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U.S. markets recover from steep losses
LONDON, March 20 (UPI) -- Lloyds Banking Group says it is likely to report a profit this year, raising hopes that the British economic recovery was gathering momentum.
Last year the group lost 6.3 billion pounds ($9.54 billion) after writing off a record 24 billion pounds ($34.8 billion) in loans, The Times of London reported. Most of the bad debt was inherited in the wake of the government-brokered rescue purchase of HBOS.
The Times said the surprise announcement prompted analysts to upgrade forecasts for the year from a modest loss for Lloyd's of around 300 million pounds ($454.37 million) to profits of between 500 million pounds to 1 billion pounds ($757 million to $1.54 billion).
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It is a whole new ball of wax in Europe these days.
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