Lloyds share price has crashed into a correction, moving from the year-to-date high of 114.70p on February 4 to the current 100p. It is hovering near its lowest level since January 12, mirroring the performance of European banks like Barclays and UniCredit.

Lloyds stock dropped after its financial results 

Lloyds Banking Group, the top British bank, announced strong financial results, continuing a trend that has been going on in the past few years. It has benefited from the rising interest rates, which have boosted its net interest margin.

At the same time, the company has benefited from the cost-cutting measures that have been helped by its investments in its digital capabilities. It has now saved over £1.9 billion since 2021.

Lloyds…