Proof positive of fees being profit driven!!!

[dave&sueb]

Hi All,

I'm sure I'm not the only one attempting to find supporting evidence in the fight against these pirates but this is really interesting.

 

The following text appears in the 2005 annual returns for Lloyds TSB (see page 8 of 44)

 

Other income, net of insurance claims, on a comparable basis and excluding the strengthening of reserves

for mortality, increased by £260 million, or 6 per cent, to £4,659 million. Fees and commissions receivable

increased by 9 per cent to £3,315 million as a result of higher income from the strong volume growth in

current account fees and an increase in fees from large corporate business and asset based lending, as a

result of growing customer transaction volumes.

 

The full link is here

 

http:www.investorrelations.lloydstsb.com/media/pdf_ir/2005_ltsb_full_results.pdf

 

This is prove positive, in any context, that the fees are part of their profit building regime!!!

 

Hope this helps someone......I am certainly adding the text to my court bundle and statement of evidence.

 

Interestingly, LloydsTSB refer to their charges as an impairment charge..............see some more text from this document...

 

Our impairment charge expressed as a percentage of average lending increased to 0.66 per cent,

compared to 0.61 per cent in 2004 (page 37, note 13). On a statutory basis, impaired assets totalled

£4,122 million, compared with £3,515 million at 1 January 2005, representing 2.3 per cent of total lending, up

from 2.1 per cent at 1 January 2005, but unchanged from 30 June 2005.

 

Perhaps someone here with more knowledge and experience than me, could make more of this.

Happy reading

[o0oliambeeo0o]

Does anyone else have any opinions on this, I think this is a good find dave&sue.

[crusty git]

maybe someone could use this in court to support their case