---
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"
date: 2024-10-23
canonical: "https://www.share-talk.com/lloyds-banks-profits-decline-due-to-falling-interest-rates/"
category: "B2B"
categories: ["B2B", "Blogs", "Financial", "Technology", "Technology, Media & Telecoms"]
tags: ["BANK", "Bank of England", "LLOY", "Lloyds Bank", "London", "UK"]
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"
---

# Lloyds Bank’s profits decline due to falling interest rates.

**Published:** October 23, 2024
**Author:** sharetalk
**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)

---

Lloyds Banking Group reported a slight decline in its recent earnings, although it noted improved consumer financial confidence.

The 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.

However, this figure still exceeded analysts’ expectations, forecasting a third-quarter profit of £1.6 billion.

Lloyds 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%.

Following a decrease in inflation to the 2% target, the Bank of England has started to lower interest rates.

Furthermore, 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.

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