TSB sale costs Lloyds £660m
The sale of TSB cost Lloyds Banking group £660m, causing statutory profit before tax to fall by 11% to £1.214bn in Q1.
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The costs are largely attributed to migrating TSB to an alternative IT platform.
In a statement, Lloyds said:
"We agreed the sale of our remaining stake in TSB to Banco de Sabadell in the first quarter and as part of this agreement we sold 9.99 per cent of our stake in March. The full disposal of TSB will enable us to meet our commitment to the European Commission ahead of the mandated deadline."
However underlying profit reached £2,178 million, an increase of 21% on the first quarter of 2014, while total income rose 3% to £4,644 million.
Profit before tax and the sale of TSB was up 37% to £1,874 million.
Total loans and advances to customers were £455 billion at 31 March 2015, 5% lower than at 31 December 2014, principally reflecting the sale of TSB. Customer deposits were £419 billion, 6% down since 31 December 2014, which the bank also attributed to the sale of TSB.
The bank also said there had been no further provisions to cover the mis-selling of PPI products.
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