Irish losses weigh down Lloyds Banking Group results

05 Mar 2010

Lloyds Banking Group managed a £1bn pre-tax profit in 2009, thanks largely to an £11.2bn negative goodwill gain from its acquisition of HBOS.

This gain helped overcome £24bn of impairments during the year — on a combined business basis excluding the goodwill credit, Lloyds lost £6.3bn.

The bank said impairments likely peaked in the first half of 2009 — £13.4bn versus £10.6bn in the second half — despite a 73% increase ...

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