Lloyds Banking Group reported a 28 per cent fall in first quarter pretax profit on Wednesday, in line with analyst expectations, as rising costs, peaking interest rates and intensifying competition in the mortgage market hurt income.
The bank said higher operating costs were partly to blame for the profit fall, including a new sector-wide Bank of England levy on lenders. Britain's banks had enjoyed a sharp uplift in profit in recent years as policymakers hiked interest rates rapidly to combat inflation. Those moves helped banks make more on the gap between what they charge borrowers and what they pay depositors.
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