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Lloyds Banking Group upgrades outlook despite profit dip

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Reuters UK

LONDON (Reuters) -Lloyds Banking Group reported a dip in first-half profits on Wednesday, but upgraded guidance for its performance for the year boosted by rapidly rising interest rates. Britain’s biggest domestic bank reported pre-tax profits of 3.7 billion pounds for the six months to June, down from 3.9 billion pounds the prior year, but above the 3.2 billion pounds average of analyst forecasts compiled by the bank. Lloyds was dented by a 377 million pound impairment charge, prompted by the worsening economic outlook, compared to a hefty release of provisions the previous year as the econom…

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