The Lloyds Banking Group, the 41% taxpayer-owned institution, has returned to profit in the first three months of the year.
While the bank did not announce a figure, it expects to continue building profits throughout the year after a "significant slowing" of bad debts. The bank says deposit gathering has remained robust, with good growth in balances. Lloyds says it also continues to de-risk its funding position, with strong term issuance in the early part of the year, while maintaining high levels of liquid assets. "The group is continuing to see positive trends in line with our recent trading update on 19 March 2010," Lloyds group chief executive Eric Daniels says. "In particular, impairments have slow...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes