Improved performance from Lloyds

Lloyds

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Lloyds Banking Group today reported half-year figures of £2.1bn and a return to profit for the first time in three years.

It said it had delivered a “significantly improved financial performance.”

The results follow losses of £456m a year earlier and Lloyds said the improvement was down to cost reductions and a 43 per cent drop in bad debts to £1.8bn in the six months to June 30.

In addition to its core results, it also confirmed an additional £500m provision to cover the costs of the Payment Protection Insurance (PPI) mis-selling which has so far resulted in a writedown totaling £7.3bn.

Lloyds is 39 per cent owned by the Government following the bailout during the financial crisis.

The Government has announced its intention to examine ways of off-loading the taxpayer’s stake.