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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Lloyds Banking Group Plc | LSE:LLOY | London | Ordinary Share | GB0008706128 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.08 | -0.16% | 50.92 | 50.86 | 50.90 | 51.08 | 50.20 | 50.70 | 140,525,532 | 16:35:22 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Commercial Banks, Nec | 23.74B | 5.46B | 0.0859 | 5.92 | 32.33B |
From Apr 2019 to Apr 2024
By Max Colchester
Lloyds Banking Group PLC said Friday that it made a net profit of GBP913 million ($1.4 billion) for the first three months of the year and raised a key profitability target.
The part U.K. government-owned bank said total income net of insurance claims came to GBP4.5 billion, down from GBP4.6 billion the year before. Net profit fell from GBP1.1 billion in the same quarter last year, as impairments fell.
The bank said it was raising its net interest income target--the difference between its cost of borrowing and the price it lends at--above the original target of 2.55%.
Lloyds incurred a GBP660 million loss in relation to the spin out of its TSB Banking Group PLC unit.
TSB was created after Lloyds was ordered by European authorities to sell 631 branches to boost competition following its government bailout during the financial crisis.
In March Spain's Banco de Sabadell SA entered into talks with U.K. lender TSB about a possible GBP1.7 billion ($2.54 billion) takeover. As part of the spin off Lloyds pledge to pay TSB a lump sum to cover information technology costs in the event of it being bought.
The retail focused bank has benefited from a resurgent economy which has reduced bad loans and fueled demand for mortgages. In February regulators gave the bank the all clear to start paying its first dividend since its bailout in the financial crisis. On Friday the bank said underlying profit, which strips out a number of costs, was up 21% on last year to GBP2.2 billion.
The U.K. government, which currently owns just under a 21% stake in the bank, has been whittling down its interest in the lender over the past few months.
Write to Max Colchester at max.colchester@wsj.com
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