April 25, 2018 / 6:10 AM / a month ago

BRIEF-Lloyds Bank takes 90 mln stg additional PPI charge in Q1

April 25 (Reuters) - Lloyds Banking Group PLC:

* CEO SAYS THESE RESULTS CONTINUE TO DEMONSTRATE STRENGTH OF OUR BUSINESS MODEL

* CEO SAYS UK ECONOMY CONTINUES TO BE RESILIENT, BENEFITING FROM LOW UNEMPLOYMENT AND CONTINUED GDP GROWTH

* CEO SAYS ASSET QUALITY REMAINS STRONG WITH NO DETERIORATION SEEN ACROSS PORTFOLIO. WE EXPECT ECONOMY TO CONTINUE TO PERFORM ALONG THESE LINES DURING 2018

* CEO SAYS WE HAVE MADE A STRONG START TO 2018 AND HAVE BEGUN IMPLEMENTING STRATEGIC INITIATIVES WHICH WILL FURTHER DIGITISE GROUP, ENHANCE CUSTOMER PROPOSITIONS, MAXIMISE OUR CAPABILITIES AS AN INTEGRATED FINANCIAL SERVICE PROVIDER AND TRANSFORM WAY WE WORK

* CREDIT QUALITY ACROSS PORTFOLIO REMAINS STRONG. ASSET QUALITY RATIO INCREASED TO 23 BASIS POINTS LARGELY DUE TO EXPECTED LOWER RELEASES AND WRITE BACKS

* PPI CHARGE OF £90 MILLION COMPRISES INCREASED COSTS IN RELATION TO COMPLETION OF REQUIREMENT UNDER PLEVIN RULING TO PROACTIVELY CONTACT CUSTOMERS

* IMPAIRMENTS AT 258 MILLION STG, UP FROM 127 MILLION STG IN Q1 2017 Source text for Eikon: Further company coverage: (Reporting by Lawrence White)

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