Lloyds to cut 3,000 jobs and 200 branches as profits soar

Lloyds Banking Group has announced it will cut a further 3,000 roles and close 200 more branches, even as it reported a doubling of pre-tax profits.

The lender had already committed to axing 9,000 jobs and 200 branches.

Lloyds also reported a £2.5bn profit for the half year to the end of June, compared with £1.2bn.

However, chief executive Antonio Horta-Osorio warned that he expects a "deceleration of growth" following the UK's decision to leave the EU.

Almost 10% of Lloyds is still owned by the British taxpayer.

The Group said the increased cost-cutting was as a result of the change in how people do their banking, and due to the chances of interest-rates staying low in the wake of Brexit.

Mr Horta-Osorio emphasised that Lloyds was in a "strong position to withstand the uncertainty" created by the vote.

The bank has previously been hit by large payouts for payment protection insurance (PPI) compensation. The scheme is expected to be wrapped up soon.