Lloyds half year results

Recently, Jeremy Hunt expressed his hopes that major companies would not only share their financial results this week, but also reveal their strategies for keeping living costs down for their customers. Lloyds confirmed this at the outset of their financial reporting, before showing that business is still booming with statutory profit before tax up 23% to £3.87 billion. Comfortingly, the first half of the year did not witness a significant surge in mortgages exceeding three months of overdue payments. The introduction of the Mortgage Charter should help to ease this. As mortgage rates have skyrocketed over the past six months, it will be challenging for lenders like Lloyds and others to convincingly argue that they are doing their utmost to assist customers amidst the cost of living crisis, especially when they are reporting substantial profits.

No surprise to see the banks making billions of profits whilst most people are struggling to keep the roof over their head. Yet banks cry they couldn’t afford to give 24 hours notice on rate increases, but are slow to pass on higher interest rates to savers. But at least they are paying tax.