British bank Lloyds TSB has said its 2006 profits should meet analysts' expectations for underlying growth of 7%, as it has cut costs and bad debts have stabilised.
Lloyds, Britain's fifth-biggest bank by market value, said in a trading update that its retail bad debts in the second half of the year would be no higher than in the first half and revenue growth for the year would be 'well ahead' of the pace of cost growth.
Analysts expect Lloyds to report a 2006 pre-tax profit excluding volatility of £3.69 billion, up from £3.45 billion in 2005.
