Lloyds swings to profit

The Lloyds building in London.

Lloyds Banking Group has swung to a profit thanks to a booming housing market and recovering economy.

The group posted a pre-tax profit of £3.9bn for the first half of the year, which came in over expectations of £3.1bn.

Lloyds has reintroduced dividend payouts, which are worth 0.67 pence.

The banking group posted a loss of £602m for the same period last year.

 Chief Financial Officer William Chalmers, commented on the results: “During the first six months of 2021, the group has delivered a solid financial performance with continued business momentum, bolstered by an improved macroeconomic outlook for the UK.”

Lloyds has upgraded its outlook for the second half of the year thanks to these results and optimism over an improving economy.