Lloyds Banking Group has reported a statutory profit before tax of £2.5bn for the first half of 2017, an increase of 4% compared £2.4bn a year ago.
The bank said that it registered a rise in profit despite £1bn of conduct charges in the second quarter, mainly associated with payment protection insurance (PPI).
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For the period ended 30 June 2017, the bank’s underlying profit stood at £4.4bn, up 8% over £4.1bn in the year ago period.
Net interest income increased 2% to £5.9bn from £5.7bn in the previous year, while total income rose 4% year-on-year to £9.2bn.
The group’s cost-income ratio stood at 45.8% as at 30 June 2017, compared to 47.8% a year ago.
Lloyds Banking Group CEO Antonio Horta-Osorio said: “Following the successful transformation of the Group to become a simple, low risk, UK focused retail and commercial bank, we have delivered another strong set of results with increased underlying and statutory profit and strong capital generation, whilst completing the acquisition of MBNA and returning to full private ownership.”
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By GlobalData“Our differentiated UK focused business model continues to deliver, with our cost leadership and lower risk positioning providing competitive advantage. Our strong financial performance and strategic progress continue to position us well for delivering our purpose of Helping Britain Prosper,” Horta-Osorio added.
