Lloyds Banking Group reported a first-quarter statutory pretax profit of £2.0 billion ($2.70 billion). This result marks a 33% increase from the previous year and exceeded analyst expectations.
Net interest income rose 8% during the quarter. The banking net interest margin increased to 3.17%. The U.K.’s largest mortgage lender expanded its loan book by £5.1 billion.
The bank set aside £295 million for potential loan losses due to economic uncertainty. Operating costs declined 3% following cost-saving initiatives. The company reiterated its financial guidance for the full year 2026.