Lloyds Banking Group Q1 pretax profit dropped 28% to £1.6bn due to rising costs, interest rates, and mortgage market competition.
Lloyds Banking Group reported a 28% drop in Q1 pretax profit to £1.6bn, in line with analyst expectations, due to rising costs, peaking interest rates, and intensifying mortgage market competition. Net interest margin dropped to 2.95% from 2.98% in Q4. The bank cited a new Bank of England levy on lenders and increased expenses from financial industry tech competition as challenges for continued profit growth.
April 24, 2024
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