Lloyds' pre-tax profits nearly halve in Q1

Fall of 46%

Lloyds Banking Group has reported a 46% fall in pre-tax profits in its first quarter results this morning.

The firm, which is widely held among UK equity managers such as Fidelity's Alex Wright, reported pre-tax profits for the quarter was £654m, a 46% fall on the same period a year - in the three months to 31 March 2015, pre-tax profit was £1.2bn.  This was primarily due to losses of £790m incurred when redeeminng enhanced capital notes, a significant increase on the £65m losses made on the same product a year ago. Underlying profit was £2bn, down 6% from a year ago but up 17% from the end of 2015. Lloyds set to cut 1,000 jobs in digital restructuring Antonio Horta-Osorio, group chi...