Lloyds move back in to the black
Part-nationalised Lloyds Banking Group today revealed its first annual profit since being bailed out at the height of the financial crisis.
The group, which is 41% owned by the taxpayer, reported pre-tax profits of £2.2bn (€2.57bn) – a marked improvement on the £6.3bn (€7.36bn) loss in 2009.
The bank’s bad debt losses narrowed in 2010 to £13bn (€15.1bn), from £23bn (€26.8bn) the previous year, but it saw an increase in international impairment charges driven by the impact of the Irish debt crisis.
Lloyds has already revealed its bonus plans, with outgoing chief executive Eric Daniels being awarded £1.45m (€1.69m) for 2010.
