Lloyds: Banking Group's yearly profit soared by more than 50 per cent
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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NewsTranscript
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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