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Today's "dysfunctional" stock markets are hitting good companies through no fault of their own. I'm taking this opportunity to buy Lloyds shares. The post I reckon today’s crisis is a great time to buy Lloyds shares appeared first on The Motley Fool UK.
Lloyds said that £95m of its half-year impairment charge was due to a weaker economic backdrop in Britain, as runaway inflation impacted consumer spending.
Lloyds Banking Group has set aside £377m to cover a possible increase in loan defaults as interest rates rise in the tough economy. The bank, which includes Halifax in its stable of brands, revealed pre-tax profits of £3.7bn for the first six months of the year. Since then, soaring inflation has taken hold and the Bank of England has raised Bank rate five successive times since last December in a bid to tackle elements of the surge in prices.