Lloyds Banking Group has seen its profits drop by more than a quarter in recent months, following a bumper 2023 which saw its earnings hit record highs.
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00:00 Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
00:06 Here are your business headlines for this morning.
00:09 Lloyds Banking Group has seen its profits fall by more than a quarter in recent months,
00:14 following a bumper 2023 which saw its earnings hit record levels.
00:20 The lender said its statutory pre-tax profit for the first three months of the year hit
00:25 £1.6 billion, down 28% from the £2.3 billion reported during the same time last year.
00:33 It came in slightly below forecasts, with analysts expecting a quarterly profit of £1.7
00:39 billion.
00:40 Lloyds said the decline was driven by lower net interest income and higher business costs.
00:45 So an update this morning from Lloyds Banking Group, which has seen its profits drop by
00:51 more than a quarter in recent months.
00:54 My name's Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.