Profits up billions at both UK's biggest mortgage provider and major oil producer
The UK's largest mortgage lender has seen profits nearly double as customers pay higher interest rates.
By Sky News
Lloyds Banking Group has reported a near-doubling of pre-tax profits, with higher interest income helping the UK’s largest mortgage lender during the third quarter.
The bank recorded pre-tax profits of £2.33bn for the three months to the end of September, compared with £1.17bn during the same period last year.
Underlying net interest income rose by 10% to £3.81bn, while Lloyds’ banking net interest margin increased from 3.06% to 3.25%.
The results came as customers continued to pay higher interest rates on borrowing. Lloyds said the increase in profits was also supported by lower remediation charges.
The group includes the Lloyds and Bank of Scotland brands. It reaffirmed its financial guidance for 2026.
Shell also reported a sharp rise in profits for the third quarter.
The oil producer’s net profit more than doubled to $12.15bn, up from $5.42bn a year earlier. Revenue increased by 36% to $92.85bn.
Shell said its results were supported by strong operational performance, elevated commodity prices and record refining margins.
Adjusted earnings rose to $10.81bn, compared with $9.84bn in the previous quarter. The company also announced a $5bn share buyback programme.
Lloyds shares fell after its results, while Shell shares rose in early trading.