Lloyds Bank GBP2bn Profit in 3 Months

Lloyds Bank £2bn Profit in 3 Months.

Lloyds Banking Group, part state owned, has released figures for the first quarter of 2013, showing gross profits of £2bn.

Lloyds is part state owned following its takeover of the HBOS Group and the losses it suffered there.

The results are no doubt pleasing to the board and the government given that the sale of 600+ branches to Co-Operative Bank fell through last week followed closely by the sale of its Spanish arm to Banco Sabadell. None of these transactions are included in the above figures.

Our view

These figures equate to a projected yearlyprofit of £8bn, and is some way to getting back to theprofit figures before thefinancial crisis. Strong results from the banking sector given that Royal Bank of Scotland finally posted profits alsowill no doubt receive positive reaction from the stock market.