Lloyds Banking Group spokesperson said: “Our hybrid approach to working has been in place since 2021 and has worked well in supporting our customers, while many of our colleagues have also benefited from flexible working patterns.”

It said the changes put it in line with other companies in the market.