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Lloyds leaps back into profit

Lloyds Banking Group made a profit of £1.6bn in the first half of 2010, recovering from a £4bn loss over the same period in 2009.

Lloyds’ retail division made a profit of £2.5bn compared with £360m in the first half of 2009. Net interest income rose by 24 per cent from £3.8bn to £4.7bn as mortgages moved to standard variable rates and new mortgages were repriced for risk. Lloyds maintained its 23 per cent gross mortgage market share. It lent a gross total of £23.7bn to UK businesses, with £5.7bn to small and medium-sized businesses.

Life, pensions and investment business rose by 18 per cent to £469m from £397m at the same time last year. Life and pension and investment sales fell by 14 per cent from £7.4bn to £6.3bn on a present value of new business premiums basis. Lloyds says this was primarily due to the withdrawal of some HBOS legacy products last year.

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