Lloyds Banks Rising Profit On 'resilient' Economy 25 April 2018

Britain's Lloyds Banking Group, bailed out by the government during the global financial crisis, on Wednesday logged strong first-quarter profits on the back of the "resilient" UK economy.

London, (UrduPoint / Pakistan Point News - 25th Apr, 2018 ) :Britain's Lloyds Banking Group, bailed out by the government during the global financial crisis, on Wednesday logged strong first-quarter profits on the back of the "resilient" UK economy. Earnings after taxation, or net profits, jumped 29 percent to 1.15 billion ($1.61 billion, 1.31 billion Euros) in the three months to the end of March from a year earlier, the lender said in a results statement. LBG, which returned to full private ownership last year following its financial rescue by the UK government a decade ago, added that pre-tax profits swelled 23 percent to �1.

6 billion. The group however took another �90 million in costs for payment protection insurance (PPI) mis-selling claims, taking its total bill for the saga to an eye-watering �18.8 billion. The London-listed financial services giant, whose brands include Lloyds, Halifax, Bank of Scotland and Scottish Widows, operates primarily in Britain. "We have made a strong start to 2018," said chief executive Antonio Hora-Osorio. "The UK economy continues to be resilient, benefiting from low unemployment and continued GDP (gross domestic product) growth," he added.