Shares in the lender edged down Wednesday morning
Lloyds Banking Group has reported a 23 per cent increase in profits to £1.6bn in the first quarter of the year, weeks after announcing another round of branch closures and job cuts.
The lender posted a 4 per cent increase in net income for the three months to 31 March, from £4.18bn this time last year to £4.33bn, while earnings per share rose 36 per cent to 1.5p from 1.1p.
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“In the first three months of 2018 we have again delivered strong financial performance with increased profits and returns, a significantly reduced gap between underlying and statutory profit and a strong increase in capital. These results continue to demonstrate the strength of our business model,” said chief executive Antonio Horta-Osorio.
“The UK economy continues to be resilient, benefiting from low unemployment and continued GDP growth. Asset quality remains strong with no deterioration seen across the portfolio. We expect the economy to continue to perform along these lines during 2018.”
Lloyds has announced a series of branch closures and role reductions in recent months as part of its attempt to improve profitability.
On Wednesday, Horta-Osorio said the bank had made a “strong start to 2018” and had “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”.
Shares in the group edged down at the open.
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