Lloyds TSB profits up 6pc to £3.92bn

Lloyds TSB today shrugged off the credit market turmoil that has rocked many of its rivals as it posted a 6 per cent increase in annual profits to £3.92 billion.

Lloyds TSB today shrugged off the credit market turmoil that has rocked many of its rivals as it posted a 6 per cent increase in annual profits to £3.92 billion.

The group reported a £280 million hit from the credit crunch - a fraction of the £1.6 billion revealed earlier this week by its high street rival Barclays.

Lloyds said its "prudent approach to risk" had helped it weather the wider market troubles, but cautioned that the industry was facing a turbulent 2008 amid slowing global economic growth.