Qualified advisers answering your
Financial Questions
call 0800 092 1245

Lloyds bank reports £1.6 billion profit

Lloyds bank has today rebounded from a £4 billion loss in the first six months of last year to a £1.6 billion profit in the first 6 months of 2010, which is double what analysts were forecasting. One of the major factors in the startling turnaround in Lloyds bank was the reduction in bad debt charges down from £13.4 billion last year to "just" £6.5 billion this year. It was interesting to see that Eric Daniels, the company's chief executive, commented upon the level of business and liquidity suggesting that the bank was "open to any customer".

Lloyds bank has also claimed that credit today is cheaper than it has been for some time, a fact which seems fairly obvious bearing in mind UK base rates are 0.5%, as the UK banking industry attempts to repair the damage to his reputation. Interestingly it seems that consumers in the UK are more interested in repaying loans than taking on new loans, something which has impacted upon net advances by Lloyds bank. As with a number of UK banks, Lloyds bank claims that credit is available for consumers and the business arena although at the moment there is little in the way of demand.

What will the UK government make of these figures and will it prompt a review of the 41% holding in the group?

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details