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Lloyds Returns To Profit To Make £2.21Bn


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http://www.bbc.co.uk/news/business-12575697

Lloyds Banking Group has returned to profit for the first time since it was bailed out by the government at the height of the financial crisis.

It saw a pre-tax profit of £2.21bn, compared with a £6.3bn loss in 2009.

A recovery in High Street banking offset rising bad debts in the Republic of Ireland, though its overall cost of bad loans fell from £24bn to £13bn.

The group had already revealed outgoing chief executive Eric Daniels would receive a £1.45m bonus.

Mr Daniels said that 2010 had been an "important year, marking our return to profitability, and a further reduction in risk in our business".

Returns to profit just before housing crashes?

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2009 they were paying 5.8% interest 2010 it was 2.6%. I don't know how much the mortgage rates have changed.

It's theft in broad daylight aided and abetted by a government dripping with corruption, greed, and dishonesty.

*Sigh*

Look I've studied economics I should know how this works.....

The profits are obviously justified as if they weren't the free market would dictate that new competitors would move in offering better deals for savers and borrowers and those with the toxic debts would be put out of business.

Because if the new competitors didn't enter the market then it would imply that the entire market was rigged and that governments of all colours were corrupt to the core. And we know that isn't true.

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*Sigh*

Look I've studied economics I should know how this works.....

The profits are obviously justified as if they weren't the free market would dictate that new competitors would move in offering better deals for savers and borrowers and those with the toxic debts would be put out of business.

Because if the new competitors didn't enter the market then it would imply that the entire market was rigged and that governments of all colours were corrupt to the core. And we know that isn't true.

:D

I am constantly amazed at how people seem to view so many companies making such obscene levels of profit as a good thing.

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Right now there is probably a small army of people being made to work unpaid overtime to keep the illusion going on in the corporate world and so I suspect certain companies posted profits have been not just taken from the tax payer, but taken from their employees too. Indeed I am one such mug who works unpaid overtime. I don't even know why anymore. I use to get good appraisals, now I get "Achieves standards". One day I think I'll snap and go on my own one man mini strike.

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Right now there is probably a small army of people being made to work unpaid overtime to keep the illusion going on in the corporate world and so I suspect certain companies posted profits have been not just taken from the tax payer, but taken from their employees too. Indeed I am one such mug who works unpaid overtime. I don't even know why anymore. I use to get good appraisals, now I get "Achieves standards". One day I think I'll snap and go on my own one man mini strike.

That's just so they can keep you there at that level. My wife got an excellent in her appraisal 3 years running and the company policy is to promote at this stage, unfortunately while she has been given the green light there are no job opportunities at this level (VP) in the UK only in other countries.

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Right now there is probably a small army of people being made to work unpaid overtime to keep the illusion going on in the corporate world and so I suspect certain companies posted profits have been not just taken from the tax payer, but taken from their employees too. Indeed I am one such mug who works unpaid overtime. I don't even know why anymore. I use to get good appraisals, now I get "Achieves standards". One day I think I'll snap and go on my own one man mini strike.

The NMW was introduced and the govenment were very strict in making sure that people got that , a few companies tried to get around it but did not .

Anyone doing unpaid overtime is not getting the NMW for those free hours worked it should be stamped out and made illegal . It adds to unemployment and the tax payer is paying to keep people on the dole who could be working . Funny it never gets a mention when unemployment is talked about by politicians .

It is not just small companies that give the excuse that they would go under if forced to pay more in wages the big boys are milking the FREE WORK system as well.

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I have been a Lloyds customer since at least 15.

I have already moved my current account, and once my ISA time limit is up, I will move that too. I have opened up a new accont with Nationwide. I doubt they are perfect, but I am utterly sick of banks/bankers. I am not knowledgable/rich enough to do much else to make a difference :lol: at least NW have no shareholders.

It might not be anything in the great scheme of things, but it's something!

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