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Friday, February 24, 2012

Taxpayer-backed Lloyds unveils £3.5billion of losses … but still pays out £375million in bonuses

Lloyds Banking Group today unveiled total losses of £3.5billion for last year, but insists it is in a 'significantly stronger position' than 12 months ago.

The losses, which compare with a £281million profit the previous year, are nearly twice the size of those at fellow state-backed bank Royal Bank of Scotland.

Lloyds, which is 40 per cent owned by the taxpayer, took a huge hit from the payment protection insurance scandal, which cost the bank £3.2billion. Read More