Lloyds posts £6.3bn annual loss

| February 26, 2010 | 0 Comments

Lloyds Banking Group, which is 41% owned by the taxpayer, has today posted a full-year loss of £6.3 billion.

Lloyds is the third major UK bank to report its 2009 results. Yesterday, Royal Bank of Scotland (RBS) posted a £3.6 billion loss, while last week, Barclays announced record profits of more than £11 billion - a 92% rise on the previous year.

However, Lloyds’ loss was slightly less than the £4 billion analysts had expected and less than the £6.7 billion operating loss the group made in 2008.

Meanwhile, Lloyds said impairment charges were 21% lower in the latter half of 2009 and added that it expected a similar rate of improvement this year.

In a statement, the bank’s chief executive, Eric Daniels, said: “2009 had been another challenging year for the financial services industry.

“We strengthened our franchise, attracting new customers and building deeper relationships,” he added.

“We have made excellent progress with the integration of HBOS, which we acquired in January 2009.”

The results come just a few days after Mr Daniels said he will waive his £2.3 million annual bonus for a second year.

The move comes after RBS chief executive, Stephen Hester, opted not to take his £1.6 million bonus.

For some time now, bank bonuses have sparked public anger and have been the subject of heavy criticism since many believe their risks led to the recession.

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