Technology boosts Lloyd's results

Despite market turbulence, the bank reported positive results and further investment in IT

IT is big on Lloyd's agenda

Lloyds TSB has posted positive 2007 financial results and said it will continue to invest in technology to boost further growth.

The bank's profits before tax rose by 6 per cent to to £3.9bn, compared with £3.7bn in 2006.

Restructuring of back office systems cut administration time by 35 per cent to 5 per cent, the bank said in a statement.

Investment in technology for different areas of the retail banking business was made during 2007 and projects ranged from implementation of speech recognition systems to support customers using the bank's automated service, as well as contactlesscards.

The ongoing improvements attracted 1 million new account holders so far, which consolidates the bank's position as the UK's biggest current account provider, according to Lloyd's.