Overview

• Lloyds forecasts UK economy to grow by 0.8% in 2024, doubling previous estimates.
• Loan defaults and bad debt provisions dropped significantly, with only £44m set aside for bad debts in Q2.
• Pre-tax profit rose 5% to £1.7bn in the second quarter, despite a 9% drop in net interest income.
• The bank's balance sheet expanded with an additional £2.7bn in customer loans and £4.9bn in deposits.
• Strategic cost-saving measures aim to save £1.2bn and generate an extra £700m in income.