LONDON, Oct 27 (Reuters) – Lloyds Banking Group (LLOY.L) reported a decline in quarterly pre-tax profits on Thursday, as the lender braced for a potential rise in loan defaults as inflation squeezes borrowers.
Britain’s biggest mortgage lender posted pre-tax profits of 1.5 billion pounds ($1.74 billion) for July-September, below the 1.8 billion pounds average of analyst forecasts compiled by the bank and down on 2 billion pounds the prior year.
($1 = 0.8604 pounds)
Reporting by Iain Withers, Editing by Lawrence White
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