Profits tumble at Lloyds as coronavirus takes its toll

Profits at Lloyds Banking Group fell more than 90 per cent to £74 million in the first three months of the year, down from £1.6 billion last year.

The bank has set aside £1.43 billion to cover bad loans in the coming months.

“The economic outlook is clearly challenging with the longer-term outcome dependent on the severity and length of the pandemic and the mitigating impact of government and other measures in the UK and across the world,” António Horta-Osório, chief executive of Lloyds, said.