Whilst
In the second quarter, Lloyds recorded a pretax profit of £1.6bn, flat on last year but lower than company-compiled consensus and 29 per cent lower than the last quarter as an increasingly competitive market ate away at the bank's net interest margin.
However, the bank also noted that applications for mortgages had been hit by recent economic volatility.
"We know that the ongoing volatility in the mortgage market and continuing inflationary pressures are creating challenges, and we encourage anyone facing difficulties to get in touch as soon as possible,"
Lloyds was also hit by mortgage woes as the bank had to set aside more than expected to cope with an expected rise in bad loans.
The results come as politicians and regulators pile pressure onto banks to pass on higher savings rates to customers. Lloyds offers up to 1.8 per cent on their easy access savings account, while
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