Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Closing arguments presented in the ICC trial of the Malian Jihadist who destroyed shrines

Read more

MEDIAWATCH

Burkini: the never-ending controversy

Read more

THE DEBATE

Biden in Turkey: NATO allies at odds over Syria Kurds, exiled cleric (part 1)

Read more

THE DEBATE

Biden in Turkey: NATO allies at odds over Syria Kurds, exiled cleric (part 2)

Read more

FOCUS

Video: The European dream of Abidjan street footballers

Read more

ENCORE!

Film show: Star Trek Beyond, Toni Erdmann, Staying Vertical

Read more

MIDDLE EAST MATTERS

Gaziantep Massacre: Turkey's kurds targeted in deadly attack

Read more

EYE ON AFRICA

US Secretary of State John Kerry commits to ramping up military assistance to Nigeria

Read more

IN THE PAPERS

'Sexism is over, according to most men'

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)