Lloyds 2Q Pretax Profit Rose Ahead of Views, Outlook for 2022 Upgraded -- Update
27 Julho 2022 - 04:26AM
Dow Jones News
By Sabela Ojea
Lloyds Banking Group PLC on Wednesday reported a slight increase
in pretax profit for the second quarter of 2022, which came in
ahead of market views, and said that it has strengthened its
outlook for the whole year.
The U.K. bank posted a pretax profit of 2.04 billion pounds
($2.45 billion) for the three months ended June 30 compared with
GBP2.01 billion for the year-earlier period. It was expected to
decline to GBP1.59 billion, taken from the lender's compiled
forecasts for the quarter.
The FTSE 100-listed lender's net income rose to GBP4.34 billion
from GBP3.90 billion for the same period a year earlier. Net income
was expected to rise to GBP4.14 billion, taken from the bank's
compiled consensus for the period.
The bank ended the period with a common equity Tier 1 ratio--a
key measure of balance-sheet strength--of 14.7% versus an
expectation of 14.6%, and declared a dividend of 0.80 pence a
share, up from 0.67 pence a year earlier. The board was anticipated
to declare an interim dividend of 0.75 pence.
Total costs decreased to GBP2.18 billion from GBP2.37 billion,
but were significantly higher than the market expected. Total costs
were forecast at GBP1.91 billion, taken from Lloyds's compiled
forecasts.
Regarding its outlook, the bank said it now sees a net interest
margin greater than 280 basis points and a capital generation
greater than 200 basis points, as well as a return on tangible
equity of around 13%.
"While the world has changed significantly since February, our
strategic focus remains clear and disciplined. Our strong financial
performance demonstrates the resilience of our business model and
customer relationships, and has enabled us to enhance guidance for
2022," Chief Executive Charlie Nunn said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
July 27, 2022 03:11 ET (07:11 GMT)
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