Lloyds Banking Group has reported a pre-tax profit of £2.04 billion for the first quarter of 2013.
This compares to a pre-tax profit of £280 million for the same period last year.
No further PPI provision has been taken in the first quarter of 2013. The bank said the volume of PPI complaints has continued to fall in line with expectations with average weekly complaints now at approximately 15,000, down 28% on the last quarter and less than half the level experienced in the second quarter of 2012.
“We made substantial progress again in the first quarter,” said António Horta-Osório, Lloyd’s
group chief executive.
“Underlying and statutory profits improved significantly, and our core loan book returned to growth earlier than expected.
“Margin increased, and costs and impairments continued to fall rapidly, with this progress underpinned by a further strengthening of our balance sheet.
“We are delivering real benefits for customers, colleagues and shareholders by investing behind our simple, UK customer-focused retail and commercial banking model, and are now further ahead in our plan to transform the Group, as reflected in the enhanced guidance for costs and capital we are giving today.”