Lloyds Banking Group PLC (LSE:LLOY) reported stronger-than-expected third-quarter profits and reaffirmed guidance for the current year.
Absent from the update was an increase in charges related to a Financial Conduct Authority motor finance review.
The black horse bank reported pre-tax earnings of £1.8 billion, slightly down from £1.9 billion the previous year but surpassing analysts' predictions of £1.6 billion.
The UK’s largest mortgage lender maintained its outlook for 2024, citing increased customer financial confidence despite economic challenges.
Chief executive Charlie Nunn credited the solid results to income growth, cost control, and healthy asset quality. Lending balances grew by £4.6 billion to £457 billion, driven by credit card and loan growth, while the mortgage portfolio expanded by £3.2 billion.
Nunn added: "As mentioned during our half-year 2024 results update, we are making good progress on our strategy and remain on track to deliver higher, more sustainable returns."