In the first quarter of 2018, Lloyds Banking Group (LBG) recorded pre-tax profits of £1.6bn ($2.2bn), 23% than the same period in 2017.

LBG’s net income hit £4.3bn, 4% higher year-on-year, but customer deposits dropped 1% to £413bn.

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However, the bank also set aside even more money, £90m, for PPI claims. This brings the group’s total bill to £18.8bn.

In addition, impairment doubled to £258m during the first three months of 2018, compared with £127m at the end of 2017’s first quarter.

This follows the group’s plans to shutter more branches, another 49 this time. This will take the total number of branches to 1,742: 926 under the Lloyds banner, 610 will be Halifax and 206 will be Bank of Scotland branches.

Antonio Horta-Osorio, chief executive, said: “In the first three months of 2018 we have again delivered strong financial performance with increased profits and returns, a significantly reduced gap between underlying and statutory profit and a strong increase in capital. These results continue to demonstrate the strength of our business model. In March, following our 2017 results and dividends announcement, we commenced our share buyback programme of up to £1 billion.

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“In February we announced our ambitious strategy to transform the Group into a digitised, simple, low risk, customer focused UK financial services provider. We have made a strong start to 2018 and have begun implementing the strategic initiatives which will further digitise the Group, enhance customer propositions, maximise our capabilities as an integrated financial service provider and transform the way we work.”