Underlying Profit Dips At UK's Lloyds Banking Group

Tom Burroughes

26 October 2016

today said it logged an underlying profit of £6.1 billion in the first nine months of 2016, down from £6.4 billion in the same period a year ago.

Net interest income stood at £8.6 billion, up 1 per cent year-on-year with an improved margin of 2.72 per cent. Other income, however, fell 2 per cent year-on-year to stand at £4.5 billion, the bank said in a statement on the London Stock Exchange.

Operating costs fell 2 per cent to £6.0 billion.

On a statutory basis, pre-tax profit surged more than 50 per cent year-on-year to £3.3 billion, it said. A number of significant changes to the group, including restructuring, disposals and other developments, have affected the composition of the banking group in the past 12 months. The bank said it presents its results on an underlying basis.

The UK-listed banking group gave no figures regarding areas of business such as private banking and wealth management.