LONDON -(Dow Jones)- Lloyds Banking Group PLC (LLOY.LN), the U.K. bank that is partly owned by the U.K. Government, said Tuesday that it continued to deliver a good revenue performance in the third quarter of 2009, with similar trends, excluding gains on liability management transactions, to those delivered in the first half of the year.
MAIN FACTS:
-Banking net interest margin has shown clear signs of stabilising and was flat in the third quarter of 2009, compared to the first half of the year.
-Costs in the nine months to Sept. 30 were 2% lower than in the equivalent prior period.
-Excellent progress has continued to be made on the integration of the enlarged Group, with the achievement of GBP50 million higher run-rate cost synergies than those previously announced.
-The run-rate of overall impairments has slowed in the third quarter of the year; Continues to expect impairments to fall significantly in the second half of 2009, compared to the first half of the year.
-Continues to expect the Group to report a loss before tax for 2009, excluding the impact of the GBP11.2 billion credit relating to negative goodwill.
-Core relationship businesses have, once again, performed well with good revenue growth, as margins begin to stabilise, and achieved a strong cost performance.
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com