The wealth, asset finance and international division of Lloyds Banking Group has reported an underlying loss of £101 million for the first of 2013, a declines of 86% from £706 million loss reported a year ago.
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The bank attributed the sharp decline in loss to a £541 million reduction in impairments, strong banking net interest margins and lower costs, partially offset by a fall in income as a result of the balance sheet reduction together with the impact from the sale of approximately 37% of St James’s Place, in which Lloyds had had a substantial stake.
The division’s funds under management declined by 17% to £156.8 billion but excluding St James’s Place business it increased by 1.6%.
For the first half ended 30 June 2013, the division reported net interest income of £431 million, up £415 million reported a year ago.
Commenting on the results, António Horta-Osório, group chief executive of the bank, said: "In Wealth, where we created a single business, we are investing in improving client service. In the first half of 2013, our focus has been on embedding the single wealth business to generate synergies across the UK and the Channel Islands while delivering faster advice and improved support for customers through our new private banking client centre, which will be reinforced in the second half by new Customer Relationship Management technology."
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By GlobalDataOverall, Lloyds Banking Group Lloyds reported net profit of £1.56 billion for the first half of 2013 against loss of £662 million reported a year earlier.
Lloyds also reported a group underlying profit of £2.902 billion compared to £1.04 billion a year ago. The bank had a core Tier 1 capital ratio of 13.7% at 30 June 2013.
