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Lloyds blames HBOS for £4bn loss | |
(21 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, which it took over on 16 January. | |
The group made a loss of £4bn in the first six months of 2009 after taking a huge charge on assets that are worth less than previously thought. | |
The 43% state-owned bank took a charge of £13.4bn for such write-downs, 80% of which came from HBOS. | |
But it added that the write-downs had now probably peaked. | |
Due to accounting technicalities, Lloyds actually made a pre-tax profit of £6bn for the period. | |
But the group said that as a result of the takeover of HBOS, that figure is "of limited benefit". | |
The takeover also means that it is difficult to find figures for the first six months of 2008 with which to compare these figures, but Lloyds said that the £4bn loss compares with a £2.8bn profit for the same period last year. |