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Lloyds out of the red with £2.2bn profits
Business digest: Part-nationalised banking group proves itself robust despite Irish losses
Lloyds Banking Group has reported annual pre-tax profits of £2.2bn for 2010, its first year out of the red since the British government had to bail it out in 2009.
Despite a £4.3bn impairment charge due to the Irish debt crisis, the group saw its bad losses fall from £23bn in 2009 to £13bn in 2010.
Last year, its high street divisions opened 1.9 million current accounts and five million savings accounts. The bank also lent £30bn worth of gross mortgages to around 50,000 new buyers, and £49bn of loans to UK businesses.
Outgoing chief executive Eric Daniels was awarded a bonus of £1.45m.
Read a full report at the Independent. ·
