Profits up at Lloyds Banking Group

Lloyds Banking Group has announced a major rise in its profits for the first quarter of the year, with the bank reporting it made £2 billion between January and March.

Antonio Horta-Osorio, the group chief executive, said the bank had made "substantial progress" in recent months, with the financial results coming only a few days after the sale of their Spanish retail business.

The bank, which is 39 per cent owned by the taxpayer, reported a statutory pre-tax profit of £2.04 billion in the first quarter, which is a big increase from £280 million for the same period in 2012.

Lloyds Banking Group said it was continuing to invest in "simple, lower risk, customer focused UK retail and commercial banking".

On the back of the positive set of financial results released by the bank this morning (April 30th), its share price rose slightly in the early stages of the day's trading.

At 08:29 BST, stocks were selling for 56.40, up more than five per cent on the start of the day.

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