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Lloyds reports third-quarter profit rise as Britain's banks face higher taxes

By Reuters News

LONDON, Oct 29 (Reuters) - Britain's Lloyds Banking Group LLOY.L reported profit before tax for the July-September period of £2.3 billion ($3.1 billion), up from £1 billion a year ago when it took £875 million in remediation charges, and in line with analysts' forecasts.

The bank said it was on track to mean all its performance targets for the year, showing how banks' performance remains robust in Britain a day after finance minister John Healey announced higher taxes on the sector in his first budget.

  • CEO Charlie Nunn says bank is delivering "sustained strength in financial performance" with credit quality remaining robust

  • Q3 net interest income up 10%, despite margin compression in deposit market, thanks to hedging actions and growth in lending volumes

  • Third quarter profit doubles year-on-year as bank avoids remediation costs linked to motor finance scandal that marred Q3 2025

  • Q3 2026 retail deposits "broadly stable", Lloyds says, after rival HSBC earlier in the week flagged rising pricing competition and falling margins in deposit market

  • British banks face doubling of tax surcharge for 15 months, less than some lenders had feared

($1 = 0.7500 pounds)

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