Lloyds Banking Group's profits for the first three months of the year are up by nearly a quarter.

It made pre-tax profits of £1.6bn, 23 per cent higher than the same time last year, as reported by the BBC.

This comes on the back of a number of branch closures, including some which have left Gloucestershire towns without a local bank. Branches in both Winchcombe and Newent have closed in the last two years.

The rise in profits at the bank, which has a major centre at Barnwood, is thought to be partly due to the fall in PPI claims. The bank put aside £350m in the last three months of last year alone to cover PPI costs. With another 18 months until the PPI deadline, it is likely to see another rise in claims as the deadline gets closer.

Lloyds Banking Group returned to private ownership in May last year, eight years after the government's £20 bn bailout.

The bank announced earlier this year that it was going to be focusing more on digital services, a move which is likely to mean further branch closures in the future.