Banks in the black as Lloyds suffers £4bn loss

clock

The FTSE 100 is losing ground following early morning gains, down 0.31% (14.58 points) at 4656.79.

Lloyds Banking Group is supporting the index on the back of its first half results. The part-state-owned bank is up 5.19% at 88.64p despite having reported a six-month loss of $4bn, £1bn lower than many analysts had forecast. Lloyds’ bad debts totalled £13.4bn, 80% of which stem from investments made by HBOS prior to the merger. Chief executive Eric Daniels blamed the results on the high concentration of property assets within the HBOS portfolio, which have suffered from the decline in property prices, but said he expected write-offs to have peaked in the first six months of the ye...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Gilt yields fall after Donald Trump backs down in 'tariff war'

Gilt yields fall after Donald Trump backs down in 'tariff war'

US president pauses most additional tariffs

Jonathan Stapleton
clock 10 April 2025 • 2 min read
Reeves defends yearly Budget to avoid 'constant chopping and changing'

Reeves defends yearly Budget to avoid 'constant chopping and changing'

Treasury Committee scrutinises chancellor on Spring Statement

Isabel Baxter
clock 02 April 2025 • 3 min read
Five key takeaways from the Spring Statement 2025

Five key takeaways from the Spring Statement 2025

OBR growth, ISA reforms and defence

Sorin Dojan
clock 27 March 2025 • 4 min read