Britain’s Lloyds Banking Group today logged a first-half net loss after booking a vast £3.8-billion Covid-19 hit. — AFP pic
And it nursed a pre-tax loss of £602 million in the reporting period. That was far worse than analysts’ forecasts for a slender loss of £31 million — and contrasted with pre-tax profit of £2.9 billion in the same part of last year. LBG’s impairment charge came one day after rival UK bank Barclays took a similar hit of £3.7 billion and warned of a possible second wave of the virus.
“There have been early signs of recovery in the group’s core markets, mainly in consumer spending and the housing market, but the outlook remains highly uncertain and the impact of lower rates and economic fragility will continue for at least the rest of the year,” the bank noted.
Source: Financial Digest (financialdigest.net)
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