Pre-tax profits in the first quarter of 2024, according to the news, were £1.3 billion, a decrease of approximately 28% from the same period the previous year.
Still, the amount is above experts’ £1.2 billion prediction, and the bank’s CEO hailed “strong” overall performance.
In recent months, the banking industry has seen a squeeze in margins due to increased competition for lending, savings, and mortgage products.
This week, Barclays reported a 12% decline in pre-tax profits for the first quarter, while Lloyds Banking Group showed a 28% decline.
