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Eric Daniels forecasts profit for Lloyds bank in 2010

There is welcome relief for UK taxpayers, who hold a significant stake in Lloyds bank, as the company's chief executive Eric Daniels has today confirmed that he believes the company will be profitable on a combined business bases in 2010. This comes after a smaller than expected £6.3 billion pre-tax loss for the last year at a time when loan impairments have impacted the bottom line although the trend in provisions is moving downwards.

In a short but interesting statement ahead of the Morgan Stanley European Financial Conference, due to begin later today, Eric Daniels also confirmed that the first 10 weeks of 2010 had been "strong". It is interesting to see Lloyds bank is experiencing an upturn in trading at a time when Royal Bank of Scotland still appears to be struggling and liquidity in the consumer and business market place is still nowhere near previous levels.

There are high hopes that as confidence returns to the likes of Lloyds bank and eventually Royal Bank of Scotland we should see these two companies pushing ahead with competitive financial products which should inject more competition into the sector as a whole. Many people believe that increased liquidity is the final piece of the jigsaw with regards to a strong UK economic recovery and we await further information in due course.

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