Lloyds Banking Group PLC (LON: LLOY) sets a record high and may rise in price by 5% today
Bulls brought the Lloyds Banking Group Lloyds Banking Group up to a maximum
In brief: Lloyds Banking Group PLC (LON: LLOY) has become the absolute leader of the European stock market trading after profit taking.Lloyds Banking Group PLC (LON: LLOY) is a mark of 76.84 points at the time. Lloyds Banking Group shares gained +2.35 points (3.15%) from the beginning of trading today. Lloyds Banking Group Plc, the UK’s largest mortgage lender, recorded a profit of I half-year 2010 – the first time since buying HBOS Plc 19 months ago.
According to a press release the bank, before tax profit of the combined group in January-June amounted to 1.6 billion pounds ($ 2.6 billion) against loss of 3.96 billion pounds a year earlier. Analysts expected the figure at 694.5 million pounds. A key factor that allowed Lloyds to return to a profitable level, was the reduction in reserves for possible losses on “bad” loans in a recovery of prices for residential and commercial property in the UK. Bank Reserves for possible loan losses decreased in the I half to 6.56 billion pounds compared with 13.4 billion pounds a year earlier. Banking group Lloyds Banking Group was founded in January 2009 following the merger of two major British banks – Lloyds TSB and HBOS Plc. After the conclusion of the transaction Lloyds received about 20.5 billion pounds of state loans.
Igor Tringlers2010-08-05 08:51, Economics.
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