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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.

Lloyds: We're taking responsibility for our PPI errors

Responding to today's record £117 million fine over its handling of PPI complaints, Lloyds Banking Group said that it takes responsibility for its mistakes and is looking to rebuild trust with customers.

We are trying to get it right for our customers and to rebuild trust. But we do not get everything right.

That means when we make mistakes, we will take responsibility for them.

This is what we have done here.

– Lord Blackwell, chairman of Lloyds Banking Group

The group said it has launched a programme to re-review or automatically uphold around 1.2 million PPI complaints.

It has also set aside £710 million to cover any redress due to affected customers, who are being contacted directly.

The group said that following its review, 90% of customers received payment and the remainder will be completed by the end of June.

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