UK-based bank ’ 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.