Mubasher: Lloyds Bank on Wednesday reported a 141% year-on-year hike in pre-tax profits for the third quarter of 2017.
The British retail bank achieved a statutory profit before tax of £2 billion in the three months ended September, from £811 million in the prior-year period, beating analysts’ estimates of £1.6 billion.
Meanwhile, the bank posted that total income rose 8% to £4.6 billion in Q3-17.
Antonio Horta-Osorio, CEO of Lloyds Bank commented: "In the first nine months of the year we have delivered strong financial performance with increased underlying and statutory profit, a significant improvement in returns and strong capital generation.”
The bank said it would improve the rate at which it generates capital to range between 2.25% to 2.4% by the end of 2017.
By 11:10 am GMT, Lloyds Bank’s stock added 0.39% to 67.66 GBP.
