Lloyds Banking Group Plcset aside more to prepare for a worsening economy hitting its borrowers, taking the shine off continued lending growth in the first quarter.
The British bank posted pretax profit of £1.52 billion ($2 billion), down 7% on a year ago and slightly below analyst expectations, according to a statement on Thursday. Mortgage balances grew by nearly £5 billion as homeowners rushed to beat an increase in stamp duty.
Lloyds also took an underlying impairment charge of £309 million, slightly higher than expected. While the firm said troubled loans remain at a low level, it made ...
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