The group’s most recent statement received a lackluster reception from investors because it was anticipated that a crucial profitability indicator would decline in the current fiscal year.
The largest mortgage lender in Britain, whose names include Halifax and Bank of Scotland, announced a pre-tax profit of £7.5 billion for 2023.
Over 50% more was achieved than in the preceding 12 months.
Lloyds attributed the increase in income to increased interest rates, which were primarily the result of actions taken by the Bank of England to combat inflation.
The £7.4 billion profit amount exceeded market estimates.
A £2 billion share purchase and a final dividend of 1.84 pence per share were given to shareholders by Lloyds.
The response was muted because Lloyds continued to be apprehensive about the future despite fierce competition in the mortgage sector.
Fixed rate agreements have been declining since the Bank of England halted its campaign of interest rate hikes last summer. Prior to the financial crisis, fixed rate agreements had skyrocketed to levels well above 6%.
