Group announces £2bn pre-tax profit in first quarter despite new £90m PPI bill
Lloyds Banking Group has cheered a “resilient” UK economy as it notched up a hike in first-quarter profits, despite taking another £90m hit from the payment protection insurance scandal.
The high street lending giant reported a 6% rise in underlying pre-tax profits to £2bn for the three months to 31 March. Bottom line profits jumped 23% to £1.6bn, although this fell slightly short of analyst expectations.
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