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| Version 2 | Version 3 |
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| Lloyds TSB's 2007 profits fall 6% | Lloyds TSB's 2007 profits fall 6% |
| (30 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 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. |
| It has raised that figure from December 2007, when it said write-downs would be £200m. | It has raised that figure from December 2007, when it said write-downs would be £200m. |
| 'Lower risk' | 'Lower risk' |
| Lloyds TSB said it had limited exposure to investments affected by the tightening in credit conditions. | Lloyds TSB said it had limited exposure to investments affected by the tightening in credit conditions. |
| "Our lower risk strategy limited the impact of the abrupt change in the markets," chief executive Eric Daniels said. | "Our lower risk strategy limited the impact of the abrupt change in the markets," chief executive Eric Daniels said. |
| "Consequently, our charge was relatively modest in comparison to our balance sheet size, our earnings and the charges taken by many other organisations." | "Consequently, our charge was relatively modest in comparison to our balance sheet size, our earnings and the charges taken by many other organisations." |
| Earlier this week, fellow banking group Barclays announced a write-down of £1.6bn on investments due to turbulence in global markets. | Earlier this week, fellow banking group Barclays announced a write-down of £1.6bn on investments due to turbulence in global markets. |
| Outlook 'uncertain' | Outlook 'uncertain' |
| 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. | 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. |
| Profits at the General Insurance business fell 47%, largely due to an increase in bad weather related claims of £113 million. | Profits at the General Insurance business fell 47%, largely due to an increase in bad weather related claims of £113 million. |
| 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. |
| Lloyds TSB shares rose in early trading, up 8.5p to 436.75p. | Lloyds TSB shares rose in early trading, up 8.5p to 436.75p. |