Lloyds says it will return to profit this year
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Lloyds Banking Group has released a trading statement forecasting that the government-backed bank will report a profit for 2010.
The bank revealed last month that it had made a loss of £6.3bn for 2009, following a similar loss of £6.7bn in 2008.
The statement says that Lloyds group has seen a strong performance in the first 10 weeks of this year, with lower costs than in 2009 and lower loss provisions than anticipated.
It says: “As a result the group now expects to deliver a better impairment performance than previously guided, in both the retail and corporate businesses, in 2010.
“Overall, based on the group’s current economic and regulatory assumptions which remain unchanged since our recent 2009 preliminary results announcement, the group believes that it will be profitable on a combined businesses basis in 2010.”
Lloyds group will publish a further interim management statement on April 27.
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Readers' comments (1)
Anonymous | 19 Mar 2010 10:46 am
Can somebody from the government now announce what is to happen with their share. The bank is back to profit therefore shares will rise. The bail out now looks to have been justified so the profits should be returned to the treasury, with the value of shares to be released when possible to do so. Alternatively the governmet could take a share of the profits and offset this against the tax paid by the hard working people of this country who afforded the opportunity to save the banks. None of this money should go towards any state benefits. Any profits need to repay taxpayers.
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