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.”