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Lloyds Banking Group Plc post better than expected profit numbers

1 min read | October 30, 2020 12:58 PM GMT | By Team Kalkine Media
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Lloyds Banking Group Plc (LON:LLOY), nation’s largest mortgage lender has surprised the street with a better than expected profit numbers for the third quarter of 2020.

  • The Group returned to profit, reporting statutory profit before tax of £1,036 million and statutory profit after tax of £688 million in the third quarter.
  • The bank, which accounts for around 19 per cent of the UK mortgage market, has been supported by the surge in demand for home loans.
  • The bank’s mortgage lending increased by £3.5 billion over the three months to September.
  • The chief executive, António Horta-Osório expressed his hopes that the bank will profit from further demand in the final three months of the year.
  • On 30 October 2020, the stocks of the company declined by 0.25% from its previous closing, hovering at around GBX 28.21 at 10:41 AM GMT+1.

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