Lloyds Banking Group has reported pre-tax profit of £7.5billion, up 57% from £4.8billion last year as Bank of England interest rates remain high.

The group enjoyed a huge boost in lending revenues - in line with other banks - thanks to the high rates, and only set aside £308million to cover potential unpaid loans, compared with £1.5billion the year prior.

Lloyds - which also spans Halifax and Bank of Scotland - announced a £2billion share buyback and a final dividend of 1.84 pence.

Net interest margin - which underlines bank profitability - fell in the fourth quarter to 2.98%, from 3.08%, with the 2024 outlook suggesting it may fall further to 2.9%.

Charlie Nunn, chief executive, said: "The Group delivered a robust financial performance, meeting our 2023 guidance, driven by income growth, cost discipline and strong asset quality. This performance enabled strong capital generation and increased shareholder distributions."

FTSE 100

The UK's flagship share index, the FTSE 100, was up 40-points at 7,702 shortly after opening this morning.

Brent crude oil futures was up 0.41% today, trading at $83.37 a barrel.

Companies reporting this week

Anglo AmericanFull Year Results
GenusHalf Year Results
Hargreaves LansdownHalf Year Results
HaysHalf Year Results
Hikma PharmaceuticalsFull Year Results
IndiviorFull Year Results
LloydsFull Year Results
ME GroupFull Year Results
MondiFull Year Results
Morgan SindallFull Year Results
NestleFull Year Results
Pantheon InternationalHalf Year Results
Rolls RoyceFull Year Results
Safestore HoldingsQ1 Trading Statement
WPPPreliminary Full Year Results
Deutsche TelekomFull Year Results
Jupiter Fund ManagementFull Year Results
Standard CharteredFull Year Results

More like this…

View all