Lloyds Bank's profits soar by 5% to £3.5billion – with income climbing to £9.4billion
Meanwhile TSB, set to be taken over by Santander, reported a 77 per cent jump in net profit year-on-year to £139million.
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Lloyds — which includes Lloyds Bank, Halifax and Bank of Scotland, rewarded shareholders with a 15 per cent boost to its dividend, totalling £731million, supported by strong lending and deposit growth.
Customer deposits grew by £11.2billion after a strong season for ISAs, while more people moved money out of current accounts and into savings.
However, boss Charlie Nunn warned Chancellor Rachel Reeves that higher taxes on banks could undermine economic growth.
He said: 'It is important when you look at the City of London and the financial services sector that we remain a competitive tax regime.'
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While Lloyds awaits a Supreme Court ruling on mis-sold car finance commissions, Mr Nunn said the bank continues to make progress on its £3billion transformation.
Strong mortgage demand and cost control saw TSB's net interest income rise 7.9 per cent to £518million, while costs fell 6.1 per cent to £364million.
HEAT HURTING CENTRICA
5
BRITISH GAS saw its residential supply arm's half-year earnings drop to £133million, from £156million a year ago, after warm weather hit heating demand.
April's record warmth cost the Centrica-owned business £50million.
Despite the hit, customer numbers rose 1 per cent to 7.5million households.
Centrica's wider business reported underlying earnings of £549million, just over half of last year's £1.04billion.
Bank of Scotland to Close 22 Branches: A Digital Transformation
Boss Chris O'Shea vowed to boost growth via AI, as Centrica invests £1.3billion in Suffolk's Sizewell C nuclear plant.
CARS CRAWL
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UK car production has fallen to the lowest level since 1953, bar the 2020 pandemic.
The Society of Motor Manufacturers and Traders said it fell 7.3 per cent in the first half of 2024 and van production plunged 45.4 per cent, amid economic uncertainty and US trade tariff threats.
SMMT's Mike Hawes said it was 'very disappointing'. E-vehicle production rose 1.8 per cent, to 41.5 per cent of UK output.
FONE SURGES
5
SALES in the UK at Vodafone soared 14.5 per cent to £1.65billion from April to June.
It follows a merger with Three UK to create VodafoneThree, the UK's largest mobile network, with 29 million customers.
Despite gains with Three's consumers, Vodafone lost 46,000 contract customers.
As global revenues rose 3.9 per cent, boss Margherita Della Valle said the merger positions it for growth in Europe and Africa.
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