Chief executive says mortgage market has slowed ahead of election
Lloyds Banking Group has lifted pre-tax profit by 37 per cent to £1.8billion before booking a £600m loss on the sale of TSB.
Its first quarter underlying profit was up 21 per cent on a year ago to £2.18billion, on income up 3 per cent at £4.64bn.
It has reduced its cost-income ratio from 49.3 to 47.7 per cent after keeping costs flat. Improving economic conditions saw the bad debt charge come down 59per cent to £177m.
Return on equity was up three points at 16 per cent, and its capital ratio up 0.6 to 13.4 per cent.
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Chief executive Antonio Horta-Osorio said he did not expect the election to change the 2.5 per cent to 3 per cent annual growth in the economy which the bank expects, though he said the mortgage market had slowed and might only grow at 1.6 per cent this year rather than the 2per cent Lloyds had previously forecast.
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