stripping out their 3billion PPI provision(loss) then 2012 might well be a profitable year which may herald the resumption of dividend payments. But more importantly the appointment of a new respected CEO is essential are there any around?

Tanker reckons he can do the job!

Brlustsconi to resign.

Lol

Lloyds dividends at risk after 3.9bn loss



Harry Wilson, 19:54, Tuesday 8 November 2011

Analysts have warned that Lloyds Banking Group (LSE: LLOY.L - news) may not pay a dividend for another three years after Britain's largest retail bank admitted it is likely to miss its earnings targets.

Announcing a 3.9bn pre-tax loss for the nine months to the end of February, Tim Tookey, the Lloyds' acting chief executive, sounded a gloomy outlook for the business, saying the bank's financial performance over the next three years was unlikely to hit its previously announced goals.

The downward revision in prospects came less than a week after Lloyds shocked the market with the news that chief executive Antonio Horta-Osorio had stepped down temporarily due to "extreme fatigue".

Analysts at Credit Suisse (NYSEArca: CSMA - news) analysts said the bleak outlook meant Lloyds would not be able to afford to pay a dividend until at least 2014. The state-backed lender, which has Britain's largest retail shareholder base, ceased dividend payments following its 2008 bailout. However, the Brussels-imposed prohibition on payouts to shareholders is due to end next year.

The bank's 3.86bn statutory loss for the first nine months of the year compared with a profit of just under 2bn for the same period in 2010. The loss is largely the result of a 3.2bn provision against payment protection insurance mis-selling claims, taken by the bank soon after Mr Horta-Osorio took over as chief executive in March.

Mr Tookey insisted the turnaround strategy instituted by Mr Horta-Osorio was the right one for Lloyds and that all the lender's staff were united behind his plan.

"Over time, we believe our strategy will realise the full potential of our organisation for customers and shareholders," he said.

Ian Gordon at Evolution Securities said the decline in the bank's earnings was little surprise and maintained his 'buy' recommendation on the shares. "Don't confuse a bad company with a bad investment," said Mr Gordon. "For all its many faults, we see a clear value opportunity at current levels."

Lloyds shares have fallen in the last week and trade at less than half the lender's book value with uncertainty over the likelihood that Mr Horta-Osorio will be well enough to return to his post by the end of the year as the bank said it expects him to.

In early trading, Lloyds shares jumped more than 7pc yesterday, before falling back to close the day up 4.4pc at 28.9p, valuing the bank at 19.9bn. The Credit Suisse team said Lloyds' profits would come under strain from permanently higher funding costs because the economic backdrop "has deteriorated significantly".

The bank said the costs so far this year of spinning off 632 branches, the so-called Project Verde deal also demanded by Brussels, had reached 90m.

Perhaps knowing the above is why Mr Horta Osorio has departed?

mitzy 3254 do you mean Brlustsconi to take over lloy? :-)))))))) lol!!

Thats the good paragraph above -
Ian Gordon at Evolution Securities said the decline in the bank's earnings was little surprise and maintained his 'buy' recommendation on the shares. "Don't confuse a bad company with a bad investment," said Mr Gordon. "For all its many faults, we see a clear value opportunity at current levels."

hi dc - i am not taking credit suisse to seriously - they have to say something - as we are all aware a shed load of things can happen between now and 2014 - these levels are good to buy in lloy - the feeling behind closed doors was that lloy did not want to state too high goals especially with ho on a paid jolly currently - errrrmmmmm i mean sick - and that it was better to aim low and over achieve than aim high and under achieve - no worries here at all and good trading in the meantime - gla

Gibby - I'm aged 58yrs next month, will I live long enough to see the sp back at 8 or should I just buy some in my sons name and hope for the best? Answers on a postcard. Love your enthusiasm for this piece of shit by the way :O)

evening chris - its good to see you can maintain a sense of humour in these difficult times - if you are talking monopoly board money as in the game maybe lol!! but in gbp not for some time lol!! remember that 8 was when times 'appeared' good and that blasted labour goverment had every one spending beyond their means as the stupid government itself did - you talk to some who know and that 8 wasnt realistic anyhow - it was pumped up on a false illusion of wealth that those idiots & liars brown and blair cooked up now we are all paying one way or the other - however never say never 58 is still young enough to see it again one day in my book - lets hit 70p first then on from there and i am real sorry if you were in at 8 - that is a real shocker if - have a good evening lloy aside of course

Cheers gibby, no, i don't own any of this stock at the moment fortunately. Good luck to your good self, the only way is up eventually.

This is going nowhere except the scrape heap.

Everyday I count my blessings that I was switched on (lucky) enough to sell my HBOS shares for 11.58p, yep that's right.
2517

Lloyds faces downgrade by Moody's on CEO Horta-Osorio's absence
Credit rating agency Moody's said it may downgrade Lloyds Banking Group over concern its restructuring plans could be held back by the temporary absence of its chief executive Antonio Horta-Osorio due to health issues.

is Moody short?

No tall, lol. Sorry for the joke. Not much else to smile about at present.

They are dangerous. It did not take them long to think about a downgrade. Lloyds
will get a replacement then I guess a upgrade. They just love it.

Well done George this one is going sub 10p imo.

You wish Mitzy!!! That's a 60% drop. I assume you are short LLOY?
Don't think LLOY exposure to Euro sovereign debt is anywhere near as much as other banks, though quite possibly may get dragged down in the sector.