Lloyds Banking Group reported a better-than-expected second-quarter profit of £2.3 billion, up 14% from a year earlier, and unveiled a four-year plan starting in January 2025 to cut an additional £2 billion in costs.
CEO Charlie Nunn said the strategy involves investing £13 billion into the business by 2030, including for 'pioneering technology.' The bank aims to reduce mortgage approval waiting times to about three days using AI and blockchain.
Lloyds also announced a 1.58 pence per share dividend and its first ever half-year share buyback worth £1 billion. Shares rose 1.7% on the morning of the announcement.
The bank plans to expand its corporate and institutional operations in the US and Europe. Nunn did not provide details on potential job losses from the cost cuts. 'We can make it even better, and even simpler.'