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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.



Failed AIA bid costs Pru £377m

Prudential has revealed that its failed bid for AIA has cost the company £377m as it boosted its dividend and posted profits across the group. The figure for the cost of the AIA deal does not include expected tax relief of £93m on the aborted transaction. In a teleconference this morning announcing Pru’s half year […]


Savills Lending Solutions enter consultation period with all staff

Savills Lending Solutions has today entered a consultation period with its eight employees, citing continued difficult trading conditions as the reason for the move. SLS has not placed a time limit on the consultation process and says it will take as long as is necessary. Money Marketing understands staff at the Southend-based packager have been […]


Rise in DA directors facing clawback liability

Protection providers are increasingly asking directors of directly authorised firms to sign agreements accepting personal liability for commission clawback. Advisers have alerted Money Marketing to a growing trend to ask for director’s personal guarantees in certain circumstances. Bupa, Legal & General, LV= and Scottish Provident have all confirmed they request these guarantees from some directly […]

Northern Rock cuts Everyday range rates

Northern Rock has reduced the rates its everyday buy-to-let range by up to 60 per cent. The lender’s two-year buy-to-let fixed-rate for customers wanting to borrow 70 per cent loan-to-value now start from 5.59 per cent with a flat product fee of £1,995. Northern Rock has also amended the rates of some of its Everyday […]


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