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Lloyds posts £6.3bn loss for 2009 Lloyds posts £6.3bn loss for 2009
(10 minutes later)
Lloyds Banking Group has reported an operating loss of £6.3bn for 2009, after it continued to struggle with billions of pounds of bad loans.Lloyds Banking Group has reported an operating loss of £6.3bn for 2009, after it continued to struggle with billions of pounds of bad loans.
This was a slightly smaller loss than analysts had expected and less than the £6.7bn operating loss the group made in the previous year.This was a slightly smaller loss than analysts had expected and less than the £6.7bn operating loss the group made in the previous year.
On a pre-tax profit basis, the group made a profit of £1bn.On a pre-tax profit basis, the group made a profit of £1bn.
The group lost £24bn on bad loans, most of which came from Halifax Bank of Scotland, which it took over last year.The group lost £24bn on bad loans, most of which came from Halifax Bank of Scotland, which it took over last year.
LLOYDS BANKING GROUPLast updated: 26 Feb 2010, 11:03 UK *Chart shows local time pricechange%52.50p-2.40-4.37 More data on this share price LLOYDS BANKING GROUPLast updated: 26 Feb 2010, 11:13 UK *Chart shows local time pricechange%51.63p-3.27-5.96 More data on this share price
It said these "impairments" were 21% lower in the second half of 2009, and would continue to see a similar rate of improvement throughout this year.It said these "impairments" were 21% lower in the second half of 2009, and would continue to see a similar rate of improvement throughout this year.
Despite the loss, the bank said total income rose by 12%, to £23.9bn, while costs fell by 5%.Despite the loss, the bank said total income rose by 12%, to £23.9bn, while costs fell by 5%.
It said it had "delivered a resilient trading performance against the backdrop of a marked slowdown in the UK economic environment and continued challenges in the financial markets".It said it had "delivered a resilient trading performance against the backdrop of a marked slowdown in the UK economic environment and continued challenges in the financial markets".
Bail-outBail-out
Looking forward, chief executive Eric Daniels said: "We are building strong earnings momentum and expect our performance to improve significantly in 2010 and beyond."Looking forward, chief executive Eric Daniels said: "We are building strong earnings momentum and expect our performance to improve significantly in 2010 and beyond."
Mr Daniels has declined to take his bonus entitlement of £2.3m for 2009.Mr Daniels has declined to take his bonus entitlement of £2.3m for 2009.
Lloyds took over Halifax Bank of Scotland (HBOS) in January last year.Lloyds took over Halifax Bank of Scotland (HBOS) in January last year.
It underestimated how many bad loans HBOS had on its books, and had to be bailed out by the government as a result.It underestimated how many bad loans HBOS had on its books, and had to be bailed out by the government as a result.
The bank is now 41%-owned by the state, down from 43% after it raised £22.5bn of capital at the end of last year.The bank is now 41%-owned by the state, down from 43% after it raised £22.5bn of capital at the end of last year.
On Thursday, Royal Bank of Scotland (RBS), which is 84% government-owned, reported a pre-tax loss for 2009 of £3.6bn.On Thursday, Royal Bank of Scotland (RBS), which is 84% government-owned, reported a pre-tax loss for 2009 of £3.6bn.
Last week, Barclays reported pre-tax profits of £11.6bn, although the figure was boosted by the sale of its BGI fund management arm to US firm BlackRock last year.Last week, Barclays reported pre-tax profits of £11.6bn, although the figure was boosted by the sale of its BGI fund management arm to US firm BlackRock last year.