LONDON, June 20 (UPI) -- Weak consumer spending slowed consumer lending growth in first half 2005 for British bank Lloyds TSB Group PLC, the big bank said Monday.
The fifth biggest British bank by market capitalization, it continues to expect revenue growth in excess of cost growth for the half-year to June 30, MarketWatch reported.
"We are continuing to make progress against our objective to deliver sustained earnings growth, despite signs of a slowing consumer environment in the U.K.," chief executive Eric Daniels said.
Lloyds' lower level of consumer lending comes in the wake of several British interest rate hikes.
The bank also said "strong progress" is being made at Scottish Widows selling life, pension and savings products through the independent financial advisor distribution channel.
Wholesale and international banking operations also posted strong results, Lloyd's said.
