Lloyds TSB, which owns Cheltenham & Gloucester and Scottish Widows, has witnessed a 1% fall in its share of the mortgage market, its latest results reveal.

Its gross mortgage market share dropped from 9% in 2005 to 8% in 2006.

While its mortgage lending increased from £26 billion to £27.6 billion, this is still below the average market increase of 20%.

Lloyds TSB unveiled an 8% rise in underlying annual profits to £3.71bn, up from £3.45bn in 2005.

However, Lloyds' shares were down 3.1% at 594p, cutting its market value to £34bn.

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