Lloyds Banking Group profit hits record $7.4 billion however misses estimates

“We have delivered another year of strong financial performance with improved upon profits as well as returns… as well as have currently built the largest as well as top rated digital bank within the U.K.,” Horta-Osorio said within the statement.

The bank’s planned £3 billion in strategic investment will be spent largely on digital technology as well as staff, although the bank said of which remained committed to its branch network, which has seen scores of closures since the financial crisis.

The strategy responds to completely new regulation forcing big banks to open up their customers’ data to rival lenders as well as financial technology firms, enabling them to compete more effectively for customers.

The bank said of which will revamp its app as well as digitize 70 percent of its processes by 2020, enabling of which to lower its cost income ratio to the low 40s through 46.8 percent in 2017.

of which also plans to ramp up its financial planning as well as retirement business, increasing open book assets by £50 billion by 2020 as well as expanding its corporate pension customer base by 1 million.

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