Lloyds profits soar as Covid loan loss provisions released

Banking group claws back £459m from cash pile meant to cover bad debts

Earnings at Lloyds Banking Group have surged back, with a forecast-beating £1.9bn in pre-tax profits for the first quarter, as the lender released hundreds of millions of pounds worth of loan loss provisions originally earmarked for potential defaults linked to the coronavirus pandemic.

Lloyds released £459m from a cash pile meant to cover bad debts in the first three months of the year, in stark contrast to the £1.4bn charge it took at the start of the outbreak in 2020. The banking group put aside a total of £4.2bn last year, amid fears that business and personal customers would fail to keep up with their loan payments.

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Coronavirus | The Guardian

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