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"Lloyds Banking Group" Plc, the largest mortgage lender in the UK, expects to become profitable again this year, based on the solid results obtained in the first ten weeks of 2010.
"We believe that the group will be profitable in 2010", bank officials said on Friday.
The management of "Lloyds" expects better results in both the retail and corporate sides of the business, where the bank registered losses from underperforming loans. "Lloyds" officials said that non-performing loans are lower than previously expected.
"Lloyds", in which the government now owns 41%, had a gross loss of GBP 6.3 billion (USD 9.6 billion) last year, due to impairment charges for non-performing loans.
"Lloyds" laid of 13,000 people in 2009 and is still running a program intended to cut costs by GBP 2 billion by the end of 2011.
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