Lloyds profit drops by nearly three-quarters after Covid-19 hit

Lloyds took major impairment charges last year on loans it thinks could go bad (Nick Ansell/PA)

Lloyds Banking Group saw profits tumble by 72% in 2020, as it battled with the economic fallout of the coronavirus pandemic.

The bank revealed the extent of the financial devastation caused by Covid-19, as statutory pre-tax profit fell to £1.2 billion, from £4.4 billion the previous year.