You are here: Home - Investing - Experienced Investor - News -

Lloyds doubles profits defying ‘challenging’ financial conditions

0
Written by: Samantha Partington
27/04/2017
Lloyds Banking Group doubled its profits in the first three months of the year to £1.3bn from £654m in Q1 2016, amid a ‘challenging operating environment’.

Overall loans and advances to customers fell by 1% year-on-year in quarter one, from £450bn to £445bn while customer deposits rose slightly from £413bn to £415bn.

Group chief executive António Horta-Osório, said: “These results continue to demonstrate the strength of our customer focused, simple and low-risk business model and our ability to respond to a challenging operating environment.”

The bank made further provisions of £350m for customers who were mis-sold payment protection insurance, following the release of the Financial Conduct Authority’s (FCA) 29 August 2019 complaint deadline and a campaign to promote public awareness.

In complaint’s data released by the FCA yesterday, Black Horse Finance, part of Lloyds Banking Group, topped home finance complaints, with 1115.9 complaints per 1,000 outstanding balances. However, this figure is understood to include complaints on accounts no longer owned by LBG, artificially inflating the figure.

The bank also set aside £100m to compensate the victims of the HBOS Reading scandal which saw struggling small business owners conned into taking out expensive loans to save their livelihoods, while fraudsters spent the fees on lavish lifestyles.

Horta-Osório said the bank was determined that the victims of HBOS Reading were ‘fairly, swiftly and appropriately compensated’.

An additional £100m provision was set aside for retail banking conduct matters.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
stamp duty
Brits bag average £25k discount on property asking price

A third of properties on the market have been marked down in price with the average reduction standing at £25,000,...

Close