Careful business practices put Lloyds TSB banking group in a good position to weather the current storm coursing through the financial services industry. In an interim management statement released today, Britain’s fourth largest bank said it was continuing to grow and had sustainable earnings. In the last 12 months Lloyds TSB has implemented IT practices to assist its growth.
In the first quarter of 2008Lloyds TSB reported continued growth throughout its banking business, which is described as a “demonstration of the prudence of our business model and the high quality, sustainable nature of our earnings”. As a result, it says the impact of the credit crunch has been “relatively limited”. Cost management was cited as enabling the famous London bank to weather the current storm.
Lloyds TSB reported pre-tax profits of £387 million, although these were affected by write-downs.
Lloyds brought some of its call centre operations back from India last year to allow customers to call their local branch again. Instead back office administration has been relocated to India.
Earlier this year a new project management and governance tool was implemented to allow 1,500 Lloyds TSB workers to connect to the system for administering change management projects.