Lloyds Bank Q3 profit boosted by home loan lending boom

Britain’s biggest domestic lender reported pre-tax profits of £1bil (US$1.3bil) for the July-September period, well ahead of the £588mil average of analysts’ forecasts

LONDON: Lloyds Banking Group posted forecast-beating third quarter profit, cashing in on a coronavirus-driven boom in demand for mortgages as it lowered its provisions for expected bad loans due to the pandemic.

Britain’s biggest domestic lender reported pre-tax profits of £1bil (US$1.3bil) for the July-September period, well ahead of the £588mil average of analysts’ forecasts.