According to Lloyds Banking Group’s latest financial results for Q1 2025, the total mortgage advances figure was due to “significant demand ahead of stamp duty changes”.
The results show that UK mortgages make up £317.1bn of Lloyds Banking Group’s balance sheet, which is a rise of 4% compared to the same period last year.
Mortgage arrears also stayed stable at around 0.25% during the period.
The report noted an underlying profit of £1.53bn during the period, which is a drop of 13% compared to last year but 54% up compared to Q4.
Lloyds Banking Group said the profit figure was due to “higher net income more than offset by higher operating costs and a higher underlying impairment charge”.
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Charlie Nunn (pictured), group chief executive of Lloyds Banking Group, said: “In the first quarter of 2025, the group delivered sustained strength in financial performance. In particular, net income continues to grow, following the upward trajectory established in the second half of last year.
“We maintained our cost discipline and asset quality remains resilient. We continue to make good progress on our strategic transformation and deliver innovative ways for our customers to manage their financial needs and achieve their financial aspirations, in line with our purpose of Helping Britain Prosper.”
He continued: “This supports our ambition of higher, more sustainable returns that will underpin delivery for all of our stakeholders. Our differentiated business model stands out in the context of recent market volatility and economic uncertainty and helps support UK households and businesses as they further strengthen their financial resilience.
“Underpinned by our financial performance, strategic execution and franchise strength, we remain confident in the outlook for Lloyds Banking Group and in our 2025 and 2026 guidance.”
