Lloyds Banking Group profit soars, thanks to surprisingly resilient British economy
London — Lloyds Banking Group’s net profit jumped 63% in the first nine months of 2017, as the British economy remains resilient in the face of Brexit. Lloyds said on Wednesday that its bottom-line net profit rose to £2.8bn in the period from January to September, compared with £1.7bn a year earlier. "In the first nine months of the year, we have delivered a strong financial performance," CEO Antonio Horta-Osorio said. "Our differentiated UK-focused business model continues to deliver with the UK economy remaining resilient." Highly dependent on its high-street banking activities, Lloyds lifted overall revenue by 9% in the January-September period, benefiting from a comparatively solid domestic market, despite the uncertainties related to Britain’s planned departure from the EU. "The economy is more resilient than expected, there is full employment," Horta-Osorio said in a conference call to journalists. "There is some pressure on the real wages, but the depreciation of the pound is...
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