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  /  Economy   /  Lloyds Bank profits jump by 23% to £1.6bn

Lloyds Bank profits jump by 23% to £1.6bn

Lloyds Banking Group has said it has made a “strong start” to 2018, with profits for the first three months of the year jumping by nearly a quarter.

It made pre-tax profits of £1.6bn, 23% higher than the same time last year.

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

The government sold its last shares in Lloyds in May 2017, eight years after pumping in £20bn to save it.

Chief executive Antonio Horta-Osório said the results continued to “demonstrate the strength of our business model”.

Lloyds is the UK’s biggest mortgage provider and Mr Horta-Osório was upbeat on the state of the economy.

He said: “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.”