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Lloyds TSB profits fall

Lloyds TSB has announced an 11 per cent fall in interim profits, down to £1.8bn from £2bn for the first six months of the year.

Performance in the banking sector fell but insurance profits rose 34 per cent to £792m from £591m, with life and pension product sales up 20 per cent to £395m from £270m.

Lloyds TSB was hit by a £16m bill for its failed attempt to take over Abbey National.

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