Lloyds defies 'challenging' trading conditions to double profits
LLOYDS Banking Group has hailed a strong performance as it doubled bottom-line profits in the first three months of the year despite "challenging" trading conditions.
Lloyds Banking Group has doubled bottom-line profits in the first three months of the year
The lender, which is now less than 2 per cent owned by the Government, posted first quarter pre-tax profits of £1.3 billion, up from £654 million a year earlier.
On an underlying basis, the group saw a more muted 1 per cent rise in profits to £2.08 billion.
Chief executive Antonio Horta-Osorio said: "In the first three months of this year we have delivered strong financial performance."
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He added the results show the bank's "ability to respond to a challenging operating environment".
The vast profit improvement is helped by the absence of last year's hefty £790 million charge from its controversial move to buy back expensive bonds from investors.
Mr Horta-Osorio said the group was determined that victims of the fraud would be 'fairly compensated
Lloyds has also recently announced an extra £350 million to cover mis-sold payment protection insurance (PPI) claims, while earlier this month it put aside £100 million to cover compensation for victims of fraud by former HBOS staff.
Mr Horta-Osorio said on unveiling the first quarter results that the group was determined that victims of the fraud would be "fairly, swiftly and appropriately compensated".