Lloyds reports return to profit
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Lloyds has reported a return to profitability in the first quarter of 2010, although no precise figures are disclosed in the management statement.
Lloyds says the improvement was down to a significant slowing of impairments in its wholesale business.
The bank says it is on track to deliver £2bn of efficiency savings in the group by 2011.
The bank says that customer deposit balances have grown while lending has remained flat.
It says: “The group is pleased to have returned to profitability, on a combined businesses basis, in the first quarter.
“Based on the group’s current economic and regulatory assumptions we expect this trend to continue and for the group to deliver a combined businesses profit at both the half and full year.”
Lloyds says there have been improvements in wholesale funding since the beginning of 2010 and says it has a substantial portfolio of liquid assets.
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Readers' comments (1)
John Cowan | 27 Apr 2010 10:14 am
"Lloyds says there have been improvements in wholesale funding since the beginning of 2010 and says it has a substantial portfolio of liquid assets."
Any chance some active and sustained return to the lending market can now happen or are small businesses going to continue to suffocate?
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