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Lloyds Banking Group slumps to 2.78b pound loss

November 8, 2011

LONDON: Britain’s state-rescued Lloyds Banking Group today reported a net loss of 2.78 billion pound (US$4.46 billion) in the first nine months on exceptional charges and a drop in income.

LBG said its loss after tax for the nine months to Sept 30 compared with a net profit of 1.6 billion pound in the first three quarters of 2010.

The bank, which last week announced that its chief executive Antonio Horta-Osorio had temporarily stepped down due to illness, has been hit by one-off charges of 3.2 billion pound to compensate customers mis-sold insurance.

LBG said today that its loss before tax stood at 3.86 billion pound in the first nine months of 2011, which included the exceptional charge.

It added that the bank’s income fell by 9.0% to 16.1 billion pound in the reporting period. But LBG also announced a 22% drop in total impairment charges to 7.37 billion pound in the first nine months.

Lloyds Banking Group, 41% owned by the British government, axed 15,000 jobs earlier this year in a bid to save 1.5 billion pound annually.

- AFP


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