Underlying profits at standstill
Lloyds ‘making good progress’ says CEO
Pre-tax profit fell by 50% from £1.2bn to £654m but £800m was wiped from the figure as a result of the redemption of bonds.
Chief executive Antonio Horta-Osorio (pictured) said: “In the first three months of this year we have continued to make good progress, delivering a robust financial performance and maintaining our strong balance sheet.
“These results demonstrate the strength of our differentiated, simple, low risk business model and reflect our ability to actively respond to the challenging operating environment.
“We continue to support and benefit from a resilient UK economy and remain focused on delivering on our targets to people, businesses and communities as set out in our updated Helping Britain Prosper Plan.
“We have also recently launched our SME charter to help small businesses grow and to provide access to funding. In addition, we continue to make good progress in our strategic initiatives: creating the best customer experience; becoming simpler and more efficient; and delivering sustainable growth.
“This performance, coupled with our differentiated, capital generative, business model, underpins our confidence in generating superior and sustainable returns as we aim to become the best bank for customers and shareholders.”