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    LLOY   GB0008706128

LLOYDS BANKING GROUP PLC

(LLOY)
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Lloyds 2Q Pretax Profit Rose Ahead of Views, Buys Embark Group for GBP390 Million -- Update

07/29/2021 | 12:58am EDT

By Sabela Ojea

Lloyds Banking Group PLC on Thursday reported a rise in pretax profit for the second quarter of 2021, beating market expectations, and said that it is buying the investment and retirement platform business Embark Group.

The FTSE 100-listed bank posted a pretax profit of 2.1 billion pounds ($2.92 billion) for the period compared with a loss of GBP676 million for the year-earlier period and a profit of GBP1.29 billion for the same period in 2019.

Lloyds was expected to post a pretax profit of GBP1.23 billion for the period, according to its compiled consensus.

The bank released impairments of GBP333 million amid an economic recovery, up from GBP323 million in the previous quarter.

Net income rose to GBP3.90 billion from GBP3.46 billion for the year-earlier period and GBP4.40 billion for the second quarter of 2019. Net income was anticipated to come in at GBP3.69 billion, taken from the bank's compiled consensus.

The bank ended the period with a common equity Tier 1 ratio--a key measure of balance-sheet strength--of 16.7% and declared an interim dividend of 0.67 pence a share.

The acquisition of Embark Group will entail paying around GBP390 million for the entire share capital of the target company upon completion, Lloyds said, adding that it will receive GBP35 billion of assets under administration on behalf of around 410,000 consumer clients.

The move has led the bank to increase its strategic review 2021 net new money target to around GBP40 billion by 2023, from GBP25 billion previously, in order to reflect its increased growth potential, Lloyds said.

"Embark will also enable the group to re-platform its pensions and retirement proposition, delivering a market-leading platform for intermediaries and significantly strengthening its offering in retirement, an important growth market," it said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

07-29-21 0258ET

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Financials
Sales 2021 15 693 M 21 560 M 21 560 M
Net income 2021 5 159 M 7 088 M 7 088 M
Net Debt 2021 - - -
P/E ratio 2021 6,32x
Yield 2021 4,67%
Capitalization 31 972 M 43 974 M 43 923 M
Capi. / Sales 2021 2,04x
Capi. / Sales 2022 2,01x
Nbr of Employees 61 576
Free-Float 99,6%
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Number of Analysts 24
Last Close Price 45,05 GBX
Average target price 53,00 GBX
Spread / Average Target 17,6%
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Managers and Directors
Charlie Nunn Group Chief Executive Officer & Executive Director
William Leon David Chalmers Chief Financial Officer & Executive Director
Robin Francis Budenberg Chairman
John Chambers Group Chief Information Officer
David Gledhill Chief Operating Officer
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