BUSINESS LIVE: Lloyds Profits Soar to £ 1.9 Billion; Sainsbury’s profits drop 39%
BUSINESS LIVE: Lloyds Profits Soar to £ 1.9 Billion; Sainsbury’s revenues drop 39%; Microsoft supported by software demand
Lloyds Banking Group has beaten expectations to see first quarter profits soar to £ 1.9 billion as it becomes the latest lender to cut bad debt reserves on a better economic outlook.
Sainsbury’s reported a 39% drop in full-year underlying profit as strong food sales during the coronavirus pandemic were offset by additional costs and a decision to forgo corporate tariff relief .
Microsoft’s profits soared 38% to $ 14.8 billion in the first three months of 2021 on continued demand for its software, cloud services and the new Xbox game console during the pandemic.
Lloyds Banking Group beat expectations to see first quarter profits climb to £ 1.9 billion