Lloyds profits: 'I would urge caution', says analyst

Lloyds Banking Group, which is 39% taxpayer-owned, has reported a jump in its profits for the first three months of this year.

It made a statutory pre-tax profit of £2.04bn in the first quarter, up from £280m for the same period last year.

The bank was hit hard by restructuring costs and mis-selling scandals for Payment Protection Insurance and interest rate swaps.

The bank says this "substantial progress" has come from a simpler and safer banking model.

BBC Breakfast's Steph McGovern spoke to banking analyst and hedge fund manager Chris Clarke from Nottingham Trent Business School, who says he would "urge caution" about taking the results in isolation.