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Bank 'firmly on track' despite credit crunch
BANKING group Lloyds TSB today revealed a further £387 million hit from the credit crunch, but signalled there would be no need for a cash call to investors.
The high street bank said it was "firmly on track" to deliver a good first half performance.
Each division saw "double digit" growth in profits before tax in the first quarter, excluding the credit crisis impact, according to Lloyds.
The writedown adds to £280 million already reported by the group last year, but is far less than that reported by its "big five" UK banking rivals.
Lloyds hailed its lower risk strategy for helping it weather the turmoil and said its liquidity was robust, suggesting it would not be following the lead of its rivals Royal Bank of Scotland with rights issues.
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