This is from Lloyds Banking Group’s half year statement:
The number the press has talked about is a loss of £4 bn (well, £3.957 bn, but that will do).
But did Lloyds actually lose this?
Or did it lose £7.785 bn?
Or did it make a profit of £5.95 bn as the auditors would have said?
After tax even a profit of £7.153 bn?
That’s a range of almost £15 bn.
And the farce that is modern accounting is revealed.