- April 24, 2024
- Posted by: legaleseblogger
- Category: Related News
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Lloyds Banking Group Sees a 28% Drop in Pre-Tax Profits in 2024
By Daniel Binns, business reporter
Profits have plunged at Lloyds Banking Group as it reported a 28% decrease in pre-tax profits for the first quarter of 2024 compared to the same period last year. The banking giant, which includes subsidiaries Halifax and Bank of Scotland, revealed that profits were £1.6bn, falling from £2.3bn in the previous year.
Despite the decline, Lloyds emphasized that the results were in line with their expectations, with analysts forecasting profits of £1.7bn. Higher business costs, such as the new Bank of England levy, and lower net interest income were cited as contributing factors to the profit decrease.
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CEO Charlie Nunn expressed confidence in the strategic ambitions of the bank, mentioning solid net income, cost discipline, and strong asset quality. Lloyds also adjusted its forecasts for the year, expecting a 1.5% increase in house prices across the UK, after initially predicting a decline.
Furthermore, Lloyds’ move towards online banking, including cutting jobs and axing mobile banking vans, reflects the ongoing transformation in the banking sector.
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