British bank Lloyds says returns to profit in first quarter

27th April 2010, Comments 0 comments

Britain's bailed-out Lloyds Banking Group said on Tuesday that it returned to profit in the first quarter and would remain profitable for the year as provisions against bad loans fell.

"In the first quarter of 2010 the group returned to profitability on a combined businesses basis due mainly to a significant slowing of impairments in the wholesale business," Lloyds said in a trading update.

The group is 41.3-percent owned by the government after a huge bailout to keep it afloat during the global financial crisis.

© 2010 AFP

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