Lloyds profits rise as it plans to restart dividends in H2

Lloyds Banking Group has reported a 22% rise in underlying profit to £1.8bn in the first quarter of the year.

Statutory profit before tax was £1.4bn and statutory profit after tax came in at £1.2bn. This compares to a statutory loss of £1.3bn in the fourth quarter of 2013, which was attributed partly to charges relating to legacy business, including PPI claims. The bank also reported a sharp fall in impairment charges, which fell 57% from a year earlier to £431m. Underlying income was 7% lower owing to disposals and a “challenging environment”. Lloyds plans to apply to the Prudential Regulation Authority to restart its dividend payments in the second half of the year. Group chief executiv...