Lloyds TSB sees profits fall 20%
04/03/2005 - 07:25:45Lloyds TSB today bucked the trend of record earnings by UK banks by reporting a 20% fall in annual pre-tax profits to £3.5bn (€5bn).
The banking group said the decline reflected the impact of businesses sold in 2003, which contributed nearly £1.2bn (€1.7bn) to the bottom line last year.
However, Lloyds said pre-tax profits from continuing operations lifted by 10% to £3.4bn (€4.9bn) as all its divisions improved their performance.
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