By Daniel Hunter
Lloyds Bank has reported a 22% rise in its profits for the first three months of 2014.
The bank, which is still 25% owned by the taxpayer, reported profits of £1.8bn for the first quarter.
It said costs were down again, falling 5% to £2.3bn and impairment charges were also down – there was a 57% drop in such charges.
Lloyds chief executive, António Horta-Osório, said the bank is making “good progress”.
He said: “We are supporting and benefiting from the UK economic recovery and are delivering better underlying profitability as well as improved returns for shareholders, from a stronger, lower risk balance sheet.
“And it was this strong performance which enabled the government to further reduce its stake, returning an additional £4.2bn of taxpayers’ money in the first quarter.”
The bank is still expected to apply for permission to begin paying shareholder dividends again. And it still plans to float TSB on the stock market later this year.
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