Lloyds Bank, the largest bank in Britain, delivered a stable outlook on the UK economy while announcing a 28% decline in first-quarter profits to £1.6 billion. Despite concerns about increasing mortgage costs and potential defaults, Lloyds emphasized its steadfast support for customers. The bank’s shares have faced a decline in recent years, but CEO Charlie Nunn expressed confidence in the bank’s strategic direction. Lloyds acknowledged an impairment charge of £57 million and a decrease in mortgage lending compared to the previous quarter. However, it reassured investors that this year’s results are expected to meet expectations, although profit margins are projected to fall slightly. Lloyds shares opened at 51p today, reflecting an 18% drop over the past five years. The bank has also set aside £450 million to address an investigation by a City watchdog into car loans.
Lloyds Bank Reports 28% Profit Drop Amidst Economic Concerns
