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| Lloyds TSB's 2007 profits fall 6% | Lloyds TSB's 2007 profits fall 6% |
| (10 minutes later) | |
| High Street bank Lloyds TSB has posted a 6% fall in annual profits, but raised its dividend to shareholders. | High Street bank Lloyds TSB has posted a 6% fall in annual profits, but raised its dividend to shareholders. |
| Pre-tax profits were £4bn in 2007, down from £4.25bn the year before. The dividend is up 5% to 35.9p per share. | Pre-tax profits were £4bn in 2007, down from £4.25bn the year before. The dividend is up 5% to 35.9p per share. |
| Profits taking into account of one-off items including the sale of certain business units, such as Abbey Life, were up 6% to £3.9bn. | Profits taking into account of one-off items including the sale of certain business units, such as Abbey Life, were up 6% to £3.9bn. |
| Lloyds TSB reported losses on investments of £280m due to the global credit markets turmoil. | Lloyds TSB reported losses on investments of £280m due to the global credit markets turmoil. |
| 'Lower risk' | 'Lower risk' |
| "Our higher quality, lower risk, business model has been clearly demonstrated in the resilience of our earnings stream," said chairman Sir Victor Blank. | "Our higher quality, lower risk, business model has been clearly demonstrated in the resilience of our earnings stream," said chairman Sir Victor Blank. |
| In 2007, one million new customers opened accounts with the bank. It is the UK's largest provider of current accounts and personal loans. | In 2007, one million new customers opened accounts with the bank. It is the UK's largest provider of current accounts and personal loans. |
| The level of arrears on mortgages and loans fell compared with 2006 and Lloyds TSB reduced the amount it had set aside to cover bad debt. | |
| "Whilst the economic outlook for 2008 is uncertain," the company said, it does not expect to have to increase its provision for bad debt this year. | "Whilst the economic outlook for 2008 is uncertain," the company said, it does not expect to have to increase its provision for bad debt this year. |
| Earlier this week, Alliance & Leicester reported a 30% drop in annual profits. | |
| Fellow banking group Barclays said its 2007 profits had fallen 1% and announced a write-down of £1.6bn on investments due to turbulence in global markets. |