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."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData