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Economy

xchrom

(108,903 posts)

14. LLOYDS BANKING GROUP'S Q3 NET LOSS WIDENS

Reply to Tansy_Gold (Original post)

Tue Oct 29, 2013, 08:44 AM

Oct 2013

http://hosted.ap.org/dynamic/stories/E/EU_BRITAIN_EARNS_LLOYDS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-10-29-08-05-15

LONDON (AP) -- Britains' part-nationalized Lloyds Banking Group has posted a sharply wider third-quarter loss, hurt by costs incurred from asset sales.

The lender reported a net loss of 1.3 billion pounds ($2.25 billion) in the quarter ended Sept. 30, compared with a loss of 374 million pounds in the same period a year earlier.

Lloyds, which must sell part of its network to comply with the European Commission's terms for receiving a government bailout, said its overall performance was weighed down by losses of 709 million pounds on asset sales.

The bank also said it must put aside a further 750 million pounds to pay for the mis-selling of insurance products - bringing the total it has set aside over the scandal to 8 million pounds.

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