Lloyds Banking Group says returns to profit in first half

4th August 2010, Comments 0 comments

Britain's state-rescued Lloyds Banking Group said Wednesday that it bounced back into pre-tax profit in the first half, after a massive loss in 2009, despite challenging conditions.

Pre-tax profit stood at 1.6 billion pounds (1.9 billion euros, 2.5 billion dollars) in the six months to the end of June, which compared with a loss of 4.0 billion pounds in the same part of 2009, it said in a results statement.

"The first half of 2010 was a significant milestone for Lloyds Banking Group as the group returned to profit," said chief executive Eric Daniels in the earnings release.

"Despite the challenging economic environment, the core businesses performed strongly and we continued to see positive momentum across all of the key income statement line items: income, margins, costs and impairments and an extension of the positive business trends established in 2009.

"Given the business model we have established, coupled with the gradual recovery in economic growth in the UK, we continue to believe that the group is well positioned to deliver a strong financial performance over the coming years."

LBG is 41-percent owned by the British government after a massive state bailout at the height of the global financial crisis.

© 2010 AFP

0 Comments To This Article