Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Lloyds reports 1st-half profits of 1.5B pounds

Send a link to a friend

[August 01, 2013]  LONDON (AP) -- Lloyds Banking Group says it has strengthened its balance sheet as the part-nationalized lender reported first-half net profits of 1.5 billion pounds ($2.3 billion), versus a loss of 662 million pounds in the same period last year.

The bank on Thursday said its recovery was ahead of schedule and said that it won't need to raise additional capital to meet new requirements imposed by the Prudential Regulatory Authority.

That's in contrast to Barclays, which said earlier this week it would have to sell 5.8 billion pounds in new shares to strengthen its defenses against a repeat of the 2008 financial crisis.

Lloyds Chief Executive Antonio Horta-Osorio says the bank is profitable -- a fact that has enabled the government to begin the process of returning the group to private ownership.

[Associated Press]

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

< Top Stories index

Back to top