Bank Profits Down

Lloyds TSB reported large falls in profit for the first half of the year, down by around seventy percent when compared with the first half of 2007.

The bank reported profits of almost six hundred million pounds still, and saw good performances across the board. The main reason the profits tumbled as they did is the need to write down the value of some assets that have been reduced due to the falling global economy. Such is the confidence of Lloyds TSB

that they announced a higher dividend payout than last year, up by two percent to 11.4 pence.

When discussing the figures a Lloyds TSB representative explained that they have been able to produce good operating figures because they have not had a big part of the US sub prime lending market. As this fell flat so some banks suffered very heavy losses though Lloyds TSB managed to avoid most of those.