April 25, 2018 / 6:10 AM / a year ago

Lloyds Bank just misses forecasts with $2.23 bln first quarter profit

LONDON, April 25 (Reuters) - Britain’s biggest mortgage lender Lloyds Banking Group reported pre-tax profit of 1.6 billion pounds ($2.23 billion) in the first quarter on Wednesday, just missing analyst expectations of 1.82 billion pounds.

While falling short of the average of analysts forecasts based on Thomson Reuters data, the bank’s profits grew by 23 percent compared with the 1.3 billion pounds it posted in the same period last year.

The bank, which laid out a fresh three-year strategy in February, also reported a common equity tier one capital ratio of 14.4 percent and took another 90 million pounds in provisions to resolve issues related to its mis-selling of payment protection insurance.

$1 = 0.7161 pounds Reporting by Emma Rumney, editing by Sinead Cruise

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