Lloyds Banking Group counting the cost of COVID-19 as it loses £602m

This is due to an impairment chanrge, an estimate of loans made that will go bad, which reached £2.4 billion in the second quarter of the year.

Lloyds chief executive Antonio Horta-Osorio cited the impact of the coronavirus pandemic as the biggest factor in this.

He said: “The impact of the coronavirus pandemic in the first half of 2020 has been profound on the way we live our lives and on the global economy. We remain fully focused on helping our customers and the UK economy recover, in collaboration with Government and our regulators.

“I want to express my sincere gratitude to all my colleagues across the group for their dedication and persistence which have allowed us to deliver vital banking services to our customers effectively throughout the pandemic.

“Although the outlook is uncertain, the group’s financial strength and business model allow us to help Britain recover and play our part in returning our country to prosperity. Our customer-focused strategic plan remains fully aligned with the group’s long-term strategic objectives, the position of our franchise and the interests of shareholders.”

The bank has two major corporate centres in Calderdale - one on Trinity Road, Halifax, and at the Copley Data Centre at Wakefield Road.

Lloyds Banking Grouo was formed by a merge of the former HBOS and Lloyds Bank in 2008 when UK finance market crashed.