The financial services sector saw the fastest rate of growth since June 2007 over the last three months but even that was slower than expected according to the latest CBI financial services survey. Profitability improved for the fifth successive quarter and growth is expected to continue.
Business volumes increased in all sub-sectors except general insurance and grew across all customer groups except with other financial institutions. Overseas customers provided the strongest growth with the highest balance since 1999. The value of fees, commissions and premium income grew only slightly in the past three months.
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