Lloyds Banking Group has reported a statutory profit before tax of £1.3bn for the first quarter of 2017, a surge of 99% from £654m a year ago.
The group set aside £450m for payment protection insurance mis-selling and the HBOS scandal during the quarter.
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For the first quarter ended 31 March 2017, the bank’s underlying profit stood at £2.08bn, a marginal increase of 1% compared to £2.05bn during the same period last year.
Net interest income stood at £2.93bn, a marginal rise of 1% compared to £2.91bn in the first quarter of 2016, while total income increased 1% year-on-year to £4.41bn.
The group’s cost-income ratio improved to 47.1% from 47.4% a year ago.
Lloyds Banking Group CEO Antonio Horta-Osorio said: “In the first three months of this year we have delivered strong financial performance with increased underlying profit, a significant improvement in statutory profit and returns, and strong capital generation. These results continue to demonstrate the strength of our customer focused, simple and low risk business model and our ability to respond to a challenging operating environment.
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By GlobalData“We continue to make good progress against our strategic priorities of creating the best customer experience; becoming simpler and more efficient; and delivering sustainable growth; and we remain on track to deliver the Group financial targets for 2017, whilst maintaining our longer term guidance.”
