Lloyds Bank’s profits rise despite ‘challenging’ times

Lloyds Banking Group has reported a rise in profits in the three months to the end of March, despite analysts’ predictions of a slight slowdown.

It said pre-tax profits doubled from a year ago to £1.3bn in the first quarter, although last year’s figure was pushed down by a one-off cost from buying back high income bonds.

Underlying profit was 1% higher at £2.1bn, beating analysts’ expectations.

The bank said it was responding to a “challenging” environment.

Lloyds’ chief executive, Antonio Horta-Osorio, said: “These results continue to demonstrate the strength of our customer focused, simple and low risk business model.”

Posted on by CCKeith in Uncategorized
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