Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Students blockade Paris schools to protest suspected police rape

Read more

ACROSS AFRICA

Displaced people in South Sudan suffer from untreated mental disorders

Read more

EYE ON AFRICA

Somalian President asks Al Shabaab to lay down their weapons

Read more

THE DEBATE

Borderline Politics: US-Mexico relations hit a wall (part 1)

Read more

THE DEBATE

Borderline Politics: US-Mexico relations hit a wall (part 2)

Read more

FOCUS

Arms race: Delegations eye lucrative deals at Abu Dhabi military fair

Read more

FRENCH CONNECTIONS

France's Salon de l'Agriculture: Celebrating a struggling sector

Read more

INSIDE THE AMERICAS

Brazil: Carnival in a time of crisis

Read more

ENCORE!

A long way from home: 'Lion' stars Nicole Kidman and Dev Patel hit the red carpet

Read more

Business

Lloyds posts €12bn HBOS loss

Latest update : 2009-02-27

British banking group Lloyds announced on Friday its HBOS operations suffered a pre-tax loss of €12.1 billion last year. LBG is still holding discussions with the government on joining a scheme to ring-fence toxic assets.

AFP - Britain's Lloyds Banking Group, 43-percent state owned after a bailout, said Friday its HBOS operations made a pre-tax loss of 10.8 billion pounds (12.1 billion euros, 15.4 billion dollars) last year.

LBG said in a results statement it expected the group to make a loss this year and was in talks with the British government about ring-fencing toxic assets.

The bank was formed from the merger this year of the former Lloyds TSB and the troubled HBOS, which was badly hit by the credit crunch.

Profits for the former Lloyds TSB part of the group were slashed by 75 percent, from 3.29 billion pounds in 2007 to 819 million pounds in 2008.

LBG said it continued to hold discussions with the government on joining a scheme to ring-fence toxic assets which are at the heart of the global financial crisis.

The latest grim financial news comes a day after Royal Bank of Scotland unveiled a record British corporate loss of 24.1 billion pounds, coupled with an announcement that it will need a new state bailout worth up to 25.5 billion.
 

Date created : 2009-02-27

COMMENT(S)