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Lloyds' improved margins 'built on cost-cutting'

Lloyds Banking Group's improved margins are built upon their recent "cost-cutting" measures as opposed to growth, banking expert Peter Hahn has said.

His comments come as the bank reported a 22% rise in underlying first quarter pre-tax profit to £1.8bn.

Lloyds Bank now plans to float 25% of its revived TSB business at the end of June with at least some of the shares being made available to the public, it has said.

First broadcast on BBC Radio 4's Today programme on Thursday 1 May.