Lloyds Banking Group Profit
Published / Last Updated on 03/08/2010
by Ashley Clark, Director
Lloyds Banking Group, the amalgamation of Lloyds TSB and HBOS (Halifax Bank of Scotland Group) has returned to profit again with £1.6bn for first half of this year.
This follows on from loss in the same period in 2009 of £4bn.
Losses have been put down to the virtual “compulsory” takeover of HBOS delivering huge bad debts of c £14bn. The bad debt position has already been halved to £6.66bn.
The Lloyds Banking Group has returned to profitability after posting a £1.6bn before tax profit in the first half of the year.
By many standards, we believe this is a spectacular result for Lloyds. Their tougher stance generally on lending and debt management has helped them to a much stronger financial position.
We believe this leaves Lloyds Bank in a favourable position for long term domination of the UK banking sector, unless of course, the Government forces banks to segment to smaller groups which seems likely.
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