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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/lloyds-ceo-leaving-stronger-firm.jpg"><img class="alignnone size-full" title="Outgoing chief executive of Lloyds Banking Group, Eric Daniels, said he was leaving a much stronger business" src="http://londonglossy.com/wp-content/uploads/2011/02/min-lloyds-ceo-leaving-stronger-firm.jpg" alt="Outgoing chief executive of Lloyds Banking Group, Eric Daniels, said he was leaving a much stronger business"/></a></p>
<p>The outgoing chief executive of Lloyds Banking Group said he was leaving a &#8220;much stronger business&#8221; behind as the lender swung back into the black.</p>
<p>Eric Daniels, who will be replaced by Santander&#8217;s Antonio Horta-Osorio next week, unveiled pre-tax profits of £2.2 billion in 2010, a marked improvement on the £6.3 billion loss in the previous year.</p>
<p>But shares fell 4% on the FTSE 100 Index as the group&#8217;s finance director, Tim Tookey, gave a cautious outlook for the UK economic recovery and said higher funding costs would pinch profit margins.</p>
<p>Mr Daniels, an American who was awarded a £1.45 million bonus for 2010, said it had been a &#8220;tremendous honour&#8221; to lead the bank over the past eight years.</p>
<p>He said: &#8220;The significant progress we have made in 2010 positions the group well for the future to meet our objective of becoming the best bank for all our stakeholders, including our customers, shareholders and employees.&#8221;</p>
<p>But the banker refused to confirm if he would accept the payout.</p>
<p>He said: &#8220;I don&#8217;t determine my own bonus &#8211; this is something the board and the committee decided. Based on the strong results this year, they&#8217;ve decided the management, and that includes me, deserve bonuses. But they are also deferred and paid in shares and they won&#8217;t go out until at least 2013, so I think I&#8217;ll make my decision at that time.&#8221;</p>
<p>But looking ahead, his colleague Mr Tookey said the bank expects &#8220;the UK recovery will continue to be at a modest pace and is likely to be protracted&#8221;.</p>
<p>He warned contagion from the Irish bail-out to other eurozone economies could drive further fiscal tightening and worsen the outlook further.</p>
<p>The group added margins would be put under pressure by low interest rates and an increasingly competitive market.</p>
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