logo
Plus   Neg
Share
Email

Lloyds Banking Q1 Profit Surges

Lloyds Banking Group plc. (LLOY.L,LYG) reported that its first-quarter statutory profit after tax surged to 1.40 billion pounds from 480 million pounds in the previous year.

Statutory profit before tax for the first quarter of 2021 also surged to 1.90 billion pounds from the previous year's 74 million pounds benefiting from solid business momentum and a net impairment credit as a result of the UK's improved economic outlook.

Underlying profit was 2.07 billion pounds, compared to 558 million pounds last year, reflecting both the improved impairment outcome and lower total costs, partially offset by lower net income.

Net income was 3.7 billion pounds, down 7 per cent year on year, with higher average interest-earning assets of 439 billion pounds, net interest margin of 2.49 per cent and other income of 1.1 billion pounds.

Net interest income of 2.68 billion pounds was down 9 per cent year on year, impacted by a reduced banking net interest margin of 2.49 per cent, reflecting the lower rate environment.

The Group continues to expect operating costs for 2021 to reduce to 7.5 billion pounds including net coronavirus-related costs and compensation headwinds.

The Group now expects the net interest margin for 2021 to be in excess of 245 basis points.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Fast-food giant McDonald's said it will be raising hourly wages for more than 36,500 hardworking employees at McDonald's-owned restaurants by an average of 10 percent to make it among the industry-leading pay and benefits package. These increases, which have already begun, will be rolled out over the next several months. Biogen Inc. (BIIB) Friday said its XIRIUS study of cotoretigene toliparvovec failed to meet its primary endpoint in Phase 2/3 in patients with X-linked retinitis pigmentosa or XLRP. The company further noted that the study obtained positive trends in other pre-specified clinically relevant endpoints,... General Mills Inc. (GIS) agreed to buy Tyson Foods' (TSN) pet treats business for $1.2 billion in cash, the companies said in a statement on Friday. The transaction includes the Nudges, Top Chews and True Chews brands. General Mills will also acquire a manufacturing facility in Independence, Iowa.
RELATED NEWS
Follow RTT