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Business

Lloyds shrugs off Brexit impact

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Opening sequence

Business

Lloyds shrugs off Brexit impact

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COMING UP:Lloyds shrugs off Brexit impact

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00:00:00
>> Little sign of a Brexit hangover at Lloyd's. The British bank reporting pretax profits of 1.9 billion pounds, largely unchanged from a year ago. It's the first major lender to report earnings entirely from the period after the Brexit vote. Reuters' banking correspondent Lawrence White.>> So, Chief Executive Antonio Horta Osorio struck a pretty positive tone in the results and on the conference call with reporters.
00:00:26
Saying that they haven't seen any change really in consumer behavior, or in what companies are doing. But there were some more worrying signs in the numbers, including a rise in bad loans which suggests that at least some companies are struggling with post-Brexit landscape.>> Like all banks, Lloyd's is hit by the low interest rate environment, that limits the rates that Lloyd's can charge its customers.
00:00:47
Shares in the bank also under pressure in recent months on fears that it is heavily exposed to any economic slowdown. Now Horta Osorio is hoping for a boost from the Chancellor.>> He's calling on the government really to step in and help the economy out by investing in infrastructure.
00:01:04
He said that he looks forward to the chancellor's autumn statement, suggesting that he's hoping for a big announcement.>> Lloyd's can at least look forward to becoming a normal bank again. Eight years ago, it was bailed out at the height of the global financial crisis. Now ministers say it should be fully back in private hands within a year.