11:41 30 April 2013
Lloyds Banking Group has reported a large increase in profits for the first three months of 2013. The bank saw a pre-tax profit of around £2billion for its first quarter.
This amount is up from the £280million figure the bank reported for the same time span in 2011, with Lloyds reportedly seeing an increase in margins.
The good news for the bank comes following on from the news that a deal fell through to sell The Co-operative at least 630 bank branches in a deal.
This is being referred to as Project Verde, and Lloyds are expected to go to market next year with the branches sale.
The Chief Executive for the Group Antonio Horta-Osorio said: “We are now further ahead in our plan to transform the group, and are delivering real benefits for customers, colleagues and shareholders by investing behind our simple, UK customer-focused retail and commercial banking model.”
It is understood that by things such as the group having no fresh provisions for compensation, this helped matters.
Previously Lloyds put aside at least £6.8billion for compensating customers over the PPI scandal, which has affected many establishments.
Shares in the bank increased by over 4per cent during early trading in London on Tuesday, 30th April.
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