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

The FCA has made the case for holistic mortgage advice

Last Thursday, the head of the FCA stood up at the JP Morgan Pensions...

FCA probe into MFS collapse sharpens focus on corporate due diligence

The Financial Conduct Authority’s investigation into the collapse of Market Financial Solutions is prompting...

The Vernon grows assets to £534m as annual profits reach £2.8m

Vernon Building Society increased total assets to £534m in 2025, while reporting profit before...

Second charge lending sees steady start to 2026 with 19% rise in new agreements

New business volumes in the second charge mortgage market rose by 19% in January...

African visa workers pull back from UK mortgages as access concerns persist

Research from specialist lender Afin Bank suggests demand for mortgages among African nationals on...

Latest publication

Other news

The FCA has made the case for holistic mortgage advice

Last Thursday, the head of the FCA stood up at the JP Morgan Pensions...

FCA probe into MFS collapse sharpens focus on corporate due diligence

The Financial Conduct Authority’s investigation into the collapse of Market Financial Solutions is prompting...

Technology’s biggest challenge is not the one you think

There is a version of the mortgage technology story that gets told at conferences...