Rising Mortgages Contribute to Lloyds Third Quarter Profits
An increase in mortgages helped Lloyds Banking Group to post a statutory profit before tax of £ 2 billion in the third quarter of the year.
The banking group, which includes Lloyds and Halifax, today released its third quarter report, which shows pre-tax profit of £ 5.9 billion for the nine months ended late September and profit underlying of £ 6.3bn.
Both figures are up sharply from the first nine months of 2020.
Lloyds’ reported open mortgage revenue of £ 292.6 billion for the three months to September 30, 2021, up from £ 289.9 billion as of June 30, 2021 and significantly higher from to the £ 270.6 billion posted in the third quarter of 2020.
Lloyds Banking Group Managing Director Charlie Nunn, who took office in August, said of the results: “Building on the strengths of the group and its achievements over the past few years, Lloyds Banking Group has clearly significant opportunities to further develop its platforms. and capabilities and grow through disciplined investments, empowering colleagues, improving collaboration and increasing agility across the Group.
“It can build on the strengths of customer service, distribution and cost management. As we move into the final quarter of 2021, the Board of Directors, Group Executive Committee and I are developing the next evolution of our strategy and longer term priorities. “