Home Business NewsBusiness Good news for taxpayers as Lloyds profits grow 22%

Good news for taxpayers as Lloyds profits grow 22%

by LLB Reporter
1st May 14 9:03 am

Lloyds Banking Group is starting to show real signs of growth as it reported a 22% growth in pre-tax profit to £1.8bn for the first quarter of 2014.

Lloyds has benefited from a 5% drop in costs, to £2.3bn. Its impairment charges fell 57% on the previous year, to £431m.

The bank is still 25% taxpayer owned, since the government has profitably sold off parts of its original 41% stake following Lloyds’ £20.5bn bailout.

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Lloyds has to get permission from the Bank of England to restart dividend payments, and it said it plans to apply for that permission in the second half of this year.

It also plans to float 25% of TSB by the end of June.

Lloyds chief executive António Horta-Osório 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.”

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