Profits plunge by 70% at Lloyds TSB - News in brief - Evening Standard
       

Profits plunge by 70% at Lloyds TSB

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.

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