LYG Lloyds Banking Group Plc

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)

Lloyds Banking (NYSE:LYG)
Gráfico Histórico do Ativo
De Out 2024 até Nov 2024

Lloyds Banking (NYSE:LYG)
Gráfico Histórico do Ativo
De Nov 2023 até Nov 2024