July 30: Lloyds TSB rides out credit crunch

Lloyds TSB opened the UK banking interim results season with a 70% fall in reported pre-tax profits to £599m, hit by asset write-offs and volatility in its insurance business, but raised its dividend by 2%. Jane Croft, retail banking editor, talks to Daniel Garrahan about why the bank is unlikely to follow some of its competitors by announcing a rights issue.