The bank, which is one-third state controlled, has already spent more than £8bn compensating victims of PPI mis-selling, by far the largest provision made by any British bank.
Antonio Horta-Osorio, group chief executive, said the bank's return to profit signalled its success in reinventing itself following the financial crisis.
"Over the last three years we have reshaped, simplified and strengthened the business to create a low-risk efficient Retail and Commercial bank that is focused on our customers and on helping Britain prosper," he said.
"Our significant progress in delivering sustainable improvements in our capital position and our profitability, despite legacy issues, is testament to the strength of our business model and the commitment of our people, and has enabled the UK government to start to return the bank to full private ownership."
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