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Lloyds result pulled down by HBOS Bad debts lead to loss at Lloyds
(20 minutes later)
Lloyds Banking Group has reported six month results, which have been hit by write-downs, mainly from the assets of HBOS, which it bought on 16 January. 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 reported a pro-forma loss of of £4.0bn, saying that the pre-tax profit of £6bn for the period was misleading because of the takeover. 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 group reduced the value of its assets by £13.4bn, with 80% of the cut coming from HBOS assets. The bank, which is 43% owned by taxpayers, said it took a charge of £13.4bn on bad loans.
Lloyds Banking Group is 43% owned by taxpayers. Lloyds said 80% of those bad loans had been made by HBOS, which it took over on 16 January.