Banking giant Lloyds TSB saw profits slide by eight per cent last year after being hit by the decline in stock market values, it said today.
Pre-tax profits for the year fell by £310 million to £3.55 billion, against the same period the previous year.
It said the reduction was driven by adverse short-term fluctuations in investment earnings.
The group also reported a decline in profits in its high street banking division and international banking - hit by the troubles in Argentina - although profits from mortgages increased.
Profits from high street banking in the UK slid 18 per cent to £633 million, which Lloyds said reflected "substantial investments" it had made to support future growth such as improved products and services.
Profits from mortgages rose seven per cent to £955 million.
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