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Lloyds Bank reports fall in profits | Lloyds Bank reports fall in profits |
(35 minutes later) | |
Lloyds Banking Group has reported a fall in first quarter profits after what it called a "robust" performance. | Lloyds Banking Group has reported a fall in first quarter profits after what it called a "robust" performance. |
Underlying profits for the January to March period dipped 6% to £2.05bn for the first quarter of the year, down from £2.18bn a year earlier. | Underlying profits for the January to March period dipped 6% to £2.05bn for the first quarter of the year, down from £2.18bn a year earlier. |
Chief executive Antonio Horta-Osorio said the bank had "continued to make good progress". | Chief executive Antonio Horta-Osorio said the bank had "continued to make good progress". |
Statutory pre-tax profits nearly halved to £654m, mainly due to a £790m charge the bank took for buying back bonds. | Statutory pre-tax profits nearly halved to £654m, mainly due to a £790m charge the bank took for buying back bonds. |
No further provisions were made for PPI compensation, where complaint levels were around 8,500 per week on average, broadly in line with expectations. | No further provisions were made for PPI compensation, where complaint levels were around 8,500 per week on average, broadly in line with expectations. |
Lloyds was rescued by the government during the financial crisis, which left the state holding a 43% stake in the bank. | Lloyds was rescued by the government during the financial crisis, which left the state holding a 43% stake in the bank. |
The government has been steadily reducing its stake and now holds less than 10%. | The government has been steadily reducing its stake and now holds less than 10%. |
In January, the chancellor postponed the sale of the government's final stake in Lloyds, blaming the turmoil in financial markets. | In January, the chancellor postponed the sale of the government's final stake in Lloyds, blaming the turmoil in financial markets. |
Mr Horta-Osorio has cut thousands of jobs and said Thursday's results reflected the bank's "simple, low risk business model." | |
Lloyds, which is the largest retail bank in Britain, said total income fell 1% to £4.38bn as higher revenue from its retail bank was offset by lower income from its insurance division. | |
On Wednesday, Barclays reported a 25% drop in profits for the first quarter of the year. | On Wednesday, Barclays reported a 25% drop in profits for the first quarter of the year. |
It had set expectations low, warning it had been hit by the same headwinds that have hit profits across most of the world's biggest banks. | It had set expectations low, warning it had been hit by the same headwinds that have hit profits across most of the world's biggest banks. |