Chiefs reveal £3.86bn loss at Lloyds

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PART-nationalised Lloyds Banking Group Plc, which has been hit by its chief executive’s temporary absence due to health issues, today reported a nine-month loss.

Lloyds, which is 41 percent owned by the taxpayer, said it made a nine-month loss of £3.86 billion after its earnings were hit by lower banking margins and higher funding costs.

It said it may have to put back some financial targets due to the economic turmoil.

The bank had made a first-half loss of £3.25bn, hit by compensation for customers mis-sold insurance products.

Lloyds shocked investors last week by announcing 47-year-old chief executive Antonio Horta-Osorio was taking a break due to stress-related illness.

The bank said it had begun talks with the UK Listing Authority over the possible spin-off and listing of 632 retail branches it has been ordered to sell.