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Bank charges: Lloyds posts profits despite selling problems

Lloyds Banking Group has seen its profits rise in the first quarter of 2013.

The part state backed bank saw a pre-tax profit of £2.04 billion in the first three months of the year.

Chief executive officer Antonio Horta-Osorio said that Lloyds intends to continue investing in delivering UK-customer focused retail banking.

However, future profits could be hampered by the bank’s recent failure to sell off around 630 of its retail branches to the Co-Operative bank.

Lloyds still plans to sell off these branches in 2014, under a plan titled Project Verde, through a stock market listing.

An increase in profits may help Lloyds move back towards privatisation. The bank is currently 39 per cent owned by the taxpayer after the government had to bail it out during the financial crisis.

Nevertheless, the failure to sell the branches and build the prominence of Co-Operative bank will disappoint the government who hoped that it would increase competition in the financial sector.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801579257-ADNFCR

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