Zoe Gillespie, investment manager at RBC Brewin Dolphin, said: “Lloyds’ numbers have begun to slow, which was to be expected as interest rates appear to have peaked and competition in the mortgage market heats up. While the bank’s profits and net interest margin may have been squeezed, they are still at strong levels. More generally, Lloyds appears to be in relatively rude health and in a good position to manage the potential fall of interest rates later in the year.