Windfall for HBOS staff as bank’s half-year profits hit £2.7bn

Staff at Halifax Bank of Scotland are to share a windfall worth £67m after the firm posted a 17% rise in half-year profits to almost £2.7bn.

Free shares worth 5% of annual salary will be awarded to 60,000 employees in what the group believes is the biggest payout of its kind in the UK.

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The announcement came as profits from the company topped City expectations, helped by a 4% rise in profits to £1.1bn in high street banking.

The award of free shares – up to a maximum of £3,000 – brings the amount awarded in shares and annual bonuses to £289m this year. That compares with £276m a year ago.