Lloyds Banking Group profits slip 7% amid Trump tariffs concern

Chief finance officer says it remains vigilant' as it sets aside more money than expected to cover possible bad debt

Profits at Lloyds Banking Group have fallen as the high street bank set aside more money than expected to deal with possible bad debts arising from Donald Trump's trade war.

The group, whose brands include Lloyds Bank, Halifax and Bank of Scotland, reported a 4% increase in net income to 4.39bn compared with the same period last year, but its pre-tax profit slipped by 7% to 1.52bn, mainly due to higher costs and impairment charges.