RE: 2024 results20 Feb 2025 07:20
Feb 20 (Reuters) - Lloyds Banking Group (LLOY.L), opens new tab reported a 20.4% drop in annual profit on Thursday, missing market expectations, as interest rate cuts hit lending margins and Britain's sluggish economic recovery hurt the bank's income.
Britain's biggest mortgage lender reported a pretax profit of 5.97 billion pounds ($7.52 billion) for 2024, compared to 7.5 billion a year ago.
Analysts were expecting profit of 6.39 billion pounds, according to a company-compiled consensus.