This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.
X
MM+Cover+small+181214
Categories:Investments

Lloyds reiterates loss warning for 2009

  • Print
  • Comment
Hannah Stodell
Part-nationalised Lloyds Banking Group has warned that it expects to make a loss in 2009, despite “good progress” in the first few months of the quarter.

In an interim statement today, the British lender said corporate bad debts are rising “significantly” and forecasted a 50 per cent increase this year in the deteriorating economic environment.

The group said margins had been dented by falling base rates and higher funding costs. It also said “excellent progress” had been made in the integration of HBOS.

Chief executive Eric Daniels says: “Whilst we continue to expect difficult economic conditions to prevail over the next year or so, we believe the strengthened group will be able to comfortably manage through the expected near-term economic downturn and focus on enhancing the group's prospects for long-term growth.”

By 9.10am, shares in the company were down 8 per cent to 104.10p as investors digested the news.


  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Money Marketing Awards 2015
Put your firm forward as the leading practitioner in your field. Adviser and Advertising categories are open to entries - Enter Now.

Have your sayEdit my profile/screen name

You must sign in to make a comment

AXA Wealth


Fund Data

Editor's Pick



Poll

Will providers be forced to pay out compensation over annuity misselling?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments