Lloyds TSB said on Tuesday that it was continuing to deliver good growth in its relationship banking business despite what it called a difficult period for financial services companies.
The company said that it had achieved a double-digit percentage increase in pre-tax profit in the first quarter of 2008 and that it had increased its market share in a number of key areas, whilst improving product margins.
Lloyds said that the impact of market dislocation on pre-tax profit in its Wholesale and International Banking arm was £387 million in the first quarter of 2008.
The company said that it was firmly on track to deliver a good performance in the first half of 2008 and that it had maintained its strong liquidity and funding position.
In a statement Lloyds said, The Group's core banking businesses have continued their growth momentum during the first quarter of 2008, notwithstanding the continuing difficulties in financial markets. This serves to demonstrate both the prudence of our business model and the high quality, sustainable nature of our earnings. Whilst no bank has been immune from the recent market turbulence, the impact on the Group continues to be relatively limited.