Lloyds Banking Group eyes profit in 2010

Banking giant, Lloyds Banking Group, has said it will return to profitability in 2010.

Last month the bank, which is 41% owned by the taxpayer, posted a full-year loss of £6.3 billion.

It was hit by bad debts following the acquisition of HBOS, which it took over at the height of the financial crisis in autumn 2008.

However, it appears to be leaving its problems in the past after it said trading performance in the first 10 weeks of the year had been “strong”.

“Overall, based on the group’s current economic and regulatory assumptions which remain unchanged since our recent 2009 preliminary results announcement, the group believes that it will be profitable on a combined businesses basis in 2010,” it said.

Discuss this in the Finance Markets forums

Story link: Lloyds Banking Group eyes profit in 2010