12 April 2012
Banking giant Lloyds TSB has said credit crunch losses and woes in its insurance business wiped 70% off first half pre-tax profits.
The group reported interim profits of £599 million against £1.99 billion in the first half of last year, with a further £585 million hit from the credit turmoil and investment writedowns in its insurance arm.
But Lloyds said its underlying performance reflected good "momentum", with adjusted profits up 11% to £2.16 billion.
