Bank updates

Lloyds beats forecast despite profits slide

Lloyds Banking Group

Performing well: Lloyds CEO said the bank is delivering benefits (pic: Terry Murden)

Lloyds Bank suffered a slip in profits in the third quarter although it beat analysts expectations

In the three months to 30 September profits before tax fell from £1.95 billion to £1.8bn, ahead of a forecast £1.7bn, while income rose 1% to £4.7bn.

Over nine months taxable profit is up 10% year-on-year to £4.9bn from £4.5bn, while costs fell 3% to £6.4bn. It reaffirmed its guidance for the remainder of the financial year.

The bank, which embraces Bank of Scotland and Halifax, announced that chief financial officer George Culmer will retire following the interim results in 2019.

Chief executive António Horta-Osório said the bank had performed well in the year to date with increased profits and returns.

The group’s efforts to become a more digital bank were also paying off, he added, “delivering real benefits to customers whilst operating costs continue to reduce”.

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