| 05 August 2009 |
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Lloyds Announces £4 Billion Loss |
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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) |
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