Lloyds Q1 profits down 95% as Covid-19 wrecks global economies

Lloyds CEO António Horta-Osório

Lloyds banking has seen a 95% drop in its first quarter profit as coronavirus hits global economies.

A £74 million profit from January to March were down from £1.6 billion in the same period a year ago.

The bank has set aside £1.43 billion to cover the expected slump following the Covid-19 pandemic.

Working on a “severe downside” worst case, the group sees the economy shrinking by as much as 7.8% this year.

Lloyds chief executive Antonio Horta-Osorio said:

“The economic outlook is clearly challenging and uncertain with the longer-term outcome dependent on the severity and length of the coronavirus pandemic and the mitigating impact of government and other measures in the UK and across the world.”

 


About the Author

Philip Braund spent 16 years at the Daily Mirror as a reporter and news editor before moving to ITV. He was the series producer of the ground-breaking investigation programme The Cook Report, Managing Editor at ITV's Millbank Studios, and Head of News at ITV Central. He has won national and regional Royal Television Society awards for documentaries.



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