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Lloyds sees £2.2bn profits in 2010 but market share falls

Lloyds Banking Group last week revealed pre-tax profits of £2.2bn for 2010 compared with a loss of £6.3bn in 2009, but the lender’s share of the mortgage market has shrunk by 2%.

The group achieved a 22.1% share of gross mortgage lending in 2010, down from 24.1% in 2009. Gross new mortgage lending was £30bn in 2010, compared with £34.7bn in 2009, representing one in five of all mortgages in the UK.

Some £5bn of this was for first-time buyers and the lender says it approved eight out of 10 first-time buyer applications in 2010.

The proportion of mortgages on SVRs now represents 48% of out-standing balances.

Meanwhile, the Royal Bank of Scotland revealed last week that its gross mortgage lending fell by 3% in 2010 compared with 2009. The bank lent £18.7bn in 2010.

It blames a weak market in Q4 2010 for the drop in annual gross lending figures. During that quarter RBS retained its 11% market share but gross lending volumes plum-meted 17% on Q3 to £4.4bn.

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  • Martin Sanders 1st March 2011 at 10:28 am

    LLOYDS SHOULD BE PUTTING ASIDE THE DIVIDEND MONIES THAT THE GOVERNMENT ARE NOT ALLOWING THEM TO PAY THEIR SHAREHOLDERS. AFTER THREE YEARS OF NOT PAYING DIVIDENDS AND SHAREVALUE DECREASED BY 90% THEY HAVE NOT DELIVERED ON SHAREHOLDER VALUE. THEREFORE THEY SHOULD NOT PAY BONUSES TO EXECUTIVES. THEY SHOULD BUILD UP A FUND TO PAY SHAREHOLDERS A QUADRUPLE DIVIDEND WHEN THEY ARE EVENTUALLY ALLOWED TO TO START PAYING IT AGAIN.

  • Martin Sanders 1st March 2011 at 10:28 am

    LLOYDS SHOULD BE PUTTING ASIDE THE DIVIDEND MONIES THAT THE GOVERNMENT ARE NOT ALLOWING THEM TO PAY THEIR SHAREHOLDERS. AFTER THREE YEARS OF NOT PAYING DIVIDENDS AND SHAREVALUE DECREASED BY 90% THEY HAVE NOT DELIVERED ON SHAREHOLDER VALUE. THEREFORE THEY SHOULD NOT PAY BONUSES TO EXECUTIVES. THEY SHOULD BUILD UP A FUND TO PAY SHAREHOLDERS A QUADRUPLE DIVIDEND WHEN THEY ARE EVENTUALLY ALLOWED TO TO START PAYING IT AGAIN.