The lender’s shares are 3.6% higher this morning after it reported higher-than-expected pre-tax profits in the quarter of £1.3bn, compared to £654m last year.
Lloyds has recovered strongly since its near collapse in 2008 and the Government has now recouped its losses on its bailout of the firm, and reduced its holding to below 2%.
“In the first three months of this year we have delivered strong financial performance with increased underlying profit, a significant improvement in statutory profit and returns, and strong capital generation,” said CEO António Horta-Osório.
“These results continue to demonstrate the strength of our customer focused, simple and low risk business model and our ability to respond to a challenging operating environment.”
Lloyds fortunes contrast with those of its peer Royal Bank of Scotland, which was also bailed out in the financial crisis but has failed to recover and remains heavily owned by the Government.
