Lloyds TSB profit falls 63%
Lloyds TSB, the fifth-biggest British bank by market value, reported on Wednesday a 63% drop in net profits during the first half as write-offs due to the credit crunch and bad consumer loans rose.
LONDON: Lloyds TSB, the fifth-biggest British bank by market value, reported on Wednesday a 63% drop in net profits during the first half as write-offs due to the credit crunch and bad consumer loans rose.
Lloyds, the first major British bank to report first-half earnings, said its net profit stood at ��576 mn in the six months to June 30 compared with ��1.54 bn during the same period in 2007.
Group income dropped 17% to ��4.63 bn and impairment charges, or losses from consumer loans that have been written off, jumped by 31% to ��1.1 bn, the bank added in the results statement.
Pre-tax profit slumped by 70% to ��599 mn after the bank also wrote off ��585 mn because of what it described as ���market dislocation���.
Lloyds, the first major British bank to report first-half earnings, said its net profit stood at ��576 mn in the six months to June 30 compared with ��1.54 bn during the same period in 2007.
Group income dropped 17% to ��4.63 bn and impairment charges, or losses from consumer loans that have been written off, jumped by 31% to ��1.1 bn, the bank added in the results statement.
Pre-tax profit slumped by 70% to ��599 mn after the bank also wrote off ��585 mn because of what it described as ���market dislocation���.
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