Lloyds Banking Group has revealed its yearly profit soared by more than 50 per cent after being boosted by higher borrowing costs, but said it set aside £450m to cover potential costs of a major review into historic car finance selling practices. The banking group said it made a pre-tax profit of £7.5bn over 2023.
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00:00 Hello, my name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.
00:06 Here are your business headlines for this morning. Lloyd's Banking Group has revealed
00:10 its yearly profits soared by more than 50% after it was boosted by higher borrowing costs,
00:14 but it said it set aside £450 million to cover the potential costs of a major review
00:20 into historic car finance selling practices. The Banking Group said it made a pre-tax profit
00:25 of £7.5 billion over 2023, surging by 57% compared with the £4.8 billion made in 2022
00:33 and coming in ahead of analysts' expectations. It was achieved as its underlying net interest
00:38 income, which is the difference between what it makes in loans and pays out for deposits,
00:42 jumped by 5% to £13.8 billion. But the Bank said it set aside a remediation charge of
00:49 £450 million to cover potential costs related to the financial regulators probe into historic
00:55 car finance selling practices. So an update there from Lloyd's Banking Group which says
01:00 its yearly profit soared by more than 50%. My name's Greg Wright and I'm the Deputy
01:05 Business Editor of the Yorkshire Post.
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