ADVFN - Advanced Financial Network.
HOME» NYSE » L » LYG Stock Price » LYG Stock News

Lloyds Tsb Share News

 Lloyds Banking Grp. Stock Price
LYG Stock Price
 Lloyds Banking Grp. Stock Chart
LYG Stock Chart
 Lloyds Banking Grp. Stock News
LYG Stock News
 Lloyds Banking Grp. Company Information
LYG Company Information
 Lloyds Banking Grp. Stock Trades
LYG Stock Trades

Lloyds Banking Manages Small Net Profit For First Quarter

By Max Colchester Of DOW JONES NEWSWIRES LONDON -(Dow Jones)- Lloyds Banking Group PLC (LYG) Tuesday said it eked out a GBP2 million net profit in the first quarter, helped by lower impairment charges and falling costs as the group raised some targets for the year. The part-government-owned lender recorded total income of GBP4.6 billion for the quarter. In the same quarter a year earlier, the group posted revenue of GBP4.92 billion and a loss of GBP2.44 billion, when it was hit by a hefty charge to cover the misselling of payment protection insurance. On an adjusted basis--which includes factors such as the integration of HBOS and other one-off charges and asset sales--profit before tax came to GBP628 million, up from GBP284 million a year earlier. Lloyds said that the adjusted figures better reflect the performance of the group. "Although our results reflected the subdued U.K. economic environment, the actions we have taken to further reduce costs, strengthen the balance sheet and reduce risk, and the additional investment we have made in our core franchise, are mitigating these effects and will position us well for future growth," CEO Antonio Horta-Osorio said. Like several of its U.K.-based peers, Lloyds is suffering as the British economy sinks into recession. The combination of low interest rates, slack demand for loans and increased regulatory pressure has weighed on the bank's share price in recent months. At the full-year results, Horta-Osorio sounded a cautious note for 2012, warning investors to brace for a difficult year. Accordingly, Lloyds' target of on return of equity between 12.5% and 14.5% was delayed beyond 2014. The group also said, without being specific, that it expects 2012 revenue to be lower than it was in 2011, as the bank continues to slim down its balance sheet. On Tuesday, Lloyds said it was "confident" it could meet its financial goals for the year. Lloyds increased its guidance for the non-core asset reduction it expected to achieve in 2012 by GBP5 billion to at least GBP30 billion and said that it is expecting to reach its 2014 target in 2013. As part of this process, Lloyds is expected to sell off 632 branches. The sale is mandated by the European Union because Lloyds was bailed out by taxpayers and has to be completed before the end of 2013. Lloyds recently ended exclusive negotiations with the Co-operative Group as regulators questioned whether the funerals-to-food group was a suitable buyer. NBNK PLC (NBNK.LN), an investment vehicle set up by financial sector veterans to create a challenger bank in the U.K., has since expressed interest in the branches. On Tuesday, the group reiterated that it was continuing its discussions with both NBNK and the Co-op. - By Max Colchester, Dow Jones Newswires; +44 (0) 207 842 9295, max.colchester@wsj.com

Stock News for Lloyds Tsb (LYG)
DateTimeHeadline
08/27/201417:35:16LONDON MARKETS: Miners Lift FTSE 100 For Second Straight Day
08/22/201404:08:10LONDON MARKETS: LSE Drops In London After Rights-issue Plans
08/21/201406:39:44Lloyds Banking Names Alan Dickinson Non-Executive Director
08/01/201412:26:48LONDON MARKETS: FTSE 100 Slumps For Third Day As Miners, Banks...
07/31/201412:46:20LONDON MARKETS: Shell's Gain Curbs FTSE 100 Losses
07/31/201412:41:12EUROPE MARKETS: European Banks, Adidas Drop; Shell Gains
07/31/201408:17:42LONDON MARKETS: Shell's Gain Curbs Losses For The FTSE 100
07/31/201406:46:43EUROPE MARKETS: Shell, BG Among Major European Movers; BES Slides
07/31/201405:21:35EUROPE MARKETS: Shell, BG Among Major European Movers; Adidas...
07/31/201403:12:06TSB Banking First Half Pretax Profit Rises
07/30/201410:39:05Lloyds Banking Group plc 2Q 2014 -- Forecast
07/28/201415:36:39Lloyds Pays $370 Million to Settle Rate Probe -- 3rd Update
07/28/201412:22:17LONDON MARKETS: FTSE 100 Erases Gain After Soft U.S. Home Sales...
07/28/201410:11:34LONDON MARKETS: Reckitt Benckiser Leads U.K.'s FTSE 100 To Small...
07/25/201406:06:31Lloyds Bank Nears Rate-Probe Settlement--Update
07/25/201405:02:47Lloyds Bank Nears Rate Probe Settlement
07/24/201416:55:51Lloyds to Pay Up to GBP300 Million in Fines Over Libor Allegations...
07/18/201418:59:07EUROPE MARKETS: European Stocks Slip; Shire Leads FTSE Gains
07/18/201418:50:41EUROPE MARKETS: European Stocks Fall; RBS, Volvo Among Decliners
07/18/201406:57:07U.K. to Probe Retail Banking Sector

Lloyds Tsb and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad