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05/08/2009
Lloyds Announces £4 Billion Loss
One of the UK's top banking groups, Lloyds has announced losses of £4 billion in the first six months of this year.
This compares to the £2.8 billion profit which Lloyds made in the same period last year.
The bank, which was part-nationalised, has identified the large number of bad debts at HBOS, which it took over in September 2008, has a factor in the huge losses.
Lloyds is now set to write down £13.4 billion of bad debt, which is mainly loans, 80% of which came from HBOS.
However, due to accounting technicalities related to the HBOS takeover, Lloyds has posted a pre-tax profit of £6 billion for the first six months of the year.
(KMcA/BMcC)
This compares to the £2.8 billion profit which Lloyds made in the same period last year.
The bank, which was part-nationalised, has identified the large number of bad debts at HBOS, which it took over in September 2008, has a factor in the huge losses.
Lloyds is now set to write down £13.4 billion of bad debt, which is mainly loans, 80% of which came from HBOS.
However, due to accounting technicalities related to the HBOS takeover, Lloyds has posted a pre-tax profit of £6 billion for the first six months of the year.
(KMcA/BMcC)
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Terms have been agreed for the Co-op to buy 632 branches of Lloyds TSB and Cheltenham and Gloucester. The Co-operative Group will pay Lloyds Banking Group £350m upfront and up to an additional £400m based on the performance of the combined business. European regulators demanded the sale after Lloyds bought HBOS during the financial crisis.
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The government has announced a £37bn bail-out for the Royal Bank of Scotland (RBS), Lloyds TSB and HBOS. RBS has been forced to go to the treasury for a £20bn bailout. Lloyds TSB and HBOS will receive a £17bn investment of new capital. Barclays plans to raise £6.5bn from private investors.
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