British Bank Lloyds Reports Swing into Profit

by Naharnet Newsdesk 29 October 2013, 10:14

Lloyds Banking Group swung into profit during the first nine months of the year, the British state-rescued bank said on Tuesday as it looks to return to the private sector.

LBG reported net profit of £256 million ($412 million, 299 million euros) in the nine months to September 30 compared with a loss of £1.0 billion during the equivalent period in 2012.

"I am pleased that the progress we have made enabled the UK government to begin the process of returning the group to full private ownership, and importantly, getting taxpayer's money back at a profit," LBG chief executive Antonio Horta-Osorio said in comments accompanying the results.

Source: Agence France Presse

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