Profits fell 7 per cent at Lloyds Banking Group in the three months to 30 September despite total income edging up by 1 per cent. The bank reported pre-tax profit of £1.8bn, beating forecasts of £1.7bn, in the third quarter, while profit for the first nine months of the year rose 10 per cent to £4.9bn. Costs dropped by 3 per cent to £6.4bn. Lloyds chief executive António Horta-Osório said the group had “delivered a strong and sustainable financial performance, with increased profits and returns and continued strong capital build”. He added: “These results further demonstrate the strength of our business model and the benefits of our low risk, customer focused approach. “We have also made a strong start to our 2018 to 2020 strategic plan. We have been implementing the initiatives which we announced in February as part of our ambitious strategy to transform the group for success in a digital world. As planned, our strategic investment has accelerated and is already delivering real benefits to customers whilst operating costs continue to reduce.” Meanwhile, the bank’s chief financial officer George Culmer announced he plans to retire in the third quarter of next year. He joined the bank in 2012,… Read full this story
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