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.”