Lloyds Bank reported a 28% decrease in Q1 profits compared to the previous year, with a net income of GBP 4.24 billion. The bank's operating costs exceeded expectations at GBP 2.40 billion, against a forecast of GBP 2.33 billion, while net interest income fell short of estimates at GBP 3.18 billion, compared to the expected GBP 3.21 billion. Despite these challenges, Lloyds has reaffirmed its full-year guidance, expecting operating costs to be around GBP 9.3 billion. The decline in profit and net interest income is attributed to increased competition in the mortgage market and the need to offer better rates to savers.
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Lloyds Q1 24 Earnings: -Operating Costs: GBP2.40B (exp GBP2.33B) -Still Sees FY Operating Costs About GBP9.3B -Net Interest Income: GBP3.18B (exp GBP3.21B)