Lloyds profits drop 28% after bumper 2023 [Yahoo! Finance]
Lloyds Banking Group Plc American Depositary Shares (LYG)
US:NYSE Investor Relations:
lloydsbankinggroup.com/investors
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Source: Yahoo! Finance
The bank posted profits of £1.6bn for the quarter, down from £2.3bn for the same period in a bumper 2023. Its results showed the amount it made from loans to households and businesses, including mortgages, eased in early 2024 as people continue to be faced with higher borrowing costs. The UK's biggest lender also said higher running costs had hit margins. The group, which owns Halifax and Bank of Scotland, said in the three months to the end of March that its net interest income, which is the difference between the money it generates from loans and pays out for deposits, fell 10% to £3.2bn. The fall was expected as more people moved their cash into savings accounts with higher returns as mortgage rates eased because of competition stepping up among lenders. Like other UK banks, Lloyds' profits were boosted by the increase in interest rates over the past couple of years, which have allowed lenders to charge more on loans. Borrowing costs have been hiked as the Bank of Engl
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LYG
Sec Filings
- 5/3/24 - Form 6-K
- 5/2/24 - Form 6-K
- 5/1/24 - Form 6-K
- LYG's page on the SEC website