Experian records 18% rise in pre-tax profits

Global information services group Experian has posted a pre-tax profit of $318 million (£216m) for the first half of the year; up from $270 million (£183m) for the same period in 2007. First half revenues totalled $2.02 billion; up 13% compared to last year with revenues from UK and Ireland increasing 4% to $475 million (£322m).

Chairman John Peace said: “Experian performed well in the first half, delivering good revenue, profit and cash performances, even though market conditions were exceptionally challenging.”

Experian is expecting similar growth in the third quarter whilst stating it’s full year objective remains: “to broadly maintain margins and to grow profits, while continuing to position the business for long term success”.

Experian is the parent company of Credit Expert, which offers 30 days free access to your online credit report.

HSBC fails to pass rate cut on to customers

Despite the Bank of England cutting 1.5% off the base rate two weeks ago, HSBC has finally announced today that its standard variable rate (SVP) will be cut by just 0.81% bringing it down from 6.25% to 5.44%. First Direct, which is owned by HSBC, will also cut their SVP 0.81% bringing it from 6.5% down to 4.69%.

HSBC is the ONLY major bank not to pass on the full rate cut to their customers.

Andrew Montlake of Cobalt Capital said: “It is disappointing that HSBC has only decided to pass on just over half of the latest base rate cut, and taken an age to come to this decision as well. HSBC has some attractive deals at the moment, but this half-hearted move suggests that it is unlikely they will pass on future cuts.”

Shortly after the Bank of England announced its decision to cut the rate of borrowing, Halifax, Lloyds TSB and Royal Bank of Scotland confirmed they would pass the full cut on to their customers. All three are part of the Government’s £37 billion bail-out of the banking system.