Lloyds profits double to £2bn as it benefits from mortgage boom
A booming mortgage market and an economic recovery that made it less likely that Covid-hit borrowers would default on loans helped Lloyds Banking Group double its profits in the three months to September.
The group, which owns Halifax and is the UK’s largest mortgage lender, benefited from an increase in demand for larger homes linked to the pandemic “race for space”, and last-ditch efforts by consumers to take advantage of the stamp duty holiday, which finished last month after reducing at the end of June.
There was a £2.7bn net increase in its home loans in the quarter, bringing mortgage lending to £15.3bn over the nine months to September – the strongest rise in that measure at the bank in more than a decade.
It contributed to a 96% rise in
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