Lloyds Banking Group sees its quarterly profits drop by more than a quarter

Yorkshire Post

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.

Transcript

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.

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