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05/08/2009
Lloyds Announces £4 Billion Loss
One of the UK's top banking groups, Lloyds has announced losses of £4 billion in the first six months of this year.
This compares to the £2.8 billion profit which Lloyds made in the same period last year.
The bank, which was part-nationalised, has identified the large number of bad debts at HBOS, which it took over in September 2008, has a factor in the huge losses.
Lloyds is now set to write down £13.4 billion of bad debt, which is mainly loans, 80% of which came from HBOS.
However, due to accounting technicalities related to the HBOS takeover, Lloyds has posted a pre-tax profit of £6 billion for the first six months of the year.
(KMcA/BMcC)
This compares to the £2.8 billion profit which Lloyds made in the same period last year.
The bank, which was part-nationalised, has identified the large number of bad debts at HBOS, which it took over in September 2008, has a factor in the huge losses.
Lloyds is now set to write down £13.4 billion of bad debt, which is mainly loans, 80% of which came from HBOS.
However, due to accounting technicalities related to the HBOS takeover, Lloyds has posted a pre-tax profit of £6 billion for the first six months of the year.
(KMcA/BMcC)
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Terms have been agreed for the Co-op to buy 632 branches of Lloyds TSB and Cheltenham and Gloucester. The Co-operative Group will pay Lloyds Banking Group £350m upfront and up to an additional £400m based on the performance of the combined business. European regulators demanded the sale after Lloyds bought HBOS during the financial crisis.
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£37bn Government Bail-out For Banks
The government has announced a £37bn bail-out for the Royal Bank of Scotland (RBS), Lloyds TSB and HBOS. RBS has been forced to go to the treasury for a £20bn bailout. Lloyds TSB and HBOS will receive a £17bn investment of new capital. Barclays plans to raise £6.5bn from private investors.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
