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Lloyds Banking Group's Statutory Profit Dips

Editorial Staff

25 April 2024

yesterday announced that its statutory after-tax profit stood at £1.2 billion ($1.49 billion), down from £1.6 billion a year before, affected by rising operating costs. 

Underlying net interest income fell 10 per cent year-on-year to £3.2 billion, with a lower banking net interest margin, as expected, of 2.95 per cent.

Operating costs rose 11 per cent to £2.4 billion. This included about £100 million related to the sector-wide change in the charging approach for the Bank of England levy.

The lender said it had a Common Equity Tier 1 ratio of 13.9 per cent, ahead of an ongoing target of about 13.0 per cent. 

The bank's wealth business had total customer deposits in its wealth arm of £10.2 billion, down from £12.9 billion, slipping 21 per cent from a year ago.