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Lloyds Reports Third-Quarter Profit Rise as Britain’s Banks Face Higher Taxes
Underlying net interest income rose 10% as Lloyds avoided last year’s remediation costs and said it remains on track to meet annual targets.
- On October 29, Lloyds Banking Group reported a £2.3 billion pre-tax profit for the July-September quarter, doubling year-on-year as the bank avoided remediation costs that impacted 2025 results.
- Underlying net interest income jumped 10% year-on-year, driven by higher interest rates and lending growth. Last year's profit was suppressed by an £800 million provision for motor finance mis-selling.
- Chancellor John Healey announced on Wednesday a temporary tax surcharge hike for banks, doubling from 3% to 6% for 15 months to fund "a bit more of our banks to support ordinary people."
- Lloyds shares fell 6% in early trading as investors reacted to a lack of upgraded performance targets. CFO William Chalmers noted, "we are seeing a tighter and more competitive deposit market."
- The tax measure is expected to raise £1.5 billion for the Treasury over 15 months, according to the Office for Budget Responsibility. British banks face tougher times ahead as margin compression impacts growth.
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Profit before taxes increased 42% in the first nine months of the year, reaching 6,625 million pounds (about 7,883 million euros), the banking group indicated in a statement sent to the London Stock Exchange.
·Lisboa, Portugal
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Lloyds reports third-quarter profit rise as Britain's banks face higher ...
·London, United Kingdom
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Lloyds beats profit expectations after tightening costs
Lloyds Banking Group beat profit expectations in the third-quarter after slashing its cost base. The FTSE 100 giant reported a £2.3bn pre-tax profit for the latest three months, up nearly 99 per cent on last year’s figure. The growth was driven by the absence of any major impairment charges after the bank added another £800m [...]
·London, United Kingdom
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Coverage Details
Total News Sources17
Leaning Left2Leaning Right1Center6Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 22%
C 67%
11%
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