By Steve Slater and Clara Ferreira-Marques

LONDON (Reuters) - Lloyds TSB said it should deliver a good performance in the first half and had no need to follow rivals and ask investors for funds despite taking another 387 million pound writedown.

Lloyds, the country's fifth biggest bank, said in a trading update on Tuesday that its pretax profits rose by more than 10 percent in the first quarter, excluding the writedown and the adverse impact of volatility on its insurance unit.

The bank said its deliberately lower risk and "prudent" strategy had left it well positioned in the current climate, and it had sufficient capital for its organic growth plans.

Its core Tier 1 capital ratio stood at 7.4 percent at the end of last year, higher than most European rivals.

"These are levels that are very positively received when we talk to analysts and shareholders so we're comfortable our capital position is pretty robust," Tim Tookey, acting finance director, told reporters on a conference call.

Lloyds hinted in February that it was open to acquisition opportunities, and Tookey said more opportunities were emerging in the sector, but the bank's stance was unchanged.

"Just because the shoe is cheap doesn't mean it will fit well," he said. "There are probably more people looking to be at the other end of an opportunity, but that doesn't mean necessarily that we are looking at a longer list."

By 8:20 a.m. Lloyds shares were down 0.8 percent at 449 pence in a slightly weaker bank sector.