Lloyds Banking Group's wealth and asset management operations suffered a 53% fall in pre-tax profits to £101m (€119.3m) in the half year to June, largely due to lower fees, reduced base rates and a competitive market for deposits.

Lloyds said gross revenue from interest margins was down 13% to £198m: the division suffered a £2.6bn outflow in deposits. Revenue in other areas fell 11% to £490m, principally due to lower fees from asset management as a result of lower market values.