Lloyds profit slides 14% as slow economy and rising costs bite

Lloyds Banking Group (LLOY.L), opens new tab reported a 14% fall in first half pretax profit to 3.3 billion pounds ($4.25 billion) on Thursday, just above forecasts, but tougher than expected trading conditions and rising costs hit its shares.

Analysts had expected Britain’s biggest mortgage lender to report statutory pretax profit of 3.21 billion pounds for the six months to end-June, and 1.58 billion pounds for the second quarter, according to consensus estimates supplied by the bank.

Source: REUTER