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Lloyds Bank posts 6% fall in profits in first quarter

Lloyds Banking Group

Lloyds Banking Group has posted a 6% fall in underlying profits to £2.1 billion for the first quarter of the year, down from £2.2 billion a year earlier.

It hailed a "robust" performance in the first three months of 2016.

It said that, excluding the TSB business, which it sold last year, profits were "stable" on a year earlier.

The lender has escaped the hefty profits hit suffered by its investment banking rivals, with Barclays posting a 25% fall in first-quarter profits on Wednesday.

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