Lloyds Banking Group plc revealed on Thursday that its net income for its fourth quarter of fiscal 2024 amounted to £4.37 billion, increasing by 3.4% compared to the same quarter in the previous year.
Underlying profit for the reported quarter plummeted 43.1% year-on-year to £993 million, while earnings per share stood at 1 penny, falling by 41.2% compared to the same period in the previous year. Return on tangible equity was 7.1%, declining by 6.8 percentage points from the fourth trimester of fiscal 2023. Full-year results saw the bank's net income drop 5% annually to land at £17.11 billion, while underlying profit went down by 19% to £6.34 billion. The earnings per share for 2024 stood at 6.3 pence, down 17.1% from last year.
For 2025, Lloyds expects a return on tangible equity of approximately 13.5%, based on current macroeconomic assumptions. "We are confident of generating more than £1.5 billion of additional income from our strategic initiatives by 2026 as we build towards higher, more sustainable returns," CEO Charlie Nunn remarked on the results.
