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

Firms face growing challenge in verifying business ownership

More than half of regulated firms are struggling to identify the individuals who ultimately...

Nomo joins Paradigm panel to expand access to GCC property investors

Shariah-compliant property finance provider Nomo has joined the lender panel of Paradigm Mortgage Services,...

Annual house price growth reaches highest level since March 2025

UK house price inflation accelerated to 3.8% in the year to April, although economists...

One in five adults save nothing each month as financial pressures mount

One in five UK adults are no longer putting any money aside each month,...

Snowdon challenge helps Yorkshire Building Society raise more than £1m for charity partner

Yorkshire Building Society and Accord colleagues have raised more than £1 million for charity...

Latest publication

Other news

Firms face growing challenge in verifying business ownership

More than half of regulated firms are struggling to identify the individuals who ultimately...

Nomo joins Paradigm panel to expand access to GCC property investors

Shariah-compliant property finance provider Nomo has joined the lender panel of Paradigm Mortgage Services,...

Annual house price growth reaches highest level since March 2025

UK house price inflation accelerated to 3.8% in the year to April, although economists...