Lloyds announces profits rise in spite of extra PPI costs

Lloyds Banking Group has cheered a 'resilient' UK economy as it notched up a hike in first quarter profits, despite another £90 million hit from the payment protection insurance scandal.
By The Newsroom
Published 25th Apr 2018, 17:46 BST
Updated 25th Apr 2018, 17:58 BST
Lloyds results were better than expected but with a further PPI hitLloyds results were better than expected but with a further PPI hit
Lloyds results were better than expected but with a further PPI hit

The high street lending giant reported a 6% rise in underlying pre-tax profits to £2 billion for the three months to March 31, while bottom line profits surged 23% to £1.6bn.

But it added another £90m in costs for payment protection insurance (PPI) mis-selling claims, taking its total bill for the saga to £18.8bn.

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“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,” said CEO Antonio Horta-Osorio.

“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.”

Related topics:LloydsLloyds Banking Group