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General Category => General News => Topic started by: NadiaWits on November 01, 2022, 06:00:26 AM

Title: Lloyds bank predicts 8% fall in house prices as its profits tumble
Post by: NadiaWits on November 01, 2022, 06:00:26 AM
Lloyds bank predicts 8% fall in house prices as its profits tumble

Larger-than-expected drop in profits to £1.5bn in third quarter comes despite rising interest ratesProfits at Lloyds Banking Group tumbled 26% in the three months to September as the UK’s largest mortgage lender steeled itself for a potential surge in defaults as it predicted house prices would fall 8% next year. The drop in profits was much larger than the 9.5% analysts had expected, and was the result of having to put aside an extra £668m amid fears that some loan and mortgage customers could default on their debts. Continue reading...

Source: Lloyds bank predicts 8% fall in house prices as its profits tumble (https://www.theguardian.com/business/2022/oct/27/lloyds-bank-profits-plunge-by-25-as-lender-prepares-for-bad-loans)