Lloyds Bank’s profits rise despite ‘challenging’ times

lloyds bank

It said pre-tax profits doubled from a year ago to £1.3bn in the first quarter, although last year’s figure included a hefty one-off cost, reports The BBC.

Lloyds boss Antonio Horta-Osorio said its “simple and low risk” business was able to cope with difficult trading.

The bank is expected to be fully back in private ownership later this year.

The government now holds less than 2 per cent of Lloyds – down from 43.4 per cent when it was bailed out by the taxpayer at the height of the financial crisis.

Analysts said the firm was exposed to record low interest rates, which make it harder for banks to increase profits, and the health of the UK economy.

The bank expects interest rates to remain unchanged in 2017, Mr Horta-Osorio told reporters.