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Costs surge sees first-quarter profits dip at Lloyds Group
The Journal
|May 02, 2025
LLOYDS Banking Group has reported a drop in profit for the first quarter of the year, as operating costs at the UK-focused bank surged.
The FTSE 100 heavyweight, which includes Lloyds, Halifax and Bank of Scotland, matched analyst predictions for pre-tax profit at £1.5bn a 7% decrease from the first quarter of 2024.
Shares in Lloyds fell nearly 2% in early trading yesterday.
The dip in profits was driven by a 6% increase in operating expenses to £2.6bn.
The bank attributed this to growth costs and the timing of strategic investments, including planned severance for the first quarter.
Lloyds set aside an impairment charge of £309m, compared to the £57m reserved in the first quarter of 2024.
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