Lloyds Banking Group (LYG) has released an update.
Lloyds Banking Group reports a 28% decline in statutory profit before tax for Q1 2024 compared to the same period last year, with the drop attributed to lower net interest income and higher operating expenses, although somewhat offset by a reduced impairment charge. The Group’s total income also fell by 9%, driven chiefly by a decreased net interest margin, particularly in the mortgage sector. Despite this, the Group experienced an increase in net trading income from its insurance activities, reflecting stronger equity and debt market performances.
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