Lloyds Banking Group reported a £6.1bn increase in its mortgage portfolio to £312.3bn for 2024.
The group saw “good lending growth” in the year, with loans and advances to customers rising by £10.2bn to £459.9bn.
Lloyds Banking Group’s gross mortgage lending share has expanded by 3% since 2023 to 20%, and it lent £15.1bn to first-time buyers. The group also saw a 6% rise in the take-up of protection insurance.
The group said £11.4bn lending to properties with an Energy Performance Certificate (EPC) rating of A and B had been completed since 202, higher than its target of £10bn. It has now set a new target to complete a further £11bn in EPC A and B mortgages.
By the second half of 2024, 0.21% of its mortgage accounts were new to arrears, which the group said had improved.
More than two-thirds of its book was on a pay rate of higher than 3% and the average loan-to-value (LTV) ratio was 43.7%.
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It closed the year with a net interest margin of 2.95%, down from 3.11% in 2023, and its net interest income declined by 7% year-on-year to £12.8bn. It said this reflected the lower net interest margin.
Lloyds Banking Group reported a 19% fall in statutory profit after tax to £4.5bn.
Charlie Nunn, group chief executive of Lloyds Banking Group, said it delivered a “robust financial performance” and that its income grew in the second half of 2024 due to a rising net interest margin and improvement in other income.
