UK's Lloyds bank returns to profit on housing market rebound

The British housing market saw activity levels bounce back strongly during the summer after the government announced a temporary tax reprieve on house purchases. During the three months to the end of September, Lloyds reported a net profit of 688 million pounds (USD 895 million) against last year's equivalent loss of 238 million pounds..

British's Lloyds Banking Group returned to profit in the third quarter of the year as it benefited from a rebound in the housing market after the coronavirus lockdown of the spring was eased. However, the bank warned Thursday that the outlook remains “highly uncertain” following the resurgence of the coronavirus this fall and a lack of clarity over Britain's post-Brexit trade discussions with the European Union.

During the third quarter, the company said that activity levels picked up after contracting in the first six months during the height of the early stage of the pandemic, particularly mortgage applications and consumer spending. The British housing market saw activity levels bounce back strongly during the summer after the government announced a temporary tax reprieve on house purchases.

During the three months to the end of September, Lloyds reported a net profit of 688 million pounds (USD 895 million) against last year's equivalent loss of 238 million pounds.

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