Lloyds Banking Group: 'No timetable' for return to private sector

Lloyds Banking Group has returned to profit, after announcing it made £2.1bn ($3.2bn) in the six months to the end of June.

It compares with a loss of £456m for the same period last year.

The bank said it had made substantial progress on strengthening its balance sheet, although "further work remains to be done".

Chief Secretary to the Treasury Danny Alexander welcomed the news, saying: "It is good news for the country as well as that bank's customers."

He said there was no set timetable for returning Lloyds Banking Group to the private sector.