British bank Lloyds on Wednesday announced a surge in net profit during the first quarter on lower-than-expected credit losses and economic recovery in the wake of the coronavirus pandemic. Profit after tax grew to £1.4 billion ($1.9 billion, 1.6 billion euros), "supported by business momentum and a release of expected credit loss provisions, given the improved economic outlook", Lloyds Banking Group said in a statement. That compared with profit after tax of £480 million in the first three months of 2020. Lloyds depends on the country's economic performance as retail banking is its core business. "The coronavirus pandemic continues to have a significant impact on people, businesses and communities in the UK and around the world," cautioned the bank's outgoing chief executive Antonio Horta-Osorio. "Whilst we are seeing positive signs, notably the progress of the vaccine roll-out and the emergence from lockdown restrictions, the outlook remains uncertain." bcp/lth