Lloyds Banking Group sees profits fall 95% due to economic impact of coronavirus

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Lloyds Bank
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Lloyds Banking Group has today reported a 95% fall in first-quarter profit due to the ongoing impact that coronavirus has had on the global economy.

Profits of £74m for the January-March period were down from £1.6bn in the same period in 2019.

However, Lloyds have set aside £1.4bn to cover the expected impact that coronavirus will have on the business.

The group, which owns Halifax and Bank of Scotland, revealed that it believes the UK economy will shrink by as much as 7.8% this year.

Lloyds Banking Group CEO Antonio Horta-Osorio said: “The economic outlook is clearly challenging and uncertain with the longer-term outcome dependent on the severity and length of the coronavirus pandemic and the mitigating impact of government and other measures in the UK and across the world.”

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