Lloyds reports £2.2 bn profit but reduces market share
Lloyds has reported pre-tax profits of £2.2bn for 2010, compared to a loss of £6.3bn in 2009, but the lender has seen its share of the mortgage market shrink by 2%.
Gross new mortgage lending was £30 bn in 2010, compared to £34.7 bn in 2009, representing one in five of all mortgages in the UK. Around £5bn of lending was to first-time buyers and the bank says that they approved 8 out of 10 first time buyer applications.
The average loan to value in 2010 was 60.9%, compared to 59.3% for 2009, while the average loan to value across their mortgage portfolio was 55.6%.
Eric Daniels, group chief executive of Lloyds, says: "2010 was an important year for the Lloyds Banking Group, making our return to profitability, and a further reduction in risk in our business. Our significant progress in the year has positioned the Group well to become the best bank in the UK for all of our stakeholders, including our customers, shareholders and employees."
February 25, 2011
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