Lloyds TSB 'on track' despite £200m credit crunch bill

Lloyds TSB said today that the credit crunch had cost it £200m (€277.5m) so far as fall-out from the turmoil continues to weigh on the banking sector.

But the bank’s exposure to investments based on high-risk mortgages is smaller than larger rivals such as Barclays and Royal Bank of Scotland, and Lloyds expects underlying profits in line with market expectations.