Lloyds loses £660m in TSB sell-off

The cost of removing TSB from Lloyds’ computer services was an estimated £450m.

Overall the bank’s statutory profit before tax fell by 11% to £1.214bn in the first quarter of 2015 from the fourth quarter of 2014, although it’s underlying profit increased by 21% to £2.178bn.

In its earnings report the bank said its bad debts remained at £177m, down 59% on the same period last year.

In a statement, Lloyd said: “We agreed the sale of our remaining stake in TSB to Banco de Sabadell in the first quarter and as part of this agreement, we sold 9.99% of our stake in March.

“The full disposal of TSB will enable us to meet our commitment to the European Commission ahead of the mandated deadline.”

The deal with Banco de Sabadell, which was announced in March, has still not been completed yet.

The government’s stake in Lloyds, once standing at 43%, has now fallen to 20.95%.

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