Lloyds Bank loss: Is your money at risk as pandemic pushes Lloyd into the red?

Lloyds Bank loss: Is your money at risk as pandemic pushes Lloyd into the red?

The bank is seen as a bellwether for the wider economy which has prompted concerns from many.

Lloyds The fresh charge pushed Lloyds’ provisions for the first half to 3.8 billion pounds, resulting in a pretax loss of £602m.

Chief executive António Horta-Osório said the bank’s support for customers would come at a cost for the bank but that this was an “investment” in the bank’s future.

He said: “We are, of course, aware that the support we are providing to our personal and business customers to help them through the current crisis will have a cost to the group.

“We believe this is the right thing to do, as supporting our customers directly aids the recovery of the economy from which we benefit.

“We view this as an investment in the business.”

Published at Thu, 30 Jul 2020 13:31:00 +0000