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Lloyds swings back into £2.1bn profit

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Lloyds Banking Group has reported a pre-tax profit of £2.1bn for the first six months of the year after suffering a £456m loss over the same period a year earlier.

Total underlying income increased 2.1 per cent from £9.2bn in the first six months of 2012 to £9.4bn in the first six months of this year.

Gross mortgage lending increased 17.8 per cent year-on-year, from £12.3bn in the first six months of last year to £14.3bn in the same period this year.

Based on gross mortgage lending data from the Council of Mortgage Lenders, this gives Lloyds Banking Group a 19.1 per cent share of the UK mortgage market for the first six months of the year.

In total, there were 76,334 customers in arrears of 90 days or more, a slight decrease on the 76,473 in arrears of more than 90 days in the first half of 2012. This means roughly 2.4 per cent of Lloyds’ mortgage book is in arrears of 90 days or more.

The total number of repossessions increased from 2,348 cases at 31 December 2012 to 2,681 at 30 June.

At 30 June, the group’s average loan-to-value of new residential lending was 63.4 per cent compared with 62.3 per cent at 31 December.

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