Lloyds Bank lifted annual guidance after a rise in net income for the half-year due to rising interest rates, and despite a fall in pre-tax profits.
The lender on Wednesday, said net income surged 65% to £7.2bn for the six months to June 30. Pre-tax profits fell 6% to £3.6bn, after the previous year’s earnings were boosted by the release of cash set aside to cover bad debts anticipated during the Covid pandemic.
Lloyds said its net interest margin, the difference between savings and lending rates, was now expected to be greater than 280 basis points.
Reporting by Frank Prenesti at Sharecast.com
