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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, 11:13 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-out | Bail-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. |