Lloyds’ profits plunge by 46 percent
(29 April 2016 – United Kingdom) Lloyds Banking Group (LBG) has seen its profits plummet in the first three months of 2016.
The bank's pre-tax profits dropped by 46 percent to £654 million (A$1.25 billion), largely driven by a £790 million charge from buying back high-interest bonds from investors.
Underlying profits fell by six percent to £2.1 billion during the beginning of 2016.
Earlier this year, the Chancellor postponed selling the Government's remaining nine percent stake amid soft market conditions, and a drop in share price.
The bank’s chief executive Antonio Horta-Osorio said the results show the group's ability to "actively respond to the challenging operating environment".
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