Lloyds profits slide £550m as interest margins tighten

LLOYDS Banking Group recorded a slide in profit in the first half of the year amid a surge in costs and a slowdown in the amount of cash it was making on the back of interest rates.

- Charlie Conchie

The owner of Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows reported a pre-tax profit of £3.32billion in the six months to the end of June, down from around £3.87bn in the same period in 2023.

But it was ahead of analyst estimates of £3.2bn and comes amid a wider slowdown in banking profits after a record year last year.