The UK’s largest retail bank by market share Lloyds Banking Group has posted a string third quarter.
- NII up 12% and underlying profit up 9%;
- Net interest margin of 2.85% for year to date (2.72% YTD2016)
- Year-to date underlying profit of £6.6bn up 8%;
- An already impressive cost-income ratio is down another 180 basis points to 45.9% for the year to date from 47.7% for the year ago period.
Lloyds also reported impressive growth in digital channel usage: it now has 13.2 million online customers and 9 million active mobile banking customers.
Another positive for Lloyds is an end to its perennial PPI provisioning-this quarter the bank m,akes no conduct provisions. To date, Lloyds’ past PPI mis-selling has resulted in PPI provisions totalling £18bn.