Finance
Lloyds Income Drops With Customers Hunting for Higher Rates
- Bank blames higher expenses on severance charges in quarter
- The lender reiterated its earnings guidance for 2024 and 2026
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Lloyds Banking Group Plc missed estimates for net interest income in the first quarter as the lender faces increased pressure to offer savers better rates.
Net interest income fell 10% to £3.18 billion ($4 billion), missing the £3.21 billion average of analyst estimates compiled by Bloomberg. Lloyds executives have been warning that the boost it’s gotten from higher interest rates was giving way to growing competition for savers and slowing demand from borrowers.