LONDON (ShareCast) - (Sharecast News) - Lloyds has reported a slight decline in statutory profits over the third quarter but still managed to beat consensus forecasts, as the banking group reiterated guidance for the full year.
Statutory profit before tax totalled £1.82bn in the three months to 30 September, down 2% on last year but well ahead of the £1.6bn expected by analysts.

Underlying net interest income was down 6% year-on-year at £3.23bn in the third quarter but 2% above the second quarter as the banking net interest margin improved to 2.95% from 2.93%.

Underlying other income improved 10% to £1.43bn, meaning that total net income was down just 4% year-on-year at £4.35bn in the third quarter.

"The group delivered a robust financial performance in the third quarter of 2024, with growth in income alongside continued cost discipline and strong asset quality. Our performance allows us confidently to reaffirm our 2024 guidance," said chief executive Charlie Nunn.

The common equity tier 1 ratio rose to 14.3% by 30 September, up 0.2 percentage points from 30 June, due to strong capital generation, helping the CET1 ratio stay comfortably ahead of the ongoing target of 13% by 2026.

"We are making good progress on our strategy and remain on track to deliver higher, more sustainable returns," Nunn said.

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