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Lloyds Banking Group sees 21 pct growth of profit in Q1

Xinhua, May 1, 2015 Adjust font size:

Lloyds Banking Group, one of British major high street banks, Friday announced that its underlying profit in the first quarter of 2015 was 2.18 billion pounds (3.33 billion U.S. dollars), 21 percent higher than the same period of 2014.

Total income was up three percent year-on-year to 4.64 billion pounds in Q1, with net interest income increasing by seven percent to 3.02 billion pounds and other income growing by six percent to 1.62 billion pounds, said Lloyds.

Impairment charge, however, reduced significantly by 59 percent to 177 million pounds over the same period, data showed.

The group's Common equity Tier 1 ratio (CET 1), a gauge of financial stamina, strengthened to 16.0 percent at the end of Q1 2015 from the 13 percent a year earlier, figures also showed.

The group also said it has recorded a loss of 660 million pounds on the sale of TSB to Banco de Sabadell, a Spanish bank.

Antonio Horta-Osorio, Group Chief Executive, said in a statement:" I am confident that the successful delivery of our strategy through our simple, low risk, customer focused, UK retail and commercial banking business model will enable us to become the best bank for customers and deliver strong and sustainable returns for shareholders."

"Our strong performance in the first quarter has also enabled the UK government to continue to reduce its holding in the business, further enabling our return to full private ownership," he said.

As at 23 April 2015, British government stake of shareholdings in Lloyds Banking Group reduced to 20.95 percent. (1 pound=1.53 U.S. dollars) Endit