This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-27234144
The article has changed 6 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Lloyds Banking Group making 'good progress' | Lloyds Banking Group making 'good progress' |
| (35 minutes later) | |
| Lloyds Bank has said it is making "good progress" as it reported a 22% rise in underlying first quarter pre-tax profit to £1.8bn. | Lloyds Bank has said it is making "good progress" as it reported a 22% rise in underlying first quarter pre-tax profit to £1.8bn. |
| The bank also reported a sharp fall in impairment charges, which fell 57% from a year earlier to £431m. | The bank also reported a sharp fall in impairment charges, which fell 57% from a year earlier to £431m. |
| Lloyds, which is 25% taxpayer-owned, said it still expected to apply in the second half of the year for permission to restart dividend payments. | Lloyds, which is 25% taxpayer-owned, said it still expected to apply in the second half of the year for permission to restart dividend payments. |
| The bank also said costs continued to fall, dropping a further 5% to £2.3bn. | The bank also said costs continued to fall, dropping a further 5% to £2.3bn. |
| Lloyds' finance director George Culmer said the bank planned to float 25% of its TSB business before the end of June. | Lloyds' finance director George Culmer said the bank planned to float 25% of its TSB business before the end of June. |
| Lloyds must sell the business, which has been valued by City analysts at about £1.5bn, as a condition of its £20.5bn taxpayer bailout during the 2008 financial crisis. | Lloyds must sell the business, which has been valued by City analysts at about £1.5bn, as a condition of its £20.5bn taxpayer bailout during the 2008 financial crisis. |
| Mr Culmer confirmed that some of the shares would be offered to the public. | Mr Culmer confirmed that some of the shares would be offered to the public. |
| 'Strong performance' | 'Strong performance' |
| Lloyds chief executive António Horta-Osório said the bank had made "good progress" in its first quarter. | Lloyds chief executive António Horta-Osório said the bank had made "good progress" in its first quarter. |
| "We are supporting and benefitting from the UK economic recovery and are delivering better underlying profitability as well as improved returns for shareholders, from a stronger, lower risk balance sheet," he said. | "We are supporting and benefitting from the UK economic recovery and are delivering better underlying profitability as well as improved returns for shareholders, from a stronger, lower risk balance sheet," he said. |
| "And it was this strong performance which enabled the government to further reduce its stake, returning an additional £4.2bn of taxpayers' money in the first quarter." | "And it was this strong performance which enabled the government to further reduce its stake, returning an additional £4.2bn of taxpayers' money in the first quarter." |
| The government has so far sold two tranches of shares in Lloyds, reducing its stake in the bank from 39% last year to 25% in March. | The government has so far sold two tranches of shares in Lloyds, reducing its stake in the bank from 39% last year to 25% in March. |
| The first share sale, which saw the government sell a 6% stake to institutional investors, raised £3.2bn. The second sale in March, of a further 8% stake, raised £4.2bn. | |
| Lloyds' statutory pre-tax profit for the first quarter fell 33% to £1.37bn from £2.04bn a year earlier. The bank said last year's figures were boosted by gains made from the sale of government securities amounting to £776m. |