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

By Ian Hirst
Wednesday, 5th May 2021, 6:00 am

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.

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Lloyds banking group in Halifax

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.