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Lloyds Bank (LLOY ) held annual guidance despite a 28% fall in first-quarter profits due to lower net interest income and higher operating expenses, partially offset by a lower impairment charge.
Profit before tax for the first three months of 2024 was £1.63bn, down from £2.2bn a year earlier and 8% lower quarter on quarter.
Net interest margin - the difference between what a bank makes on savings and loan rates - fell to 2.95% from 3.22%. Underlying net interest income decreased 10% to £3.2bn.
Reporting by Frank Prenesti for Sharecast.com