Repeat & Correct: Lloyds Unexpectedly Swings to a 1st Half Pretax Loss After High Impairments
30 Julho 2020 - 10:56AM
Dow Jones News
Lloyds net interest income fell 11% to GBP5.48 billion, from
GBP6.14 billion. "Lloyds Banking Group 1H Net Income GBP5.48b"
flash headline at 0602 GMT, "Lloyds Unexpectedly Swings to a 1H
Pretax Loss After High Impairments," at 0623 GMT, "Lloyds
Unexpectedly Swings to a 1H Pretax Loss After High Impairments:
Update" at 0803 GMT, and "Lloyds Missed 1H Profit View on
Higher-than-Expected Impairments -- Earnings Review" at 1228 GMT
incorrectly referred to the number as net income, and misstated the
fall as 38%. The correct version follows:
By Sabela Ojea
Lloyds Banking Group PLC reported Thursday an unexpected swing
to a pretax loss for the first half of 2020 after booking a large
impairment charge due to the coronavirus pandemic and said its
outlook remains highly uncertain.
The U.K.'s largest retail bank posted a pretax loss of 602
million pounds ($780.3 million) compared with a profit of GBP2.90
billion for the same period a year earlier. The lender was expected
to report a pretax profit of GBP42 million for the first six months
of the year, according to its own compilation of consensus.
The FTSE-100 lender's net interest income decreased 11% to
GBP5.48 billion. Net income--which includes operating lease
depreciation and other income--was GBP7.41 billion compared with a
forecast of GBP7.4 billion according to its own compilation of
forecasts.
The bank took impairments of GBP2.39 billion in the second
quarter after booking a GBP1.43 billion charge in the first quarter
of the year due to the coronavirus pandemic, a total of 3.82
billion, up from the expected GBP2.9 billion impairments for the
first-half based on Lloyds' compilation of estimates.
The bank ended the period with a common equity Tier 1 ratio--a
key measure of balance-sheet strength--of 14.6%, up from 13.6% at
the year-earlier period.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
July 30, 2020 09:41 ET (13:41 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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