Reports
UK Lender Sees Profits Skyrocket In Q1
The lender does not break out the financial results of its private banking operation, however.
UK-based bank Lloyds’
profit soared more than 160 per cent in the first quarter to £1.1
billion ($1.5 billion), rising from £438 million logged at the
end of December.
The lender, which does not break out its private bank’s financial
performance, reported a 161 per cent profit gain for the
three-month period. Year-on-year, profits leapt 29 per cent.
Net income dipped slightly to £4.33 billion from £4.34 billion in
December, but was up nearly four per cent from this time last
year. Meanwhile, total costs were reduced 17 per cent to £2.1
billion.
“The UK economy continues to be resilient, benefiting from low
unemployment and continued GDP growth,” the lender said in a
statement. “Asset quality remains strong with no deterioration
seen across the portfolio. We expect the economy to continue to
perform along these lines during 2018.”
Although Lloyds' profits boomed, its share price drooped in
yesterday's trading.
Source: Google
The UK government offloaded its last shares in Lloyds last May,
eight years after injecting £20 billion to save it in the
aftermath of the financial crisis.
