Lloyds Banking reports Q4 net income GBP 4.232B vs GBP 4.693B last year

Statutory profit after tax for Q4 was GBP 1.234B vs GBP 1.706B last year; net interest margin of 2.98% vs 3.22% last year. Net interest income in the fourth quarter of GBP 3.317B was lower than the third quarter, with a lower net interest margin of 2.98 per cent from mortgage pricing and deposit mix headwinds. CEO Charlie Nunn said, “2023 was an important year for our Group. We continued to deliver on our purpose of Helping Britain Prosper, supporting both our customers and shareholders. We are seeing real evidence of strategic progress as we transform the business and have increased confidence in delivering the 2024 and 2026 strategic commitments. Our purpose-driven strategy is helping people and businesses across the UK finance their ambitions and grow whilst enabling us to build a more sustainable and inclusive business. This progress has been underpinned by continued strategic investment and contributed to a financial performance that has driven strong capital generation and increased shareholder distributions.”