LLOYDS TSB, Britain's fifth-largest bank today sold its closedlife insurance business Abbey Life for almost 1 billion, announcedthe fastest rise in first-half profits for any of the High Streetbanks, and raised its dividend for the first time in five years.
Chief executive Eric Daniels said: "We have again delivered anexcellent trading performance with broad-based revenue and earningsgrowth.
The board is increasingly confident in the group's earningsprospects for 2007 and beyond." Abbey Life is being sold to DeutscheBank, which is understood to have outbid Hugh Osmond's Pearl withits 977 million offer.
That will give the UK bank a profit of about 290 million …
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