Lloyds Bank in backing for UK economy
Lloyds Banking Group has cheered a "resilient" UK economy as it notched up a hike in first quarter profits, despite taking another £90m hit from the payment protection insurance scandal.
The high street lending giant reported a 6% rise in underlying pre-tax profits to £2bn 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 an eye-watering £18.8bn.
Chief executive Antonio Horta-Osorio said it had made "a strong start" and that the group would begin moves to transform how it works including further digitisation and "enhancing customer propositions".