Lloyds Banking Group Reports 2024 Half-Year Results

Lloyds Banking Group has released its 2024 half-year financial results, highlighting steady performance and strategic progress. The Group's statutory profit after tax stood at £2.4 billion, a decrease from £2.9 billion in the same period the previous year. Despite a 9% drop in net income and a 7% rise in operating costs, including the Bank of England Levy, effective cost management and lower impairment charges provided some offset.

Key metrics showed underlying net interest income at £6.3 billion, down 10%, and other income up 8% at £2.7 billion. Operating costs increased by 7% to £4.7 billion. The Group's capital generation was robust at 87 basis points, supporting an interim dividend increase to £662 million.

Lloyds confirmed its 2024 guidance, expecting a net interest margin above 290 basis points and operating costs around £9.4 billion. The Group also reaffirmed its medium-term targets for 2026, aiming for a cost-to-income ratio below 50% and a return on tangible equity above 15%.