Britain's state-rescued Lloyds Banking Group on Thursday logged rising first-quarter net profits but warned on the impact Brexit could have on the nation's economy. Profits after tax rose two percent to £1.2 billion ($1.6 billion, 1.4 billion euros) in the three months to March from a year earlier, LBG said in a results statement.
LBG, which returned to full private ownership in 2017 after its financial rescue by the UK government more than a decade ago, added that pre-tax profits were flat at £1.6 billion. Revenues gained two percent to £4.4 billion, while total costs fell four percent to just under £2.0 billion. "In the first three months of 2019 we have again delivered a strong business performance with continued strategic progress, increased statutory and underlying profit and strong financial returns," said chief executive Antonio Horta-Osorio.
"While Brexit uncertainty persists, and continued uncertainty could further impact the economy, I remain confident that (Lloyds)... will continue to deliver superior performance and returns for our customers and shareholders."
The lender is also reaping the rewards of a drastic restructuring plan that was launched at the start of 2018 to axe jobs and branch numbers.
The group added Thursday that it will aim to slash its operating costs to less than £8.0 billion this year, which is one year ahead of schedule.
Lloyds, which still has the largest bank branch network in Britain, has refocused its efforts in recent years on retail and business banking. In Thursday late morning deals, Lloyds shares shed 0.75 percent to 63.12 pence on London's benchmark FTSE 100 index, which was almost unchanged.
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