Lloyds 3Q Beat Views on Pretax Profit, Net Income, Impairments
29 Outubro 2020 - 4:59AM
Dow Jones News
By Sabela Ojea
Lloyds Banking Group PLC reported Thursday a significant rise in
profit for the third quarter of the year, beating market views for
pretax profit, net income and impairments for the period.
The U.K.'s largest retail bank posted a pretax profit of 1.04
billion pounds ($1.35 billion) for the third quarter compared with
GBP50 million for the same period a year earlier, when it had
booked a GBP1.80 billion provision for expected payment-protection
insurance expenses. The lender posted a pretax loss of GBP676
million in the second quarter of the year.
It took an impairment charge of GBP301 million, down from the
GBP2.39 billion and GBP1.43 billion impairments it booked in the
second quarter and first quarter of the year, respectively, due to
the coronavirus pandemic.
Pretax profit had been expected to amount to GBP588 million,
while impairments were anticipated to reach GBP721 million,
according to the bank's own compilation of forecasts.
The FTSE 100-listed bank's net income fell to GBP3.40 billion
compared with GBP4.19 billion for the same period a year earlier.
It was expected to fall to GBP3.37 billion, taken from Lloyds's
compilation of consensus.
Lloyds's common equity Tier 1 capital ratio--a measure of a
bank's financial strength--stood at 15.2%, up from 13.8% as at Dec.
31, 2019. It was anticipated to reach 14.4%.
Costs, at GBP1.94 billion, were higher than market expectations
of GBP1.91 billion, according to the bank's consensus.
"Although our performance has clearly been impacted by the
pandemic and the associated challenging economic environment...we
are now seeing an encouraging business recovery and, with
impairments significantly lower, a return to profitability in the
third quarter," Chief Executive Antonio Horta-Osorio said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
October 29, 2020 03:44 ET (07:44 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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