Britain's Lloyds reports Q3 profit beats expectations

LONDON: Lloyds Banking Group posted a better than expected profit for the third quarter as Britain's economy rebounded from pandemic lockdowns, in Chief Executive Charlie Nunn's first set of earnings at the bellwether bank.

Britain's biggest mortgage lender posted pretax profits of 2 billion pounds ($2.20 billion) for the July-September period, compared to 1.3 billion pounds in an average of analyst forecasts. The lender reported a 1 billion pound profit in the same period last year.