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SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

Lloyds Group profit is $6.2bn

Higher banking net interest margin is said to be the reason for increase in income. (AFP)
  • "The group delivered a robust financial performance in 2023, meeting our guidance," said chief executive Charlie Nunn
  • Banks in the UK and elsewhere are gaining from higher interest rates as central banks, including the Bank of England

London, United Kingdom – Lloyds Banking Group on Thursday announced soaring annual profits as high interest rates benefitted the British lender and sector as a whole.

Profit after tax jumped 46 percent to £4.9 billion ($6.2 billion) last year compared with 2022, the British lender said in a statement.

“The group delivered a robust financial performance in 2023, meeting our guidance,” said chief executive Charlie Nunn.

“Income growth has been supported by a higher banking net interest margin and good momentum in underlying other income. We continued to manage costs tightly despite ongoing inflationary pressures,” he added.

Banks in the UK and elsewhere are gaining from higher interest rates as central banks, including the Bank of England, hiked borrowing costs substantially from late 2021 through to the second half of last year in a bid to cool soaring inflation.

Retail lenders have in turn raised their own rates, benefitting savers but also hugely increasing banks’ returns on loans such as mortgages.

Nunn said Lloyds last year “remained focused on proactively supporting people and businesses through persistent cost-of-living pressures, whilst financing their ambitions and growth”.