British bank Lloyds TSB said today it would deliver an improved performance by the second half of 2004 and would not need to sell businesses to maintain its capital.
Lloyds TSB chief executive Mr Eric Daniels is trying to revive its financial services business and shore up Lloyds TSB's dividend cover. The company froze its second-half dividend in August.
Mr Daniels is considering selling Lloyds TSB's New Zealand bank and Brazilian consumer finance unit to focus on the British market.
Lloyds TSB said today it was aiming for a minimum total capital ratio - the reserves a bank needs to support its loans - of 9 per cent and that it does not need to sell businesses to meet that goal. The bank's total capital ratio was 10.1 per cent at the end of June.