Lloyds Bank holds guidance as Q1 profit falls £28%

(Sharecast News) - Lloyds Bank held annual guidance despite a 28% fall in first-quarter profits due to lower net interest income and higher operating expenses, partially offset by a lower impairment charge.

Profit before tax for the first three months of 2024 was £1.63bn, down from £2.2bn a year earlier and 8% lower quarter on quarter.

Net interest margin - the difference between what a bank makes on savings and loan rates - fell to 2.95% from 3.22%. Underlying net interest income decreased 10% to £3.2bn.

Reporting by Frank Prenesti for Sharecast.com