Home Business NewsBusiness Lloyds Banking group enjoys strong start to 2018

Lloyds Banking group enjoys strong start to 2018

by LLB Reporter
25th Apr 18 7:53 am

Figures out today show

Lloyds Banking Group has reported a 23 per cent rise in pre-tax profit to £1.6bn in the first quarter.

However Lloyds still announced a further £90m to deal with PPI, which has become by far the largest mis-selling scandal in British banking history.

Loan impairments rose to £258m over the first three months of 2018, compared with the £127m seen in the same period last year.

Chief executive Antonio Horta-Osorio said: “We have made a strong start to 2018 and have begun implementing the strategic initiatives which will further digitise the group, enhance customer propositions, maximise our capabilities as an integrated financial service provider and transform the way we work.”

He added: “The UK economy continues to be resilient, benefiting from low unemployment and continued GDP growth.

“We expect the economy to continue to perform along these lines during 2018.”

 

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