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Lloyds Banking Group reveals annual loss of £3.5bn

Friday 24th February 2012

Lloyds Banking Group lost £3.5billion during the year to 31 December 2011.

However, the overwhleming majority of that loss came after the bank had to set aside £3.2billion to cover payment protection insurance claims.

Lloyds's bonus pool for 2011 is £375million - a 30% reduction compared with 2010.

Chief executive, Antonio Horta-Osorio, said: "We expect the external environment to remain challenging in 2012, with a subdued economy, continued high levels of regulatory scrutiny and political uncertainty relating to the banking sector, and the continued potential for downside effects from financial market volatility and instability in the euro zone."

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Mike Jones

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