Lloyds Banking Group reports a 14% drop in first-half pretax profit to £3.3bn, with net interest income down 10% YoY.

Lloyds Banking Group posts a 14% drop in first-half pretax profit to £3.3bn, as lending margins hold firm amidst mounting competition. Net interest income declines by a tenth year-on-year, but the bank's balance sheet grows, with customer lending increasing by £2.7bn. Lloyds chief executive Charlie Nunn says the bank was "surprised by how quickly the mortgage market recovered," suggesting people had been waiting for lower interest rates.