May 19, 2020

Third quarter profits for Lloyds climb to £2bn, up 141% from 2016

Lloyds profits
Lloyds financial report
Lloyds finances
British banks
Johan De Mulder
1 min
Third quarter profits for Lloyds climb to £2bn, up 141% from 2016

Profits at Lloyds Bank reached £2bn for the three months up to the end of September, a rise of 141% compared to the same period last year.

The British lender, which earlier this week revealed a new £500mn fund to support small and medium-sized businesses, released its financial report for its third quarter on Wednesday.

Though figures fell narrowly short of estimates, they still make happy reading for Lloyds' leadership team in comparison to its 2016 third quarter, when the financial ramifications of the PPI scandal hit the company hard.

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Net interest income also contributed to the soar in profits, rising 12%, while its move back to private ownership is also believed to have made an impact.

"In the first nine months of the year we have delivered strong financial performance with increased underlying and statutory profit, a significant improvement in returns and strong capital generation," said Lloyds chief executive Antonio Horta-Osorio. 

"These results highlight the strength of our customer focused, simple and low risk business model and the benefits of our competitive advantage in the UK."

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