Lloyds Banking Group plc (LYG,LLOY.L) reported Wednesday a growth in first-quarter profit, benefitted by higher total income.
Looking ahead for fiscal 2026, the company reiterated its outlook, and now expects underlying net interest income to be greater than 14.9 billion pounds.
Charlie Nunn, Group Chief Executive, stated, "We are confident in our delivery for the year ahead and reiterate our guidance for 2026. We look forward to presenting our new strategy alongside the half-year results."
In the first quarter, profit before tax climbed 33 percent to 2.03 billion pounds from last year's 1.52 billion pounds.
Profit after tax was 1.56 billion pounds, up 37 percent from 1.13 billion pounds last year. Earnings per share were 2.4 pence, higher than 1.7 pence a year ago. Underlying profit before impairment improved 25 percent to 2.30 billion pounds from 1.84 billion pounds a year ago.
Net income was 4.79 billion pounds, up 9 percent from last year's 4.39 billion pounds driven by higher underlying net interest income and higher underlying other income.
Underlying net interest income of 3.57 billion pounds grew 8 percent year-over-year, reflecting a higher banking net interest margin of 3.17 percent, up 14 basis points from the prior year.
Total income grew 10 percent to 5.18 billion pounds from 4.70 billion pounds a year ago.
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