Lloyds profits boom on back of Covid mortgage market

Asia's Tech News Daily

Lloyds profits boom on back of Covid mortgage market
© PA Archive Lloyds banking group aims to become a landlord

LLOYDS BANK raced to profit of £2 billion in the last three months, partly on the back of a booming mortgage market as Britons sought bigger houses for their families in a Covid world.

All banks have seen mortgage sales leap.

Charlie Nunn, the new Lloyds CEO presenting his first results, said: “The mortgage market has been very strong. There has been low unemployment and low interest rates. People have looked to move outside urban centres to find more space.”

Those £2 billion of profits are double what they were a year ago. A write back of £84 million from money set aside for bad loans also helped.

A total £740 million of the £1.2 billion held during the pandemic has now been added back to the balance sheet.

The performance of Covid loans has been “ahead of our expectations”, said Nunn, a former HSBC banker who replaced Antonio Horta-Osorio earlier this year.

The bank didn’t pay staff bonuses last year, but they are likely to return. Nunn said: “We do think it is appropriate to reward employees fairly and competitively,” said the CEO.

Lloyds shares have lanquished for years, down about 15% since in the last five years.

Today they opened up 1p at 50p, as the bank upped its guidance for the rest of the year. Margins should rise along with interest rates with the wider economic outlook “benign”.

Banks have lately been pulling their cheapest fixed rate mortgage deals off the market in expectation of rising interest rates.

Several did so yesterday just hours after the budget.

Register now for one of the Evening Standard’s newsletters. From a daily news briefing to Homes & Property insights, plus lifestyle, going out, offers and more. For the best stories in your inbox, click here.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

More than 300,000 housebound Britons yet to receive booster vaccines as GPs opt out of home visits

Booster vaccines – Neil Hall/EPA-EFE/Shutterstock Nearly two-thirds of housebound people are yet to receive Covid booster vaccines after many GPs opted out of delivering top-up jabs, The Telegraph can reveal. ... Read more »

UK construction sector grows at strongest pace in four months

A steeper rise in commercial construction, which stood at 56.5, helped offset a slight showdown in house building growth, which fell to 54.7 from 55.4. Photo: Matt Cardy/Getty Images The ... Read more »

U.S. congressman posts family picture with guns, days after school shooting

A U.S. congressman on Saturday posted a Christmas picture of himself and what appeared to be his family, smiling and posing with an assortment of guns, just days after four ... Read more »

Asia power index: Australia weathers China trade sanctions but diplomatic influence wanes

Photograph: Indonesian Presidential Palace/AP Despite gains from vaccine diplomacy, border closures ‘weighed heavily on external views of the country’, Lowy Institute thinktank finds Get our free news app; get our ... Read more »

House Republican posts photo of his family holding guns days after Michigan school shooting

WASHINGTON — Rep. Thomas Massie, R-K.Y., is facing backlash from Democrats after he posted a Christmas photo of his family smiling and posing with an assortment of guns just days ... Read more »

How Last-Mile Delivery Can Make or Break Your Business

© Provided by MoneySmart Lalamove Singapore – Last Mile Delivery Singapore This post was written in collaboration with Lalamove. While we are financially compensated by them, we nonetheless strive to ... Read more »

Fortnite down & players ‘left shaking for hours' as game goes offline to update and leaves characters ‘floating'

FORTNITE has stopped working leaving players “shaking for hours” as the game went offline to update. Gamers have reported that their characters were left “floating” in the middle of the ocean ... Read more »

Hong Kong's Doo Hoi-kem and Wong Chun-ting bow out of WTT Cup Finals as coach laments lack of killer instinct

Olympic bronze medallist Doo struggles against Hina Hayata of Japan a day after upsetting China world No 4 Wang Manyu Wong almost takes world No 5 Tomokazu Harimoto to fifth ... Read more »

Peningkatan kemahiran dan latihan semula amat penting untuk ekonomi, kata pakar

© Provided by Free Malaysia Today Peningkatan kemahiran dan latihan semula membantu melindungi pekerjaan dan membuka pintu peluang pekerjaan baharu. (Gambar Bernama) PETALING JAYA: Peningkatan kemahiran (upskilling) dan latihan semula ... Read more »

Masalah teknikal, PKR tukar calon Satok saat akhir

© Provided by Free Malaysia Today Nor Irwan Ahmat adalah calon PKR bagi Parlimen Petrajaya pada PRU lalu. (Gambar Facebook) PETALING JAYA: PKR melakukan pertukaran calon bagi kerusi Dewan Undangan ... Read more »

Jennifer Lawrence shows off baby bump at Don't Look Up premiere

© Taylor Hill – Getty Images Jennifer Lawrence gave fans a glimpse of her growing baby bump over the weekend as she walked the red carpet for her upcoming movie, ... Read more »

Prince William Says He's Still Actively Cringing About His Impromptu 2013 Duet With Taylor Swift

There are two kinds of people in the world—there are people with normal human levels of nervousness when meeting members of the royal family for the first time and then ... Read more »

Marshall Motor's board backs £325m takeover offer from We Buy Any Car-owner Constellation Automotive

Constellation made a formal offer of 400p per share last Monday It is a 41.3% premium to the closing price of 283p on 26 NovemberThe Marshall family, which owns 64.4% of the firm, have accepted the offer Read more »

BBC Sound Of 2022: Wet Leg, Tems, PinkPantheress and Priya Ragu make female-dominated longlist

Wet Leg, PinkPantheress, Priya Ragu, Central Cee and Tems are among the 10 artists on the BBC’s female-dominated Sound of 2022 longlist. © Press Image Top left clockwise: Wet Leg, ... Read more »

UK Covid live: renewed calls for inquiry as minister fails to explain how No 10 party didn't break lockdown rules

LIVE – Updated at 09:47 © Photograph: Tom Nicholson/Reuters Kit Malthouse walks outside Downing Street. Policing minister Kit Malthouse says he doesn’t know if a Christmas party took place, but ... Read more »

Jennifer Lawrence explains why Ariana Grande left her starstruck

Jennifer Lawrence was star struck by Ariana Grande because the singer is “so different”. © Bang Showbiz Jennifer Lawrence at the Don’t Look Up premiere The 31-year-old actress – who ... Read more »

Tom Holland And Zendaya Explain How Their Height Difference Affected 'Spider-Man' Stunts

Spider-Man fans are elated after paparazzi pictures have emerged appearing to show Tom Holland and Zendaya kissing. © Karwai Tang – Getty Images After photos emerged of Tom Holland and ... Read more »

Diogo Dalot discusses Manchester United intentions amid Roma transfer speculation

Diogo Dalot says his attitude while watching on from the sidelines for much of the season has helped him thrive on his return to the starting XI. The Portuguese full-back ... Read more »

Kremlin calls U.S.-Russia ties 'lamentable' on eve of Putin-Biden call

FILE PHOTO: Russian and U.S. state flags fly near a factory in Vsevolozhsk MOSCOW (Reuters) – The Kremlin on Monday described the state of U.S.-Russia relations as “lamentable” on the ... Read more »

Peta Credlin's apology to South Sudanese community result of human rights commission complaint

Photograph: James Ross/AAP Sky News host Peta Credlin’s apology to the South Sudanese community for comments which incorrectly linked them to a Covid-19 outbreak was a condition of a resolution ... Read more »

Russia sends new tanks to base in Tajikistan, practices missile defence

1 / 3Russia sends new tanks to base in Tajikistan, practices missile defenceFILE PHOTO: Russia-led military drills in the Khatlon region MOSCOW (Reuters) – Russia said on Monday it was ... Read more »

Yorkshire County Cricket Club appoints Darren Gough as MD amid Azeem Rafiq racism scandal

Former England and Yorkshire fast bowler Darren Gough has been appointed as the managing director of cricket for Yorkshire CCC on an interim basis. Gough, who captained the county, will ... Read more »

Jude Bellingham: Police investigate Borussia Dortmund midfielder's comments on referee Felix Zwayer after Bayern Munich loss

A criminal complaint has been filed and the case will now be forwarded to the Dortmund public prosecutor's office who will determine whether there will be any criminal charges against Bellingham. Read more »

David Moyes' resolute and revving West Ham show no sign of slowing down

When West Ham first began their assault on the upper reaches of the Premier League last season, there was always a slightly disbelieving giddiness to their success. After all, to ... Read more »

Protest art latest: Luke Ching goes underground on the MTR subway network in Hong Kong as a station cleaner to highlight low-paid work of a silent army

Luke Ching has often put himself in the shoes of low-paid workers to fight for their rights, and working as a minimum-wage MTR cleaner has been an eye-opener He is ... Read more »

5 years since Arsenal's last Champions League win and the task Mikel Arteta faces

December 6, 2016 isn’t a day that will immediately jump out to Arsenal fans. Similarly, Lucas Perez won’t be the first striker they think of when asked to name Champions ... Read more »

Kate Beckinsale stuns in white at the British Independent Film Awards

© Provided by Daily Mail MailOnline logo She’s always preened to perfection.   And on Sunday evening, Kate Beckinsale stunned in a white gown with sleek cape as she posed on ... Read more »

HoYeon Jung Lost 'Six Pounds In A Week' When 'Squid Game' Became A Success

If you haven’t seen Squid Game yet, literally, where have you been?! © Jamie McCarthy – Getty Images The most-followed Korean actress on Instagram is the newest global ambassador for ... Read more »

Guido Palau's new hair book brings his Instagram to life

© Guido Palau/Hair Tests Hairstylist Guido Palau’s #HairTests, his “sketchbook of ideas,” is out Saturday, December 4, at Dover Street Market. Here, we speak with the author. Though our regular ... Read more »

Newcastle's first win under Eddie Howe will instantly lift mental block

Following the high-profile takeover of Newcastle United, Eddie Howe’s appointment as manager felt a little surprising given some of the flashier names they had been linked to. However, his team ... Read more »

Fred's response to Man Utd winner with weaker foot after Ralf Rangnick's cheeky swipe

Fred declared he is “very blessed” after firing Manchester United to victory over Crystal Palace with a sublime strike on his weaker right foot. The midfielder curled Mason Greenwood’s pull-back ... Read more »

Imlie SPOILER ALERT: Malini to join hands with Aryan to end Imlie-Aditya's relaitonship?

© Provided by BollywoodLife.com Imlie 6 December 2021 SPOILER ALERT: Gul Khan’s Imlie has been grabbing a place in the top 5 TV shows on the TRP chart every week. ... Read more »

Silambarsan TR looks dapper in ethnic wear at special screening of Maanaadu in Mumbai; Photos

© Provided by Pinkvilla Tamil Superstar Silambarasan TR was spotted attending the special screening of his film Maanaadu in Mumbai. A picture of the actor posing with the fans in ... Read more »

Kudumbavilakku, 6 December 2021, Written Update: Kuruvila gives Sidharth an ultimatum

© Provided by Pinkvilla As the episode starts, Rohit, Sreekumar and Sidharth discuss the situation of Vedhika along with Sanjana. Sreekumar tells them how there has been a conspiracy behind ... Read more »

PHOTOS: Scarlett Johansson dazzles on the red carpet with husband Colin Jost at Kennedy Center Honors event

Scarlett Johansson and Colin Jost recently made their first red carpet appearance after welcoming their son Cosmo at the Cinematheque Awards. The couple made their second appearance recently as they ... Read more »

Karnataka govt will close schools again if situation arises

The Karnataka government will close the schools if the Covid-19 situation gets worse. The Karnataka Primary and Secondary Education Minister B C Nagesh has mentioned that amid the rising number ... Read more »

Neuer Mazda 2 (2022) ist ein umgelabelter Toyota Yaris Hybrid

Das erste Vollhybridfahrzeug des japanischen Herstellers kombiniert einen Dreizylinder-Benziner mit einem Elektromotor … Diashow ein Mazda 2 (2022) Mazda 2 (2022) Mazda 2 (2022) Mazda 2 (2022) Mazda 2 (2022) ... Read more »

Ergebnisse bis 2024: EZB will Euro-Banknoten neu gestalten

20 Jahre nach Einführung des Euro-Bargeldes stösst die Europäische Zentralbank (EZB) einen Prozess zur Neugestaltung der Euro-Banknoten an. Die europäischen Bürgerinnen und Bürgern sollen in das Verfahren eingebunden werden. © ... Read more »

Luxury Flats, Exotic Animals, Cars: 6 Expensive Gifts Received By Jacqueline Fernandez

© Provided by MensXP Jacqueline Fernandez is one Bollywood star who has done really well since making her debut in Aladin back in 2009.  The Sri Lankan model and actress ... Read more »

Northern Coalfields Limited offers 1295 ITI apprenticeship, apply now

Northern Coalfields Limited has announced to fill 1295 ITI apprenticeship positions. The application process has begun today at the official website apprenticeshipindia.org. Candidates can apply latest by December 20. Apply ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic