Printer Friendly

Back to black...

THE part-nationalised Lloyds Banking Group today confirmed it returned to profit in the first three months of the year after a marked slowdown in bad debts.

The bank, which is 41% owned by the taxpayer, said it expects to sustain the "momentum" throughout 2010 and report profits at both the half year and full-year stage.

Its first quarter performance marks a significant turnaround on the pounds 6.3bn losses reported for 2009 after the HBOS takeover and financial crisis left Lloyds with a colossal pounds 24bn in bad debts.

Lloyds said it saw a significant slowdown in the level of bad debt charges as improving economic conditions help borrowers on to a firmer footing.
COPYRIGHT 2010 MGN Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2010 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Business
Publication:Evening Gazette (Middlesbrough, England)
Date:Apr 27, 2010
Words:114
Previous Article:Brulines eyes expansion.
Next Article:Constructing a safer future.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters