Lloyds Profit Plunges on Restructuring Charges
April 28 2016 - 3:40AM
Dow Jones News
LONDON—Lloyds Banking Group PLC said first-quarter net profit
fell 44% to £ 531 million ($774 million) after it was hit by a
series of restructuring charges.
The British retail bank, in which the U.K. government has a
stake of around 9%, said income dropped 1% to £ 4.4 billion in the
quarter. Underlying profit, which strips out a series of one-off
charges, amounted to £ 2.1 billion, down 6% compared with the
corresponding 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 by the cost of splitting out and selling around 600
branches to form a new stand-alone bank.
The lender also took a £ 790 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 03:25 ET (07:25 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