Lloyds Banking Group has moved back out of the red as they recorded a pre-tax statutory profit of £415 million for 2013.

Moreover, the wealth division saw a 12% rise in profit to £338 in the year. The increase was attributed to strong income growth and cost reductions.

The group’s profit is the first since the bank was part-nationalised in 2008 and allows for the bank to start moving back into full privatisation.

Antonio Horta-Osorio, group chief executive, said: "These results, with group underlying profit more than doubled to £6.2 billion, confirm that the group is returning to robust health, thanks to the commitment of our people and the consistent execution of the strategy we set out."

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