Lloyds Bank reported its results for the first three months of the year, missing expectations.

Pre-tax profits for the quarter were flat, at £1.6 billion, unchanged from the same period a year ago.

This was due to one-off costs and continued Brexit related uncertainty.

The bank set aside £339 million for “banking volatility and other items”, relating to cost as a result of exiting an agreement with Standard Life.

The bank also earmarked an additional £100 million for payments relating to mis-sold PPI compensation.

A further £126 million in costs were racked up for restructuring measures during the period.

Nevertheless, the bank said overall operating costs fell by 3% to £1.9 billion, which ultimately contributed to a 8% increase in underlying profit to £2.2 billion.

António Horta-Osório, group chief executive, said: “While Brexit uncertainty persists, and continued uncertainty could further impact the economy, I remain confident that our unique business model, and in particular our market leading efficiency and targeted investment, will continue to deliver superior performance and returns for our customers and shareholders.”

Shares in Lloyds (LON:LLOY) are currently down -1.07% as of 12:39PM (GMT) as the market reacts to the results.