Lloyds has confirmed it remains on track to seek to return to dividend payment in the second half of this year following a 22% increase in underlying profit to £1.8 billion in the first quarter.
At 8.23, shares in Lloyds were up 3.17% at 77.97p.
‘This improvement was driven by net interest income in our key markets as well as a reduction in costs of 5% and in the impairment charge of 57%,’ said chief executive Antonio Horta-Osorio.
‘The group made a statutory profit before tax of £1.36 billion, compared to a statutory loss of £1.2 billion in the fourth quarter of 2013.’
The company’s loan to deposit ratio fell from 113% to 111% over the quarter, down from 119% in the first quarter of 2013.