Lloyds rises despite profits falling 70%

Market chart showing uptrend
Fiona Cincotta
By :  ,  Market Analyst

Lloyds share price is on the rise despite reporting a 70% drop in profits.

Pre-tax profits came in at £1.2 billion, ahead of £905 million forecast.

Revenue for2020 was £14.4 billion ahead of £14.2 billion expected.

Bad loan impairment charges hit £4.2 billion less than the £4.7 billion forecast.

Strong growth in the mortgage business amid the mini housing boom in the UK has helped Lloyds.

The stock trades +0.6% higher but was trading 2% higher earlier in the session on the back of the upbeat results.

Lloyds trades with a positive bias. Immediate resistance can be seen at 41p ahead of 45p. Support can be seen on the ascending trendline at 36.50.

Related tags: Bank Stocks

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