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Lloyds posts 38 percent rise in nine month profit

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Lloyds posts 38 percent rise in nine month profit

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LONDON (Reuters) – Lloyds Banking Group <LLOY.L> said its pre-tax profit for the first nine months of the year rose 38 percent to 4.5 billion pounds ($5.91 billion), building on the eight-year profit record it achieved in the first six months of the year. Britain’s biggest retail bank also said it would improve the rate at which it generates capital to 2.25 to 2.4 percentage points a year by the end of 2017, a sign of its increasing profitability. Lloyds said it would take no fresh provisions for misconduct charges such as the mis-selling of payment protection insurance, following fears such charges could increase after Britain’s financial watchdog launched an awareness campaign in August. ($1 = 0.7613 pounds)

(Reporting by Emma Rumney; Editing by Rachel Armstrong)
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