Lloyds Banking Backs 2023 Guidance After 3Q Pretax Profit Rose
25 Outubro 2023 - 3:55AM
Dow Jones News
By Elena Vardon
Lloyds Banking Group backed its 2023 guidance as it posted a
better-than-expected rise in pretax profit for the third
quarter.
The British bank reported a pretax profit for the three months
to Sept. 30 of 1.86 billion pounds ($2.26 billion) compared with a
restated GBP576 million for the same period a year earlier and with
GBP1.82 billion expected by a company-compiled consensus.
Net income rose to GBP4.51 billion from GBP4.48 billion, coming
slightly short of consensus' GBP4.56 billion estimate, it said on
Wednesday. Included in the figure are GBP3.44 billion from net
interest income, against expectations of GBP3.48 billion. Its
banking net interest margin was 3.08% for the quarter, below
consensus expectations of 3.10%.
Lloyds's return on tangible equity for the quarter was 16.9%,
beating consensus of 15.7%.
The company said it now sees its asset quality ratio for 2023 of
less than 30 basis points--from around 30 basis points
previously--and reaffirmed its other targets. For the year, it
still expects to report banking net interest margin of over 3.10%,
operating costs around GBP9.1 billion, return on tangible equity of
over 14% and capital generation of around 175 basis points.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
October 25, 2023 02:40 ET (06:40 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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