The Upcoming
  • Cinema & Tv
    • Movie reviews
    • Film festivals
      • Berlin
      • Tribeca
      • Sundance London
      • Cannes
      • Locarno
      • Venice
      • London
      • Toronto
    • Show reviews
  • Music
    • Live music
  • Food & Drinks
    • News & Features
    • Restaurant & bar reviews
    • Interviews & Recipes
  • Theatre
  • Art
  • Travel & Lifestyle
  • Literature
  • Fashion & Beauty
    • Accessories
    • Beauty
    • News & Features
    • Shopping & Trends
    • Tips & How-tos
    • Fashion weeks
      • London Fashion Week
      • London Fashion Week Men’s
      • New York Fashion Week
      • Milan Fashion Week
      • Paris Fashion Week
      • Haute Couture
  • Join us
    • Editorial unit
    • Our writers
    • Join the team
    • Join the mailing list
    • Support us
    • Contact us
  • Competitions
  • Facebook

  • Twitter

  • Instagram

  • YouTube

  • RSS

Current affairs

Insurance scandal causes Lloyds a loss of £3.5bn

Insurance scandal causes Lloyds a loss of £3.5bn
24 February 2012
Rajeeb Gurung
Avatar
Rajeeb Gurung
24 February 2012

Lloyds bank today revealed a loss of £3.5bn for the year 2011, following the use of £3.2bn to cover payment protection insurance claims.

The result was worse than expected and the company is among the biggest fallers in the FTSE 100, down 2.4%. The taxpayer, which owns 41% of the share, was left with a loss of £10bn.

Chief executive Antonio Horta-Osorio, who took two months sick leave on the latter part of 2011, was relatively optimistic as he believed the results weren’t ‘profit warning’. However, he reiterated that the income would be lower in 2011.

He said: “Given the economic outlook, in 2012, on a combined business basis, we expect income to be lower than in 2011, given further non-core asset reductions, subdued demand in the core loan book, higher wholesale funding costs, and interest rates likely to remain at low levels for longer.”

If PPI charges were to be ignored, then Lloyds had a profit of £2.7bn in 2011, up 21% in the previous year.

Total income, net of insurance claims saw a drop from £24.96bn to £20.77bn , reflecting subdued lending demand, disposals of non-core assets and a lower lending margin.

The impairment losses from bad loans also saw a reduction to £9.79bn, a trend which is expected to continue in 2012.

Mr Horta-Osorio commented on the figures stating: ‘the quality of new business is better’.

Rajeeb Gurung

Related Items

More in Current Affairs

Women of Ireland have rolled over for long enough: The 8th and the long walk to abortion rights

Emma Kiely
Read More

Changes to expect during menopause

The editorial unit
Read More

Why Equity Linked Savings Schemes is a preferred tax saving?

The editorial unit
Read More

How the world’s top designers would rebrand political parties

The editorial unit
Read More

Royal baby furore: Proof that the British monarchy is still popular?

Eoin O’Sullivan-Harris
Read More

World Mental Health Day 2018: Raising awareness and combating stigma

The editorial unit
Read More

Seven political personalities you should know about

The editorial unit
Read More

Donald Trump: An enemy of the arts?

The editorial unit
Read More

Trump’s fortune: Where did the money come from?

The editorial unit
Read More
Scroll for more
Tap
  • Popular

  • Latest

  • TOP PICKS

  • Albert Adrià reopens Enigma on 7 June as a “fun-dining” restaurant and cocktail bar
    Food & Drinks
  • Paolo Nutini at the 100 Club
    ★★★★★
    Live music
  • Crimes of the Future: Three new clips from David Cronenberg’s dystopian body horror film
    Cannes
  • The Father and the Assassin at the National Theatre
    ★★★★★
    Theatre
  • Plan 75
    ★★★★★
    Cannes
  • Decision to Leave (Heojil Kyolshim)
    ★★★★★
    Cannes
  • November (Novembre)
    ★★★★★
    Cannes
  • Forever Young (Les Amandiers)
    ★★★★★
    Cannes
  • “Ruben is wonderful at picking holes in our behaviour and our egos”: Woody Harrelson, Ruben Östlundand and cast at the Triangle of Sadness press conference
    Cannes Film Festival 2022
  • Summer Scars (Nos Cérémonies)
    ★★★★★
    Cannes
  • Decision to Leave (Heojil Kyolshim)
    ★★★★★
    Cannes
  • Emergency
    ★★★★★
    Movie review
  • Men
    ★★★★★
    Cannes
  • Triangle of Sadness
    ★★★★★
    Cannes
  • Aftersun
    ★★★★★
    Cannes
The Upcoming
Pages
  • Contact us
  • Join mailing list
  • Join us
  • Our London food map
  • Our writers
  • Support us
  • What, when, why
With the support from:
International driving license

Copyright © 2011-2020 FL Media

Iran stops oil export to France and UK
Romney secures double victory to keep his campaign alive