Lloyds Bank Reports Profit Decline Amid Rising Costs

Lloyds Banking (LYG) has released an update.

Lloyds Bank reported a 27% drop in pre-tax profits for the first nine months of 2024, mainly due to reduced net interest income and increased operating expenses. The bank’s total income fell by 8%, impacted by lower margins from deposit churn and asset margin compression, although partially offset by gains from higher structural hedge earnings. Despite these challenges, Lloyds Bank saw improved performance in UK Motor Finance, benefiting from fleet expansion and a strategic acquisition.

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