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Lloyds Banking Group announces return to profit

Banking group sees a pre-tax profit of £2.21bn.

Figures announced today show a return to profit for banking group Lloyds, in which the government holds a 41 per cent stake.

The group reported a £2.21bn pre tax profit for 2010, an increase on the £6.3bn loss reported for 2009.

The 2009 pre-tax loss represents adjusted figures, as the group was assumed to have owned HBOS - Halifax Bank of Scotland - for the entire 12 month period, rather than the real shorter period.

Outgoing chief executive Eric Daniels has been awarded a bonus of £1.45m.

He is yet to decide whether to accept the award, which is on a deferred basis.

Speaking to the BBC, the group's chief executive said,

"Our significant progress in the year has positioned the group well to become the best bank in the UK for all our stakeholders,"

The bank also announced its additional repayment of central bank money.

Over the 2010 period Lloyds had repaid £61bn.

Today the group announced it was also repaying a further £13bn to the central bank.