UK high street banking giant Lloyds TSB has revealed that statutory profit before tax for the first half of its fiscal year reached almost GBP2 billion, representing a 12% rise over H1 2006.
During the six-month period, the group saw a strong performance across all of its divisions, and reported an improved income growth of 9%. Meanwhile, product sales were up 16%, with 23% growth in the branch network. Profit in the group's general insurance business almost halved as a result of the sharp rise in claims, which amounted to GBP102 million, in relation to the recent UK floods and storms.
Profit for the bank's general insurance division came in at GBP59 million, compared to GBP114 million for the same corresponding period the previous year. Earnings per share increased to GBP0.27, up 26%.