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Banking group Lloyds said it expected the impairment charge for the full year to be at lower end its guidance range after reporting a rise in profit as the end of payment protection insurance saga boosted performance.
The company also announced that Robin Budenberg would be appointed as chairman to succeed Lord Blackwell, who is set to step down and resign on 1 January 2021.
For the three months to 30 September, pre-tax profit rose to £1.04 billion from £50 million year-on-year, while revenue fell 16% to £2.62 billion.
For the nine months through September, net income fell 17% to £10.8 billion, reflecting lower interest rates and lower other income.
The company did not make a provision for payment protection insurance in 3Q, compared with a £1.8 billion last year.
Earlier this year, the company said no further provisions were needed as it had already set aside enough money.
In its loan business, net interest margin rose 2 basis points to 2.42% in the quarter.
Looking ahead, the company said the impairment charge for the full year was now expected to be at the lower end of the £4.5 billion to £5.5 billion range.