The High Street lender reported a increase of around 50% in first quarter pre-tax profit of almost £1.8 billion, beating City forecasts. Nonetheless, it shares fell 16p to 257p, in part as traders seemed disappointed it did not lift profit guidance for the full year.
Joseph Dickerson at City stockbroker Jeffries said: “Management really needed to raise the £14.8 billion 2023 revenue guide to around £15 billion.”
Net loans to customers were up by £4.1 billion, or 2.1%, mainly due to a rise of £3.9 billion in the value of new mortgage lending in the period.
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