Profits before tax at the wholesale and international banking division of Lloyds TSB fell 12% last year as the UK lender took a £280m (€371m) hit from the turbulence in the international capital markets.

The bank today reported that total revenues from the wholesale and international banking division rose £79m to £4.3bn (€5.7bn) for the full-year to the end of December, while pre-tax profits dropped 12% to £1.44bn due to the “impact of recent market dislocation.”