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Lloyds Banking Group first quarter profits rise to £2bn Lloyds Banking Group first quarter profits rise to £2bn
(about 2 hours later)
Lloyds Banking Group has reported a big rise in profits for the first three months of the year.Lloyds Banking Group has reported a big rise in profits for the first three months of the year.
The bank, which is 39% taxpayer-owned, reported a statutory pre-tax profit of £2.04bn in the first quarter, up from £280m for the same period last year. The bank, which is 39% taxpayer-owned, reported a pre-tax profit of £2.04bn in the first quarter, up from £280m for the same period last year.
Group chief executive Antonio Horta-Osorio said the bank had made "substantial progress".Group chief executive Antonio Horta-Osorio said the bank had made "substantial progress".
That is despite the collapse of a deal to sell more than 630 of its branches to the Co-op last week. That is despite the collapse last week of a deal to sell more than 630 of its branches to the Co-op.
Lloyds still plans to go ahead with the branch sale - called Project Verde - by selling them as a stand-alone bank through a stock market listing. Lloyds still plans to go ahead with the branch sale - called Project Verde - by selling them as a stand-alone bank through a stock market listing in 2014.
Underlying profits, which strip out certain one-off costs and gains, were £1.5bn for the quarter. Shares rise
They exclude costs related to the planned branch sale, as well as money set aside for possible Payment Protection Insurance (PPI) payouts. Mr Horta-Osorio said profits at the bank had been driven by increased margins and a continued rapid fall in costs and impairments.
Mr Horta-Osorio said profits had been driven by increased margins and a continued rapid fall in costs and impairments.
Lloyds said costs fell 6% in the first quarter and added that it expected annual costs to fall to just over £9bn for 2014.
The bank said it was continuing to invest in "simple, lower-risk, customer-focused UK retail and commercial banking".The bank said it was continuing to invest in "simple, lower-risk, customer-focused UK retail and commercial banking".
Costs fell 6% in the first quarter and Lloyds added that it expected annual costs to fall to just over £9bn for 2014.
The bank has cut thousands of jobs since it was bailed out by taxpayers following the financial crisis in 2008.
It also said impairment charges - money set aside to cover bad loans - were down by 40% compared with a year ago.
Lloyds' shares in London rose by more than 4% in early trading.
The share price has risen more than 70% over the past year, but remains significantly off its pre-crisis highs, and below the level at which the government can consider selling its 39% stake back to the private sector.
In its annual results published earlier this month, the bank suggested the price must reach at least 61 pence a share before a sale could be considered. It is currently at about 55 pence.
Underlying profits, which strip out certain one-off costs and gains, were £1.5bn for the quarter.
They exclude costs related to Project Verde, as well as money set aside for possible Payment Protection Insurance (PPI) payouts.
The bank has already been forced to set aside £6.8bn as a result of the industry-wide PPI scandal, but did not announce any fresh provisions.