Lloyds lent £342m under Help to Buy

Published on

Lloyds-Banking-Group

Lloyds Banking Group has reported underlying profit increased 22% to £1.8 billion in the first quarter of 2014.

The bank, which is still partly owned by the taxpayer, lent £2.6 billion to first-time homebuyers in first quarter, including £342 million through Help to Buy. Gross new mortgage lending was £9.8 billion.

Mortgage lending increased by £0.1 billion, with a £0.8 billion increase in the first quarter in books open to new business being partly offset by a reduction of £0.7 billion in specialist books. Year-on-year growth in books open to new business was 2%.

It saw SME loan growth of 5% in last 12 months with approximately 29,000 start-ups supported in first quarter.

Meanwhile, there was UK consumer finance loan growth of 9% in last 12 months.

António Horta-Osório, group chief executive, said: “We made good progress in the first quarter benefiting from our simple, low risk, UK focused retail and commercial banking business model.

“We provided further support to the UK economic recovery while delivering better underlying profitability and improved returns for shareholders from a stronger balance sheet. The launch of our Helping Britain Prosper Plan underlines our commitment to creating sustainable prosperity for our customers and growth in the UK economy.

“Our strong performance enabled the UK government to further reduce its stake, returning an additional £4.2 billion of taxpayers’ money in the first quarter.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Rosemount launches AI tool to speed up ceding scheme work

Rosemount Financial Solutions (IFA) has launched an AI-powered tool designed to help advisers deal...

Conveyancing Association launches summer webinar series

The Conveyancing Association has launched a summer webinar series for conveyancing firms, delivered with...

Atom bank lowers near prime mortgage rates

Atom bank has reduced rates across its near prime mortgage range by 10bps. The reductions...

Countrywide Surveying Services maintains perfect AssocRICS training record

Countrywide Surveying Services has recorded a 100% pass rate in its latest AssocRICS assessment...

Buyer demand stabilises but mortgage market remains cautious

The UK housing market may be showing early signs of stabilisation but mortgage brokers...

Latest publication

Other news

Rosemount launches AI tool to speed up ceding scheme work

Rosemount Financial Solutions (IFA) has launched an AI-powered tool designed to help advisers deal...

Conveyancing Association launches summer webinar series

The Conveyancing Association has launched a summer webinar series for conveyancing firms, delivered with...

Atom bank lowers near prime mortgage rates

Atom bank has reduced rates across its near prime mortgage range by 10bps. The reductions...