Lloyds First-Quarter Profit Rises 22% as Impairments Decline
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Lloyds Banking Group Plc, Britain’s biggest mortgage lender, posted a 22 percent rise in first-quarter profit as it cut costs and bad loans declined amid a recovering U.K. economy.
Pretax profit before one-time items rose to 1.8 billion pounds ($3 billion) from 1.48 billion pounds in the year-earlier period, the London-based company said in a statement today. That beat the 1.7 billion-pound estimate of Mark Phin, an analyst at Keefe, Bruyette and Woods in London. Impairments for souring loans fell 57 percent to 431 million pounds, and costs dwindled 5 percent to 2.3 billion pounds.