Lloyds Banking Group Releases 2024 Financial Results

Lloyds Banking Group announced its 2024 financial results, highlighting strong performance amidst strategic growth initiatives. The Group reported a statutory profit after tax of £4.5 billion, marking a decline from 2023. Nevertheless, underlying net interest income stood at £12.8 billion, reflecting a reduced banking net interest margin.

Citing substantial cost reductions and robust asset quality, Lloyds declared shareholder distributions totaling £3.6 billion. The Group achieved significant strategic milestones, generating £0.8 billion from strategic initiatives and exceeding revenue targets. This success led to £1.2 billion in cost savings, mitigating inflation impacts.

Looking ahead, Lloyds projects approximately £13.5 billion in net interest income for 2025, aiming for further revenue growth by 2026 through enhanced customer relationships and strategic investments.