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LONDON - Lloyds (LON:LLOY) Bank Corporate Markets (LBCM) reported a profit before tax of £266 million for the first half of 2025, down from £293 million in the same period last year, as the bank completed a significant capital restructuring amid challenging macroeconomic conditions.
Total (EPA:TTEF) income for the six-month period ended June 30 was £513 million, compared to £529 million a year earlier, according to the bank’s half-year results statement released Wednesday.
The results include a one-off charge related to LBCM’s capital restructure, which the bank described as "a key milestone" in its growth plan. The restructuring involved increasing the amount of additional tier 1 capital, which LBCM said would unlock capacity for further growth opportunities.
Net interest income rose significantly to £161 million, up from £56 million in the first half of 2024, driven by growth in the bank’s financial sponsors lending business and reduced funding costs for its global markets operations.
However, this increase was offset by a decline in net trading income to £256 million from £322 million and a reduction in net fee and commission income to £138 million from £153 million.
Operating expenses decreased slightly to £246 million from £250 million, reflecting what the bank called "strong cost management discipline."
LBCM’s total assets reached £97.5 billion at June 30, an increase of £2.5 billion since December 31, 2024, primarily due to growth in financial assets at fair value through profit or loss and an increase in financial assets at amortized cost.
The bank’s common equity tier 1 capital ratio stood at 13.3% at the end of June, down slightly from 13.6% at the end of 2024, while its UK leverage ratio increased to 8.2% from 4.5%.
"In the first 6 months of 2025, Lloyds Bank Corporate Markets group has delivered a solid financial performance from a business that’s delivering for our customers," the bank said in its statement. "This is pleasing when set against the backdrop of a volatile macroeconomic and geopolitical environment."
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