LLOY Lloyds Banking Group Plc

By Elena Vardon

Lloyds Banking Group PLC on Wednesday maintained its full-year guidance as it posted better-than-expected pretax profit for its first quarter on strong net income and capital generation.

The U.K. lender posted a pretax profit of 2.26 billion pounds ($2.82 billion) for the three months to March 31, compared with GBP1.54 billion for the same period a year earlier. It beat expectations taken from a company-compiled consensus that had estimated GBP1.95 billion.

Costs increased 5% on year in the period to GBP2.2 billion on higher planned strategic investment, new business costs and inflationary effects, it said.

The FTSE 100-listed bank's net interest income rose to GBP3.535 billion from GBP2.95 billion for the first quarter of 2022. It was anticipated to rise to GBP3.59 billion for the period by consensus. This was mainly driven by its banking net interest margin, which was stable at 3.22% from the previous quarter.

Lloyds said customer deposits at GBP473.1 billion were down GBP2.2 billion in the quarter on seasonal outflows and a more competitive market.

The bank closed the period with a common equity Tier 1 ratio--a key measure of balance-sheet strength--of 14.1%, in line with views. Its return on tangible equity came in at 19.1%, beating expectations of 15.9%.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

May 03, 2023 02:40 ET (06:40 GMT)

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