Lloyds Banking group has reported a 22% increase in underlying profit at £1.8 billion for the first quarter of 2014, up from £280m for the same period last year.
The 25% taxpayer-owned bank saw statuatory pre-tax profit fall 33% to £ 1.37 billion from £2.04 billion year-on-year. However, the figure was higher than analysts expected due to the £394 million gain from the sale of the banks’ 21% stake wealth manager St James Place at the end last year.
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The group also saw a 5% of costs reduction to £2,298 million, driven primarily by further simplification savings.
António Horta-Osório, Lloyds chief executive, said the bank had made ‘good progress’ in its first quarter.
"We are supporting and benefitting 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," he said.
As part of its selling strategy, the bank said it is planning to float 25% of its revived TSB business by the end of June with also some of its assets up for public sale.
Lloyds Bank has been currently valued at around £1.5bn.
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