Collapse: Lloyds Banking Group PLC (LON: LLOY) loses its footing

Lloyds Banking Group PLC is in power bears

In brief: Lloyds Banking Group PLC (LON: LLOY) shares continue to lose in value against the British banking sector problems.

Lloyds Banking Group PLC (LON: LLOY) continues to lose against the background of a European financial negativity. The banking sector is no longer credible to investors. Lloyds Banking Group was 73.50 points, losing -1.62 (-2.16%) in the first minutes of trading.

Everything was better than before: the UK’s largest retail bank Lloyds Banking Group has published data on the first profit since buying HBOS (which took place 19 months ago) due to the reduced costs of “bad” loans. It is reported that the provisional profit before tax in the first half of this year totaled 1.6 billion pounds ($ 2.6 billion) compared with a loss of 3.96 billion pounds a year earlier. However analysts predicted a profit of 694.5 million pounds. It is worth noting that the reserves for “bad” loans dropped to 6.56 billion pounds compared with 13.4 billion pounds sterling a year earlier. Net profit was 596 million pounds, while analysts had expected 744 million pounds.

Igor Tringlers
2010-08-11 08:32, Economics.

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