Britain’s biggest mortgage lender, whose subsidiaries include Halifax and Bank of Scotland, said pre-tax profits for the first three months of 2024 were £1.6bn.
The figure is down 28% from the £2.3bn it reported during the same period last year.
However, the banking giant said the results were in line with its expectations.
Analysts had forecast profits of £1.7bn for the quarter.
Lloyds blamed higher business costs – including a sector-wide new Bank of England levy – and lower net interest income, which is the difference between what it generates from loans and pays out for deposits.
