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Lloyds Banking Q4 Profit Drops - Quick Facts

Lloyds Banking Group plc. (LLOY.L,LYG) reported that its fourth-quarter profit after tax dropped to 680 million pounds from 1.02 billion pounds in the same quarter last year.

Profit before tax was 792 million pounds, down from 1.45 billion pounds in the previous year.

Net income for the quarter declined to 3.59 billion pounds from 4.13 billion pounds last year.

Statutory profit after tax for fiscal year 2020 was 1.4 billion pounds. It was 54 per cent lower than 2019 and earnings per share of 1.2 pence were down 66 percent. Lower profits were significantly due to the impairment charge of 4.2 billion pounds in 2020, primarily reflecting the deterioration in the economic outlook.

Annual profit before tax dropped 72 percent to 1.23 billion pounds from the previous year.

Annual net income was 14.4 billion pounds, down 16 per cent with net interest income of 10.8 billion pound, down 13 per cent.

Looking ahead for 2021, the company expects operating costs to reduce further to 7.5 billion pounds, risk-weighted assets to be broadly stable on 2020.

Lloyds Banking Group confirmed that Charlie Nunn's appointment as Group Chief Executive and Executive Director will start on 16 August 2021.

As previously announced, William Chalmers, Group Chief Financial Officer, will take on the role of acting Group Chief Executive when António Horta-Osório steps down on 30 April 2021 and until Nunn's arrival on 16 August 2021.

The company said its board has recommended a final ordinary dividend of 0.57 pence per share.

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