Lloyds profits fall as competition for mortgages heats up

Pre-tax profits drop to £1.6bn between January and March, down from £2.3bn last yearBusiness live – latest updatesLloyds Banking Group has suffered a 28% drop in first-quarter profits amid tough competition for mortgages and savings, but bosses said they expected those pressures to soon ease, helped by an improving UK economy.The country’s largest mortgage lender, which also owns the Halifax brand, said pre-tax profits dropped to £1.6bn between January and March, ha