Lloyds pegs annual loss at £2.78 bn
London - AFP
Britain's state-rescued Lloyds Banking Group said Friday that its net loss surged to £2.78 billion (3.27 billion euros, $4.38 billion) in 2011 after the lender was hit by huge compensation claims. LBG, which is 40-percent owned by the British government, said its loss after tax compared with net losses of £320 million in 2010. It also fell into a pre-tax loss of £3.54 billion after a pre-tax profit £281 million in 2010.
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