LONDON: Lloyds Banking Group has given up hope of a profit-boosting rise in interest rates before 2020, Britain’s biggest mortgage lender said, after surprise one-off costs led it to miss quarterly earnings forecasts despite robust underlying profits.
The bank reported first-quarter after-tax profits of £1.2bil (US$1.6bil), up from £1.17bil in the same period last year but below analysts’ average forecast of £1.39bil.
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