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Lloyds Banking Group beats expectations in Q1

Lloyds Banking Group beats expectations in Q1

U.K high street lender Lloyds Banking Group made a modest net profit of 2 million pounds ($3.2 million) in the first quarter when its performance beat market expectations.
The company, 40 percent owned by U.K. taxpayers, also recorded a pretax profit of 288 million pounds ($467 million) in the first quarter, which included a 375 million provision to compensate customers for missold insurance. In the previous quarter, it made a 316 million pounds net profit and a loss of 3.4 billion pounds in the same period last year. It's 2 million pound net profit compares with a 2.4 billion pound net loss last year.
Lloyds has taken a total provision of 3.575 billion pounds, by far the biggest of any British bank, to compensate customers who were sold payment protection insurance which they didn't need.
Total income net of insurance claims was down 6 percent to 4.49 billion pounds.
Lloyds shares were up 1.6 percent at 31.5 pence in early trading.


Updated : 2021-02-26 09:36 GMT+08:00