Lloyds TSB banks £1.8bn profit
02/08/2006 - 07:44:16Banking group Lloyds TSB reported half-year profits of £1.78bn (€2.6bn) today as cost controls helped it overcome a 20% jump in provisions to cover bad debts.
The 4% gain in pre-tax profits, which was in line with market expectations, comes in the week that HSBC reported a figure of £6.71bn (€9.8bn) and Halifax Bank of Scotland posted £2.65bn (€3.9bn).
Lloyds TSB said impairment losses on loans and advances increased by a fifth to £800m (€1.2bn), although it said it expected greater stability in the second half of the year following a change in lending criteria.
