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Lloyds Banking Group Turns To Profit In Q3

British banking major Lloyds Banking Group Plc. (LYG, LLOY.L) said that its third-quarter statutory profit before tax was 751 million pounds, compared to loss of 440 million pounds.

Quarterly profit was 693 million pounds, compared to loss of 1.3 billion pounds in the comparable quarter last year. Earnings per share were 0.9 pence, compared to loss per share of 1.8 pence last year.

Group underlying profit for the third quarter was 2.2 billion pounds, an increase of 41 per cent from 1.5 billion pounds in the comparable quarter last year.

On an underlying basis, net interest income increased 10 per cent to 3.0 billion pounds from 2.8 billion pounds last year, while total income rose 2 percent to 4.65 billion pounds from 4.56 billion pounds in the year-ago period.

The company said it expects 2014 full year net interest margin to be around 2.45 per cent. Full year statutory profit to be significantly ahead of first half.

The company now expects the asset quality ratio for the 2014 full year to be around 30 basis points. Previously, the company expected asset quality to be around 35 basis points for the full year.

Further, in order to make the Group more efficient, the company said it expects to exit 2017 with a cost:income ratio of around 45 per cent and are targeting reductions in each year of the plan. The company also anticipates a reduction of 9,000 full time roles by the end of 2017 and plan to make further Simplification savings of £1 billion per annum by the end of 2017.

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