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Lloyds profits climb to £2 billion

Lloyds profits climb to £2 billion

Category: Banking

Updated: 30/04/2013
First Published: 30/04/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Pre-tax profits at Lloyds Banking Group rose to £2.04 billion during quarter one of this year.

The 39% state-owned bank stated that it continued to be confident with regard to its capital position following a twelve month loss of £570 million in 2012.

Costs at the bank had reduced over the first three months of 2013 by 6% to over £2.4 million, with total costs expected to fall by a further £9.6 billion this year, compared to its previous target of £9.8 billion.

In a statement, the group said it remained committed to supporting sustainable growth in the UK, by providing a range of products and services to individuals and businesses. Around £18 billion in gross funds have been committed by the bank via the Government's Funding for Lending Scheme since September 2012.

No further provisions had been set aside by the bank during quarter one to deal with compensating customers affected by mis-sold payment protection insurance (PPI). Complaints related to PPI were down by 28% compared with quarter four of 2012.

António Horta-Osório, group chief executive of Lloyds Banking Group, said: "We are delivering real benefits for customers, colleagues and shareholders by investing behind our simple, UK customer-focused retail and commercial banking model, and are now further ahead in our plan to transform the Group, as reflected in the enhanced guidance for costs and capital we are giving today."

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