Britain’s Lloyds Bank reported better than expected first quarter profits reflecting an improved economic outlook, in the last set of results for outgoing chief executive António Horta-Osório.
The bank said pre-tax profits came in at £1.9bn compared with £74m a year ago and against analysts forecasts of £1.1bn. Results were helped by a net impairment credit of £323m in the quarter, as Lloyds released £459m previously set aside to deal with the coronavirus pandemic.
Looking ahead, Lloyds said it expected a net interest margin of 245 basis points for 2021.
Horta-Osório, who has been at Lloyds for 10 years, is leaving for troubled Swiss bank Credit Suisse, currently embroiled in the fallout of the Greensill Bank and Archegos Capital scandals. HSBC executive Charlie Nunn is set to join Lloyds as chief executive in August.
