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Lloyds boosts Q3 results with cash release
A booming mortgage market and the British economy rebounding faster than anticipated from Coronavirus has led to bumper results for Lloyds Banking Group.
Senior Journalist across Credit Strategy, TRI and Reward Strategy
Senior Journalist across Credit Strategy, TRI and Reward Strategy
Lloyds’ third quarter results highlighted the bank’s strongest growth in home loan demand for more than a decade.
At a glance: Lloyds Q3 results
- Results boosted by an additional £84m release of cash set aside for bad loans;
- Total UK mortgage loans and advances stood at £308.8bn;
- Lloyds supported the purchases of 62,000 first homes in the year-to-date;
- On 30 September 2021: 12% of Lloyds’ UK mortgage payments were in arrears;
- Credit card loans saw a one percent increases in value in the year to date;
- Car financing fell between two percent and three percent in the year-to-date.
Lloyds’ results forecast that borrowers will be less likely to default on loans now that the worst ravages of the pandemic are over.
The group’s estimated credit loss (ECL) allowance (£5.2bn) has fallen by 24% in the year-to-date.
The ECL figure (£5.2bn) represents one percent of the total amount of loans and advances (£502.6bn) that Lloyds currently lends to its customers.
For our premium members, there is an in-depth analysis of the full Q3 results available here.
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