Lloyds 'on course for full-year profit'

2 November 2010

Lloyds Banking Group has said it remains on track to report a profit for the first time since the financial crisis.

Publishing its third-quarter trading update today (November 2nd), the group revealed that it has accelerated repayments of the support funding it received from the Bank of England and other central banks.

In a statement, chief executive Eric Daniels said Lloyds enjoyed "a good third quarter in our core business" and claimed he is confident the bank will deliver a "good financial performance" for the current year.

Lloyds, which is 41 per cent owned by the taxpayer, said lending to firms so far this year stands at £35 billion.

However, the fact that the update contained no profit numbers was questioned by some analysts.

"The statement was lighter on numbers than one would normally expect, which could provide for a nice or nasty surprise come the final figures," Paul Mumford of Cavendish Asset Management told the Telegraph.

It also contained no information about the search to find a successor for Mr Daniels, who recently announced his plans to step down next year.

By Asim Shah

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