Lloyds bank profits plunge by 26% as lender prepares for bad loans

Larger-than-forecast drop to £1.5bn in third quarter came despite rising interest rates Profits at Lloyds Banking Group dropped by 26% in the three months to September, as the UK’s “deteriorating” economic outlook forced it to put aside nearly £670m to protect against potential defaults on loans and mortgages. Lloyds, which owns Halifax and is the country’s largest mortgage lender, said pre-tax profits had tumbled to £1.5bn in the third quarter, down from £2bn during the same period last year. That was larger than the 9.5% fall to £1.8bn that analysts had predicted. Continue reading...
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