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30/04/2013
Lloyds Bank Reports £2bn Profit
Lloyds Banking Group has reported a profit for the first three months of the year.
The bank recorded a statutory pre-tax profit of £2.04bn in the first quarter of 2013, an increase from £280m for the same period the year before.
The latest figures come after a deal to sell more than 630 of its branches to the Co-Op collapsed las week. It added that it still plans to continue with the branch sale by selling them as a stand-alone bank through a stock market listing.
Underlying profits for the first quarter, which strip out certain one-off costs and gains, were £1.5bn and exclude costs related to the planned branch sale, as well as money set aside for possible Payment Protection Insurance (PPI) payouts.
Group chief executive Antonio Horta-Osorio said the bank, which is 39% taxpayer-owned, had made "substantial progress".
He added that profits had been driven by increased margins and a continued rapid fall in costs and impairments.
The group said costs fell 6% in the first three months of the year, adding that it expected annual costs to fall to just over £9bn for 2014.
(JP/CD)
The bank recorded a statutory pre-tax profit of £2.04bn in the first quarter of 2013, an increase from £280m for the same period the year before.
The latest figures come after a deal to sell more than 630 of its branches to the Co-Op collapsed las week. It added that it still plans to continue with the branch sale by selling them as a stand-alone bank through a stock market listing.
Underlying profits for the first quarter, which strip out certain one-off costs and gains, were £1.5bn and exclude costs related to the planned branch sale, as well as money set aside for possible Payment Protection Insurance (PPI) payouts.
Group chief executive Antonio Horta-Osorio said the bank, which is 39% taxpayer-owned, had made "substantial progress".
He added that profits had been driven by increased margins and a continued rapid fall in costs and impairments.
The group said costs fell 6% in the first three months of the year, adding that it expected annual costs to fall to just over £9bn for 2014.
(JP/CD)
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
