Chiefs reveal £3.86bn loss at Lloyds

PART-nationalised Lloyds Banking Group Plc, which has been hit by its chief executive’s temporary absence due to health issues, today reported a nine-month loss.

Lloyds, which is 41 percent owned by the taxpayer, said it made a nine-month loss of £3.86 billion after its earnings were hit by lower banking margins and higher funding costs.

It said it may have to put back some financial targets due to the economic turmoil.

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The bank had made a first-half loss of £3.25bn, hit by compensation for customers mis-sold insurance products.

Lloyds shocked investors last week by announcing 47-year-old chief executive Antonio Horta-Osorio was taking a break due to stress-related illness.

The bank said it had begun talks with the UK Listing Authority over the possible spin-off and listing of 632 retail branches it has been ordered to sell.