Lloyds Banking (LYG) has released an update.
Lloyds Banking Group reported a 10% decline in profit before tax for the first nine months of 2024, attributed to lower net interest income and increased operating expenses. Despite these challenges, the Group’s net trading income from insurance activities rose significantly, bolstered by robust equity market performance and improvements in UK Motor Finance. Total income decreased by 3%, reflecting the pressure from deposit churn and asset margin compression in a competitive mortgage market.
For further insights into LYG stock, check out TipRanks’ Stock Analysis page.
