Lloyds TSB profits defy credit crunch

22/02/2008 - 08:00:33
Banking giant Lloyds TSB in the UK today shrugged off the credit market turmoil that has rocked many of its rivals as it posted a 6% hike in annual profits to £3.92bn (€5.2bn).

The group reported a £280m (€371m) hit from the credit crunch – a fraction of the £1.6bn (€2.1bn) revealed earlier this week by its high street rival Barclays.

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.