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Lloyds 2009 loss totals £6.3bn
Lloyds Banking Group recorded an operating loss of £6.3 billion during 2009, with toxic loans cited as the main reason for the bank's poor performance.
The company said it lost £24 billion on such loans in the 12 months to December 31st, with the majority coming as a result of its takeover of Halifax Bank of Scotland last year.
However, the deficit was less than it recorded in 2008, when it made a loss of £6.7 billion.
And it was less than had been anticipated by analysts, as the results of a poll conducted by Reuters showed that the consensus was the Bank would post a figure of £7.1 billion.
The firm's share price was down on the news - dropping 4.41 per cent to 52.48p at 16:50 GMT - but chief executive Eric Daniels was positive about Lloyds's prospects for the current year.
"We are building strong earnings momentum and expect our performance to improve significantly in 2010 and beyond," he remarked.
The company said it lost £24 billion on such loans in the 12 months to December 31st, with the majority coming as a result of its takeover of Halifax Bank of Scotland last year.
However, the deficit was less than it recorded in 2008, when it made a loss of £6.7 billion.
And it was less than had been anticipated by analysts, as the results of a poll conducted by Reuters showed that the consensus was the Bank would post a figure of £7.1 billion.
The firm's share price was down on the news - dropping 4.41 per cent to 52.48p at 16:50 GMT - but chief executive Eric Daniels was positive about Lloyds's prospects for the current year.
"We are building strong earnings momentum and expect our performance to improve significantly in 2010 and beyond," he remarked.
Fri, 26th Feb 2010