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22/02/2008
Lloyds TSB Reports 17% Profit Rise
High street bank Lloyds TSB has posted pre-tax profits of £3.92bn for 2007 - a rise of 6% on the previous year.
The group, Britain's fifth-biggest bank, has taken a £280m hit on risky sub-prime loans, but that is only a fraction of the figure suffered by rivals such as Barclays, which earlier this week revealed a £1.6bn write-down.
Lloyds said its "prudent approach to risk" had helped it weather the wider market troubles, but cautioned that the industry was facing a turbulent 2008 amid slowing global economic growth.
The 6% rise in underlying pre-tax profits - up from £3.71bn in 2006 - is marginally higher than markets had expected.
Lloyds added that, excluding the credit-related impact, profits were up 13% at £4.2bn.
Chairman Sir Victor Blank said: "Our lower risk strategy limited the impact of the abrupt change in the markets and, consequently, our charge was relatively modest in comparison to our balance sheet size, our earnings, and the charges taken by many other organisations.
"This is in large part due to the conscious choice to focus the group's strategy on building deep, long-lasting relationships with our customers in order to deliver high quality, sustainable results over time."
(CD)
The group, Britain's fifth-biggest bank, has taken a £280m hit on risky sub-prime loans, but that is only a fraction of the figure suffered by rivals such as Barclays, which earlier this week revealed a £1.6bn write-down.
Lloyds said its "prudent approach to risk" had helped it weather the wider market troubles, but cautioned that the industry was facing a turbulent 2008 amid slowing global economic growth.
The 6% rise in underlying pre-tax profits - up from £3.71bn in 2006 - is marginally higher than markets had expected.
Lloyds added that, excluding the credit-related impact, profits were up 13% at £4.2bn.
Chairman Sir Victor Blank said: "Our lower risk strategy limited the impact of the abrupt change in the markets and, consequently, our charge was relatively modest in comparison to our balance sheet size, our earnings, and the charges taken by many other organisations.
"This is in large part due to the conscious choice to focus the group's strategy on building deep, long-lasting relationships with our customers in order to deliver high quality, sustainable results over time."
(CD)
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