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Friday 02nd of July 2010
April 27, 2010    

Reduction in bad debt helps Lloyds return to profit

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by Kay Murchie

Lloyds Banking Group, which is 41% owned by the taxpayer, today said it has returned to profit during the first quarter of 2010, as a result of a reduction in bad debt.

The banking giant also said it expects to continue to be profitable for the remainder of the year.

The announcement comes just a month after chief executive, Eric Daniels, pledged that the bank would return to profitability in 2010

A the time, Mr Daniels said: “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.”

However, the bank cautions that it is closely monitoring the current economic climate, particularly within the Irish economy, which has significant debts and a deep recession.

In the meantime, the bank said the number of current accounts and savings had risen but lending was flat.

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