Lloyds mortgage book rises

Michael Lloyd

October 31, 2019

Lloyds Banking Group’s open mortgage book has grown according to their Q3 Interim Management Statement.

Their open mortgage book reportedly grew by £6.1bn, driven by the £3.7bn Tesco mortgage acquisition and £2.4bn of organic book growth.

Pre-tax profit fell by 97% year-on-year to reach £50m in Q3 and profits for the first nine-months of 2019 dropped by 40% to £2.9bn.

Joe Healey, investment research analyst at The Share Centre, said: “The bank continues to deliver its successful cost-cutting programme and has mostly maintained balance sheet strength with continued growth in targeted segments.”

The group expects its open mortgage book at the end of the year to be ahead of the 2018 year-end balance.

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