Lloyds Bank profit slides as interest rate boom slows July 25, 2024 Lloyds Banking Group recorded a slide in profit in the first half of the year after a surge in costs and a slowdown in the amount of cash it was making on the back of interest rates. The group – which owns Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows – reported a pretax [...]
Yorkshire Building Society sees profit fall as rate tailwind eases July 25, 2024 Profit fell at Yorkshire Building Society as margins in the mortgage market were compressed by the plateau in interest rates. In the first six months of the year, the building society’s pretax profit fell to £158.1m from £180.6m in the same period last year. The fall in profit was largely due to lower net interest [...]
Profit drops at Santander UK but boss Regnier hopes for brighter second half July 24, 2024 Santander UK reported a sharp drop in profit in the first half of the year but said there were signs of growing tailwinds for the rest of 2024. The Spanish bank’s UK arm reported pretax profit of £804m in the first six months of the year, down from £1.2bn in the same period last year. [...]
Nationwide’s £2.9bn swoop on Virgin Money gets go-ahead from CMA July 19, 2024 A tie-up between Nationwide and Virgin Money has got the greenlight from the competition watchdog today, paving the way for the £2.9bn deal to close in the final quarter of this year.
Lenders expect further rise in mortgage defaults in coming months July 11, 2024 UK lenders are expecting a further jump in default rates on home loans in the coming months, according to a Bank of England survey, as mortgage holders face higher refinancing costs.
Metro Bank revives multibillion-pound mortgage sale after rescue July 8, 2024 Metro Bank has revived a plan to sell a multibillion-pound chunk of its mortgage book after being rescued from potential collapse last year.
Barclays to sell German consumer finance business in latest European disposal July 4, 2024 Barclays has struck a deal to sell its German consumer finance unit to Vienna-based financial group Bawag as the FTSE 100 lender tries to streamline its operations in continental Europe.
Revolut books record profit on higher interest rates and surge in users July 2, 2024 A major boost to Revolut's profitability would come from a UK banking licence, allowing it to offer products like mortgages and credit cards in its home market - where it recently hit nine million customers.
UK mortgage market still ‘precarious’ amid uncertainty over timing of interest rate cuts July 1, 2024 Tom Cuppello, director of risk at Broadstone, said the housing market's recovery remained "precarious" amid uncertainty over the timing of interest rate cuts.
Sainsbury’s Bank sale marks end of an era for supermarkets June 20, 2024 Sainsbury's has agreed to sell most of its banking arm to Natwest, in a deal that will see the supermarket pay the lender £125m.