Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Lloyds profits squeezed as it braces for loan defaults amid rising interest rates

by October 27, 2022
October 27, 2022
Lloyds profits squeezed as it braces for loan defaults amid rising interest rates

Lloyds Banking Group said its profits were squeezed in the three months to September as it braces for a wave of loan defaults amid soaring inflation and rising interest rates.

Net income at the London-listed banking group, which includes Halifax, Lloyds Bank and Bank of Scotland, said income for the three months to the end of September jumped 12 per cent but was “more than offset” by

Pre-tax profits came in at £1.5bn ($1.74bn) for July-September, below the £1.8bn pounds average of analyst forecasts compiled by the bank and down on £2bn the prior year.

The bank notched notched jump in net income but said it was “more than offset” by impairment charges as a result of the revised economic outlook for the rest of the year. Lloyds’ results were dented by a £668m provision in the quarter to cover potential loan defaults.

“The current environment is concerning for many people and we are committed to maintaining support for our customers,” said Lloyds CEO Charlie Nunn.

Despite the slide in profit, Lloyds said the strength of its underlying performance meant it could raise its forecast on several performance metrics for the year.

Net interest margin, which measures how much the bank makes on the spread between what it pays savers and charges borrowers, will be 290 basis points rather than 280, it said, and the bank will generate more capital.

Read more:
Lloyds profits squeezed as it braces for loan defaults amid rising interest rates

0
FacebookTwitterGoogle +Pinterest
previous post
Apple to put USB-C connectors in iPhones to comply with EU rules
next post
Could Rishi Sunak make the UK a world-leading crypto-hub?

You may also like

Killing Kittens seeks £10.5m valuation for global expansion...

November 18, 2024

Uncertain future for over 2,700 Belfast aerospace jobs...

January 13, 2025

Money, Money, Money! The Abba effect brings £322M...

January 12, 2024

Isle of Man to freeze electricity prices until...

August 26, 2022

Fantastic Gifts For Your Mum When You Cannot...

October 4, 2023

Bank of England raises base interest rate to...

August 4, 2022

INDONESIA’S FOREIGN MINISTRY IS BEING HIT FROM BOTH...

March 16, 2023

Cyber skills gap leaves business vulnerable to attacks,...

October 3, 2023

Firms slash jobs at quickest rate in four...

January 7, 2025

Small Steps, Big Results: How A Credit Builder...

February 16, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Silver’s Surge is No Fluke—Here’s the Strange Ratio Driving It

      June 6, 2025
    • Friday Feature: Incubate Debate

      June 6, 2025
    • Risch urges ‘top to bottom’ USAID spending review after waste, fraud exposed

      June 6, 2025
    • Universities in Libertarian Land

      June 6, 2025
    • Elon Musk may speak to Trump aides in push to calm feud

      June 6, 2025
    • Everyone Talks About Leaving a Better Planet for Our Children: Why Don’t We Leave Better Children for Our Planet?

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,013)
    • Politics (15,545)
    • Stocks (3,131)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved