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Lloyds bank reports 'good' income growth

Lloyds bank reports 'good' income growth

November 2nd, 2010 in News

LONDON (AP) - Part-nationalized Lloyds Banking Group says it has had "good" income growth in the third quarter while impairments continued to decline.

In a trading update, Lloyds said Tuesday that it expects to achieve savings of 1.3 billion pounds this year from combining operations.

Lloyds was created from the merger of Lloyds TSB and Halifax/Bank of Scotland in 2009, and then had to be bailed out by the British government. The government now owns 40.6 percent of Lloyds shares.

Lloyds Banking Group shares were down nearly 0.2 percent at 69.49 pence on the London Stock Exchange.