Lloyds TSB suffer sharp profit fall
July 30, 2008
Lloyds TSB has suffered a sharp fall in its pre-tax profits for the first six months. Pre-tax profits were £599m which is 70% lower than the pre-tax profits from the same period last year which was £1.99bn.
Lloyds TSB has said that despite the impact of financial turmoil on its investments its business, in particular retail banking had performed well.
The bank has increased its shareholder dividend by 2% to 11.4 pence a share.
Chairman of Lloyds TSB Sir Victor Blank said “The first half of 2008 has been a period of considerable turbulence for the financial services sector.”
Lloyds TSB are keen to point out that unlike other banks, they don’t have investments related to the US sub-prime mortgage market whose value has collapsed.
The company also added that if it excludes the impact of the market being so volatile their profit before tax had risen by 11% to £2.1bn.
Lloyds TSB has also said they expected the slow growth of the UK economy to affect its business.
They said however that they had won almost a quarter of all new lending in the mortgage market in the first half of the year. They also opened half a million new current accounts.
For more information on Lloyds TSB and their services visit www.lloydstsb.com .
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