The losses, which compare with a £281 million profit the previous year and are driven by a £3.2 billion hit to tackle the payment protection insurance scandal, are nearly twice the size of those at fellow state-backed bank Royal Bank of Scotland.
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State-owned Lloyds posts £3bn losses
Part-nationalised Lloyds Banking Group said today that it is "in a significantly stronger position than it was 12 months ago" despite unveiling total losses of £3.5 billion for last year.
