Lloyds Banking Group has posted a statutory profit before tax of £1.21bn for the first quarter of 2015, down 11.32% compared to £1.37bn a year ago.
For the quarter ended 31 March 2015, the lender’s underlying profit surged 20.9% to £2.18bn from £1.80bn a year earlier.
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Net interest income stood at £3.02bn, a 7.47% increase versus £2.81bn in the first quarter of 2014. Total income saw a slight rise of 2.53% to £4.64bn from £4.53bn in the year ago period.
The group’s leverage ratio at the end of the first quarter was 5%.
Lloyds Banking group CEO António Horta-Osório said, "We have made a strong start to the next phase of our strategy to become the best bank for customers and shareholders, as we continue to support and benefit from UK economic growth. I am pleased with the continued improvement in financial strength and performance in the first quarter and expect our plan to deliver sustainable growth and improved returns."
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