Lloyds TSB withstands credit crunch - papers 22 Feb

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Lloyds TSB provided some much-needed cheer for the beleaguered banking sector today as it reported higher profits and said it had withstood the worst of the credit crunch, reports The Guardian.

Underlying profits for 2007 were up by 6%, to £3.92bn, and shareholders see their dividend total raised by 5% to 35.9p a share. The group, Britain's fifth-biggest bank, has taken a £280m hit on risky sub-prime loans, but that is only a fraction of the figure suffered by rivals such as Barclays which earlier this week revealed a £1.6bn write-down. Chairman Sir Victor Blank said the bank had benefited from its cautious approach. “Our lower risk strategy limited the impact of the abrupt change in the markets and, consequently, our charge was relatively modest in comparison to our balance sh...

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