Lloyds Banking Group PLC on Friday said its losses widened in 2011 and warned of a tougher year to come
It recorded a 2011 net loss of 2.78 billion pounds ($4.37 billion), against a loss of 320 million pounds a year earlier
Net interest income rose slightly to 12.7 billion pounds, against 12.55 billion pounds in the year-ago period, but total income fell to 26.81 billion pounds, against 44.04 billion pounds in the year-ago period
Analysts surveyed by Bloomberg News forecast a net loss of 2.41 billion pounds
Lloyds said it expects the "external environment to remain challenging in 2012," but reaffirmed medium-term financial targets
The bank said income will be lower in 2012 owing to the economic outlook, more non-core asset reductions, subdued demand in its core loan book, higher wholesale funding costs and lower interest rates
Full-year banking net market will be below 2% in 2012, the same fall as was seen in 2011
The bank also plans to cut costs further in 2012
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