The company, which is 41% owned by the taxpayer, reported pre-tax profits of £2.2bn following a £6.3bn loss in 2009.
The results are better than banking analysts had expected - but the share price nonetheless fell by around 2% in early trading.
Sky News' City editor Mark Kleinman said the bank has already paid back £60bn to the Treasury.
However, it still owes the Government £97bn.
The bank's bad debt losses fell in 2010 to £13bn, from £23bn the previous year.
But it also experienced an increase in international impairment charges driven by the impact of the Irish debt crisis.
Losses in the wealth and international division increased to £5.2bn before tax, compared to £3.3bn in 2009. This was due to the £4.3bn impairment charge in Ireland.
The bank inherited most of the disastrous losses on Irish property from HBoS, which it acquired at the height of the financial crisis in 2008.
Lloyds also said loans to customers fell 2% to £363.7bn.
The retail - or high street - division performed well in 2010, opening 1.9 million current accounts in 2010, as well as five million new savings accounts.
The company has already revealed its bonus plans, with outgoing chief executive Eric Daniels being awarded £1.45m for 2010
Mr Daniels told Sky News this has been deferred for now and that no decision will be made until 2013.
He added that the taxpayer has already seen a return on the money that went into Lloyds, and will see it is a good investment.
Lloyds' annual results come a day after Royal Bank of Scotland announced a £1.1bn loss in 2010 following a £3.6bn shortfall the year before.
The company, which is 41% owned by the taxpayer, reported pre-tax profits of £2.2bn following a £6.3bn loss in 2009.
The results are better than banking analysts had expected - but the share price nonetheless fell by around 2% in early trading.
Sky News' City editor Mark Kleinman said the bank has already paid back £60bn to the Treasury.
However, it still owes the Government £97bn.
The bank's bad debt losses fell in 2010 to £13bn, from £23bn the previous year.
But it also experienced an increase in international impairment charges driven by the impact of the Irish debt crisis.
Losses in the wealth and international division increased to £5.2bn before tax, compared to £3.3bn in 2009. This was due to the £4.3bn impairment charge in Ireland.
The bank inherited most of the disastrous losses on Irish property from HBoS, which it acquired at the height of the financial crisis in 2008.
Lloyds also said loans to customers fell 2% to £363.7bn.
The retail - or high street - division performed well in 2010, opening 1.9 million current accounts in 2010, as well as five million new savings accounts.
The company has already revealed its bonus plans, with outgoing chief executive Eric Daniels being awarded £1.45m for 2010
Mr Daniels told Sky News this has been deferred for now and that no decision will be made until 2013.
He added that the taxpayer has already seen a return on the money that went into Lloyds, and will see it is a good investment.
Lloyds' annual results come a day after Royal Bank of Scotland announced a £1.1bn loss in 2010 following a £3.6bn shortfall the year before.
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