Lloyds Banking Group has reported a sharp rise in profits during the first nine months of 2017, helped by a bumper third quarter, with its chief executive welcoming a "strong financial performance" ahead of a strategic review due to be unveiled early next year.

In the UK banking group's latest interim management statement, chief executive António Horta-Osório said its results for the nine months to September 30 demonstrated a "simple and low risk business model and the benefits of our competitive advantage in the UK".