THE RESULTS of Lloyds TSB and the Royal Bank of Scotland were eagerly anticipated even though the only question was how big their respective losses would be. Both banks are partially state-owned, having been bailed out by the British government in 2008. The RBS reported a loss of GBP2 billion and Lloyds TSB fared even worse, reporting GBP3.5 billion in the red at the end of 2011.
On the other hand, Europe’s biggest bank, HSBC, reported a GBP13.8 billion profit which was 17.2% higher than in 2010.
On the continent, Societe Generale and BNP Paribas posted preliminary Q4 2011 profits of €100 million and €765 million respectively.
Credit Agricole reported a €3.1-billion loss in the same period bringing its total 2011 loss to €1.1 billion.
Franco-Belgian Dexia reported an €11.6-billion annual net loss. Commerzbank, partially state-owned by Germany, ended 2011 with a net profit of €638 million, a 55-percent drop from 2010.
Some good news came at the end of February when the European Central Bank injected €530 billion into the financial system of the eurozone.
12. Mar 2012 at 0:00 | Compiled by Spectator staff