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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Lloyds Banking Group plc    LLOY   GB0008706128

LLOYDS BANKING GROUP PLC

(LLOY)
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Lloyds Banking : 3Q Beat Views on Pretax Profit, Net Income, Impairments

10/29/2020 | 02:45am EST

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

10-29-20 0344ET

Stocks mentioned in the article
ChangeLast1st jan.
LLOYDS BANKING GROUP PLC -3.47% 38.13 Delayed Quote.-36.80%
MSCI UNITED KINGDOM (STRD, UHD) -0.54% 1001.749 Real-time Quote.-17.10%
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Financials
Sales 2020 15 014 M 20 092 M 20 092 M
Net income 2020 656 M 878 M 878 M
Net Debt 2020 - - -
P/E ratio 2020 51,5x
Yield 2020 1,18%
Capitalization 26 996 M 36 135 M 36 126 M
Capi. / Sales 2020 1,80x
Capi. / Sales 2021 1,79x
Nbr of Employees 63 069
Free-Float 99,7%
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 37,86 GBX
Last Close Price 39,50 GBX
Spread / Highest target 57,0%
Spread / Average Target -4,16%
Spread / Lowest Target -55,9%
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Managers
NameTitle
António Mota De Sousa Horta-Osório Group Chief Executive Officer & Executive Director
Norman Roy Blackwell Chairman
William Leon David Chalmers Chief Financial Officer & Executive Director
John Chambers Group Chief Information Officer
Sara Vivienne Weller Independent Non-Executive Director
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