View more on these topics

Lloyds posts 23% jump in profits

Lloyds Banking Group’s pre-tax profits have jumped 23 per cent to hit £1.6bn for the quarter, latest results show.

For the three months to the end of March, the bank has reported net income of £4,3bn, up 4 per cent year on year, as Lloyds sounded a bullish note on the prospects for the UK economy moving forward in 2018.

Chief executive António Horta-Osório says: “The UK economy continues to be resilient, benefiting from low unemployment and continued GDP growth. Asset quality remains strong with no deterioration seen across the portfolio. We expect the economy to continue to perform along these lines during 2018.”

Horta-Osório said the strength of the results had led to the start of a £1bn share buyback programme last month to return money to stakeholders.

The bank has budgeted an additional £90m to cover payment protection insurance claims after a government tweak in the criteria for applications.

Lloyds says the results have also been adjusted to reflect strategic investments including subsidiary Scottish Widows’ acquisition of Zurich’s workplace pensions business.

Unveiling a new three year strategy in February, Lloyds said it would boost its financial planning and retirement open book assets by more than £50bn by 2020 and target more than one million new pension customers



Lifetime allowance 2018/19 increase confirmed but pensions absent

The Government has confirmed that the lifetime allowance 2018/19 will rise in line with inflation, but savers have been offered little else in the Autumn Budget. The lifetime allowance will increase from £1m to £1,030,000 to match CPI from 2018/19.  Though the maximum amount the can be saved each year into a Junior Isa or […]

Revealed: Fidelity International director investigated over harassment claims

A former Fidelity International female employee is claiming compensation against the asset manager following an alleged case of harassment from senior management, Money Marketing can reveal. The employee, who we will name Mrs A, and who used to be based at one of Fidelity’s offices in India, was sent an employment termination letter on 14 March […]


How much are advisers charging for pension transfers?

Defined benefit pension transfer charges are being put under the microscope again as the regulator turns over more potential conflicts of interest. With the British Steel Pension Scheme the latest to dominate headlines and the FCA ready to interrogate further as it extends its review to include all firms authorised to give pension transfer advice, […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment