Lloyds profits bounce back as economy improves on the back of vaccine rollout
Lloyds Banking Group which employs hundreds of people in Calderdale has seen first quarter profits rise to £1.9bn
The group, which includes Halifax and Lloyds Banks, announced results for the first three months of 2021 which saw a big leap from the £74m first quarter profits the previous year.
The figures come as the group revealed a net impairment credit of £323m, having released £459m of previous impairments for loan losses thanks to greater optimism over the UK’s economic recovery from the pandemic.
Lloyds is upgrading its outlook for the full year on a range of measures, including its net interest margin – a key performance measure for retail lenders.
The banking firm employs 6,000 people in Calderdale and have a vast corporate centre on Trinity Road in Halifax.
Lloyds Banking Group was established in 2009 when Lloyds TSB acquired HBOS.