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

Mortgage Advice Bureau appoints Sam Toms to new lender-facing role

Mortgage Advice Bureau (MAB) has announced the internal appointment of Sam Toms as lender...

Pepper Money adds no and low-ERC options across secured loan range

Specialist lender Pepper Money has extended its secured loan offering with the introduction of...

OneDome signals future ambitions at Hampton Court OneVision gathering

The OneDome Group brought together its growing family of brands for the first time...

Somo cuts first and second charge bridging rates

Somo has announced a significant reduction in its bridging loan rates across both first...

Paragon lowers two-year fixed rates on 75% LTV buy-to-let range

Paragon Bank has announced an 11 basis point cut to its two-year fixed rate...

Latest opinions

What is the Protection Claims Charter – and how does it work?

The moment of truth for any insurance product is at point of claim. Insurers have...

Affordability reforms, housing ambition and the uncomfortable PRS truth

Let’s be clear: the FCA’s recent Discussion Paper (DP25/2) isn’t necessarily about buy-to-let lending....

Broker proactivity can ease path back to prime

One of the lessons we’ve taken from the ever rising levels of interest in...

We need to look again at two-year swaps…

Over the last 12 months, we’ve seen three notable things happen in the swaps...

Other news

Criticism and uncertainty surround launch of Labour’s ‘Freedom to Buy’ mortgage scheme

Rachel Reeves is expected to launch Labour’s Freedom to Buy scheme tomorrow, a permanent...

Mortgage Advice Bureau appoints Sam Toms to new lender-facing role

Mortgage Advice Bureau (MAB) has announced the internal appointment of Sam Toms as lender...

Pepper Money adds no and low-ERC options across secured loan range

Specialist lender Pepper Money has extended its secured loan offering with the introduction of...