Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
General Electric Co. filed a lawsuit against Siemens Energy AG, accusing the German power distribution company of stealing trade secrets for gas turbines. Siemens Energy allegedly used the information to get at least nine contracts to supply gas turbines to public utilities, and also covered up improper business gains. Following a court ruling, the U.S. Food and Drug Administration postponed the effective date for tobacco manufacturing companies to display new health warnings on cigarette packets and in advertisements, by additional 90 days. The warnings with color images is to promote greater public understanding of the negative health consequences of smoking. JPMorgan Chase & Co (JPM) reported strong results in the fourth quarter of 2020, with net profit up 42% largely driven by credit reserve releases of $2.9 billion. The Group said it ended the year with a CET1 ratio of 13.1% and capital above $200 billion, providing with meaningful capacity to further...
Follow RTT