Lloyds profit surges by 52% as bank builds on recovery

London

LLOYDS Banking Group on Wednesday said that its net profit soared 52 per cent last year, when the UK lender returned fully to the private sector following a state bailout.

LBG, which was financially rescued by the UK government following the height of the financial crisis a decade ago, said profit after tax jumped to £3.04 billion (S$5.6 billion) in 2017 from £2 billion a year earlier.

"2017 has been a landmark year in which the group has made significant strategic progress and …