PLC (LON:RIPF) rose by a third to 62p after it revealed that credit collections in March were only below budget by 13%.
The lender estimated collections effectiveness at 76% at the group level in April after what it called a swift implementation of alternative collection strategies and agents resuming home service in most European markets.
Collections effectiveness is expected to be at a similar level in May with improvements anticipated thereafter.
11.30am: Lloyds’ profits plummet
PLC () slipped 5.9% to 32.7p after its profits plummeted 95% in the first quarter of the year.
Britain’s biggest lender took an impairment charge of £1.4bn, which it said reflected the revised economic outlook from the effects of the pandemic and some charges relating to existing restructuring plans.
On top of this, there was another £421mln of charges, mainly relating to negative insurance volatility from falling equity markets and widening corporate bond credit spreads.