Lloyds' bad debt to grow
THE Lloyds Banking Group has warned that it expects its Lloyds TSB Scotland subsidiary to record unusually high levels of bad debts this year.
The firm said the recession will leave consumers and businesses struggling to pay off loans.
The latest company accounts reveal that pre-tax profits at the subsidiary fell by 23 per cent to 89.8 million in the 2008 calendar year. There was a dramatic increase in the amount charged to the profit and loss account for bad debts, from 41m to 63.6m.
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Friday 17 February 2012
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