LON:LLOY has reported a report of £1 billion in pre-tax profit, breaking its third quarter forecast.
After losing money early in the year, lenders returned to profitability after demand for mortgages surged.
In the quarter, mortgage demand has been the biggest since 2008, bringing mortgage loans from banks to £3.5 billion.
The temporary stamp holiday has led to a boom in the housing market and has also helped people who want more space amid the pandemic.
Antonio Horto-Osario commented: “Our performance has been clearly affected by the pandemic and the challenging economic environment associated with it, but we are now encouraging business recovery and we are pleased to see a significant decline in profitability in the third quarter.”
“Our customer-centric strategy and the strength of our group’s business model will allow us to continue to play a role in helping the UK recover and bring the UK back to prosperity.”
Horta-Osorio will leave lenders next year after 10 years of helm.
LON:LLOY opened 2.6% at 28.37 points. This year’s stocks fell 53% from their previous high of 69.99p.
