Lloyds Banking 1Q Net Profit Falls 44%
April 28 2016 - 2:50AM
Dow Jones News
By Max Colchester
LONDON--Lloyds Banking Group PLC said first-quarter net profit
fell 44% in to 531 million pounds ($773.72 million) after it was
hit by a series of restructuring charges.
The British retail bank, which is about 9% owned by the U.K.
government, said income dropped 1% to GBP4.4 billion in the
quarter. Underlying profit, which strips out a series of one off
charges, came to GBP2.1 billion, down 6% compared to the same
period a year earlier.
As with other lenders, Lloyds has been struggling with low
interest rates which have eaten into profitability. The bank was
also hit with the cost of splitting out and selling around 600
branches to form a new standalone bank.
The bank also took a GBP790 million loss on high interest paying
bonds it issued to investors during the financial crisis and which
have been redeemed.
Write to Max Colchester at max.colchester@wsj.com
(END) Dow Jones Newswires
April 28, 2016 02:35 ET (06:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Lloyds Banking (NYSE:LYG)
Historical Stock Chart
From Aug 2024 to Sep 2024
Lloyds Banking (NYSE:LYG)
Historical Stock Chart
From Sep 2023 to Sep 2024