LONDON, Feb 25, 2011 – Britain\’s state-rescued bank Lloyds on Friday posted annual pre-tax profits of £2.212 billion (2.582 billion euros, $3.572 billion), slashing bad debts as it recovered from a steep loss.
Lloyds Banking Group said in a results statement that its 2010 earnings compared with a sharp pre-tax shortfall of £6.3 billion in 2009. It added that provisions for bad debts sank 45 percent to £13.181 billion.
"2010 was an important year for Lloyds Banking Group, marking our return to profitability, and a further reduction in risk in our business," said LBG Chief Executive Eric Daniels.
"Our significant progress in the year has positioned the group well to become the best bank in the UK for all our stakeholders, including our customers, shareholders and employees."
The lender is more than 40 percent owned by the British taxpayer after a massive bailout at the height of the financial crisis. Lloyds was ravaged by its 2008 government-brokered takeover of Halifax Bank of Scotland (HBOS), which was saddled with high-risk investments in the property sector.