Lloyds TSB: Gently does it

Sometimes the tortoise can be the best bet. Just look at Lloyds TSB. In raising underlying earnings by 9% last year, the stalwart UK bank has overtaken many peers with racier growth profiles. It has even managed to increase its generous dividend a notch. That appears to justify Lloyds’ high rating. The bank, at more than two times book, stands at a premium of more than 60% to UK peers. Lloyds crept ahead in part by resisting the temptation to get sucked significantly into structured credit. Sur...