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Lloyds Banking Group reports 23% profit rise and unveils £13bn investment plan

· Business GBR

Lloyds Banking Group reported a 23% increase in first-half pre-tax profits to £4.3 billion for the six months to June 2026, while announcing a new four-year strategy to cut a further £2 billion in costs and invest £13 billion in digital systems and customer wallet apps.

The bank's second-quarter profits rose 14% to £2.3 billion between April and June. Net interest income climbed 9% to £7.3 billion. Under its 'Accelerate 2030' programme, Lloyds aims to boost efficiency by leveraging artificial intelligence, which the bank says delivered a £50 million benefit in 2025 and is expected to add £100 million this year.

Lloyds declared a 1.58p-per-share dividend and its first half-year share buyback worth £1 billion. The lender also unveiled its Smart Wallet product and plans to open a new technology centre in Hyderabad. Shares rose 1.7% on Thursday morning following the announcements.

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The reporting this story is built on

theguardian.com GBR Lloyds Bank to cut £2bn in costs as part of AI-powered strategyfinance.yahoo.com USA Lloyds Bank launches £2bn AI cost-cutting drivestandard.co.uk GBR Lloyds targets another £2bn cost-cutting as half-year profit jumps by 23%
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finanzen.ch CHE Lloyds-Aktie fester: Grossbank setzt sich neue Renditeziele - Gewinn überrascht positiv

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