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.”

Latest POLL

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

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...