Lloyds Banking reports Q1 net income GBP 4.24B vs. GBP 4.65B last year

Statutory profit after tax of GBP 1.2B with net income down 9% in the prior year and operating costs up 11%, partly offset by the benefit of a lower impairment charge; Return on tangible equity of 13.3%; Underlying net interest income of GBP 3.2B down 10%, with a lower banking net interest margin, as expected, of 2.95% and average interest-earning banking assets of GBP 449.1B. “The Group is continuing to deliver in line with expectations in the first quarter of 2024, with solid net income, cost discipline and strong asset quality. Our performance provides us with further confidence around our strategic ambitions and 2024 and 2026 guidance. Guided by our purpose, we are continuing to support customers and successfully execute against our strategic outcomes, as highlighted in the third of our strategic seminars last month. This underpins our ambition of higher, more sustainable returns that will deliver for all of our stakeholders as we continue to Help Britain Prosper,” said CEO Charlie Nunn.