{"id":117324,"title":"Lloyds Bank’s profits decline due to falling interest rates.","publisher":"Share Talk","author":"sharetalk","published":"2024-10-23T10:43:43+00:00","modified":"2024-10-23T10:43:43+00:00","canonical_url":"https://www.share-talk.com/lloyds-banks-profits-decline-due-to-falling-interest-rates/","markdown_url":"https://www.share-talk.com/lloyds-banks-profits-decline-due-to-falling-interest-rates.md","json_url":"https://www.share-talk.com/lloyds-banks-profits-decline-due-to-falling-interest-rates.json","category":"B2B","categories":["B2B","Blogs","Financial","Technology","Technology, Media & Telecoms"],"tags":["BANK","Bank of England","LLOY","Lloyds Bank","London","UK"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/04/Lloyds-Bank.webp?fit=1200%2C800&quality=80&ssl=1","format":"news","language":"en-GB","content":"Lloyds Banking Group reported a slight decline in its recent earnings, although it noted improved consumer financial confidence.\n\nThe bank posted a pre-tax profit of £1.8 billion for the period from July to September, down approximately 2% from the £1.9 billion earned in the same period last year.\n\nHowever, this figure still exceeded analysts’ expectations, forecasting a third-quarter profit of £1.6 billion.\n\nLloyds also reported an 8% decrease in underlying net interest income, which fell to £9.6 billion, as its banking net interest margin dropped to 2.94%.\n\nFollowing a decrease in inflation to the 2% target, the Bank of England has started to lower interest rates.\n\nFurthermore, Lloyds observed a 5% increase in its customers’ spending on non-essential items over the first nine months of the year, alongside a nearly 20% reduction in average spending on energy bills."}