Already up 8% on 4bn loss!!! Funny old world!
(Taylor Wimpey debt hugely reduced in today's figures & the sp drops.)
All about expectations I susupect.

Yes,I agree.It all seems a lot like Blind Mans' Buff,or is the word "bluff".
I keep hearing though about a mountain of money on the sidelines with nowhere to go. Perhaps this has a lot to do with it.

UPDATE: Lloyds Posts GBP4 Billion 1st Half Pro-Forma Loss From Bad Loans





(Adds detail.)
By Margot Patrick

Of DOW JONES NEWSWIRES

LONDON -(Dow Jones)- Lloyds Banking Group PLC (LYG) Wednesday reported that loan impairments rose more than five-fold in the first six months of the year, as the deepest U.K. downturn in decades made it harder for mortgage borrowers and companies to repay debt.

But Lloyds said it sees the second half as "tough but manageable" and that it expects loan impairment charges to come down significantly from GBP13.4 billion in the first half.

Reporting a first-half pro-forma pretax loss of GBP3.96 billion - lower than analyst expectations of around GBP5.24 billion - Chief Executive Eric Daniels said the group's performance should improve from the second half as the loan impairments decline, and that the bank is "well positioned to outperform in the medium term."

The GBP13.4 billion set aside by Lloyds to cover loan losses compared with GBP2.5 billion in the first half of 2008, with the bulk of the problem loans coming from Lloyds' HBOS division.

The bank made a GBP3.12 billion net loss, compared to a GBP1.95 billion net profit in the same 2008 period.

The comparable figures for the first half of 2008 were made on a pro-forma basis compiling the separate performance of Lloyds and HBOS in the period.

Lloyds agreed to buy HBOS last year at the height of the financial crisis and within weeks needed a GBP17 billion bailout that resulted in the U.K. government taking a 43% stake in its shares.

Before making the acquisition, Lloyds was among the few banks to carry a triple-A credit rating and had been lauded for focusing on traditional lending and deposits while its peers loaded up on risky assets.

The bank said Wednesday that the government submitted a restructuring plan for Lloyds to the European Commission on July 15. The Commission has indicated that a condition of approving the state aid received by Lloyds could be the disposal of some of its operations.

Shares in Lloyds closed down 2 pence Tuesday at 84 pence. The stock has lost about 10% since the start of the year but has regained 70% since hitting a low of 25 pence in March.

Company Web site: http://www.lloydsbankinggroup.com

-By Margot Patrick, Dow Jones Newswires; +44 (0)20 7842 9451; margot.patrick@dowjones.com

Buy whist its still under a 1

can anyone tell me if a divi will be payed on these results

Douggie - "However, it is not the Board's intention to pay a dividend on ordinary shares in respect of 2009. "

thanks skinny....;o/

I would have been amazed if they had. However, as HMG are a 43% shareholder, anything is possible. As divi's are taxed at source, the government would have received the tax & the divi.
Just for once in my life, taking up the rights issue has paid off handsomely, so divi not too important in this case.

05-Aug-09 Lloyds Banking Group LLOY Shore Capital Hold 95.00p - - Reiteration
05-Aug-09 Lloyds Banking Group LLOY Keefe, Bruyette & Woods Underperform 95.00p - - Reiteration
05-Aug-09 Lloyds Banking Group LLOY NCB Sell 95.00p - - Reiteration

Well that's agreed then :-)

Be back nearer 70p in two weeks after it all sinks in, and the doom and gloom brigade start waffling on. Out for now, back in, when the dust settles around 75p

You may not see that price again ,unless this trades like BARC did for a few months ,,all over the place...

I doubt we going to the see the 70s again - next resistance is 100 mark -

Before the HBOS fiasco,Lloyds was one of UKs best banks,so the ability to recover makes it a reasonable bet.
And look at the trading volume.-257 million.

marni are you standing on the ledge next to sandy chen?

sandt chen ananysis sounds good......accounting tricks making balance sheet look better than reality.........lloy might be ok in past but its got dreadful halifax property mess on its hands now and its takes years to sort out

marni so you are still a shorter, well prepare to lose a lot of money.

i dont short.......just stating that lloy mainly through halifax is knackered.

depends what u mean by a lot of money......i only put in fairly small amounts on shares that i like the look of anyway

if u read my comments elsewhere u will know that i dont short or steal

i'd love to short the valuation of peoples houses but i cant

Good volume today.