The UK’s largest retail bank by market share Lloyds Banking Group has posted a string third quarter.

Highlights include:

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  • NII up 12% and underlying profit up 9%;
  • Net interest margin of 2.85% for year to date (2.72% YTD2016)
  • Year-to date underlying profit of £6.6bn up 8%;
  • An already impressive cost-income ratio is down another 180 basis points to 45.9% for the year to date from 47.7% for the year ago period.

Lloyds also reported impressive growth in digital channel usage: it now has 13.2 million online customers and 9 million active mobile banking customers.

Another positive for Lloyds is an end to its perennial PPI provisioning-this quarter the bank m,akes no conduct provisions. To date, Lloyds’ past PPI mis-selling has resulted in PPI provisions totalling £18bn.

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