The bellwether bank also raised forecasts of its performance, in a sign of confidence despite the looming threat of runaway inflation and a worsening economic outlook fueled by the shockwaves of war in Ukraine.
Economists are predicting Britain's cost of living crisis will severely hamper growth, although they expect the central bank to nonetheless raise rates for a fourth time in a row next week. Chalmers warned impairments for bad loans would likely increase this year from a low base, with the bank taking a £177m charge in the quarter partly due to the expected slowdown.
The lender's results follow those of rival HSBC, which was forced to shelve plans for new stock buybacks in its earnings yesterday.Lloyds' buffer dropped to 14.2% from 16.3% in 2021, which the bank blamed on regulatory changes including an increase in how banks calculate risk-weighted assets and harsher deductions in value for intangible software assets.
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