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Bad debts lead to loss at Lloyds | |
(20 minutes later) | |
Lloyds Banking Group says it has made a loss in the first half of the year, due to mounting bad debts at HBOS. | |
The group said it made a loss of £4bn in the first six months of 2009, but accounting technicalities mean it made a pre-tax profit of £6bn in the period. | |
The bank, which is 43% owned by taxpayers, said it took a charge of £13.4bn on bad loans. | |
Lloyds said 80% of those bad loans had been made by HBOS, which it took over on 16 January. |