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Lloyds Banking Group reported third quarter profits that exceeded expectations on Wednesday, and reaffirmed its performance guidance for 2024, citing increasing financial confidence among its customers.
Britain's biggest mortgage lender reported statutory pretax profit for the July-September period of 1.8 billion pounds ($2.34 billion), narrowly down from 1.9 billion pounds a year ago but above the average analyst forecast of 1.6 billion pounds.
Lenders such as Lloyds and rival NatWest have enjoyed bumper profits in recent years as rising interest rates lifted the returns they could make from lending, but now face the challenge of maintaining returns while rates fall.
Britain's growth prospects and public finances meanwhile remain frail.
Lloyds nonetheless left its performance guidance for the year unchanged, saying it still expects to make a return on tangible equity for this year around 13 per cent and for its net interest margin to be greater than 2.9 per cent.
Group Chief Executive Charlie Nunn attributed the robust quarterly performance to income growth, continued cost discipline and strong asset quality.
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Total lending balances rose by 4.6 billion pounds to 457 billion pounds in the quarter, driven primarily by growth in credit cards and unsecured loans, while its mortgage book grew by 3.2 billion pounds over the period.
Lloyds said it expected house prices to rise by 3.1 per cent this year, compared with a forecast of 1.9 per cent growth at the half-year. It also said it expects one further base rate cut from the Bank of England before the end of 2024.
The lender also made no further charges relating to the motor finance review by the Financial Conduct Authority.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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