By Sabela Ojea

Lloyds Banking Group PLC reported Thursday a rise in pretax profit for the second quarter of 2021, surpassing market expectations, after releasing more impairments amid an economic recovery.

The FTSE 100-listed bank posted a pretax profit of 2.1 billion pounds ($2.92 billion) for the period compared with a loss of GBP676 million for the year-earlier period and a profit of GBP1.29 billion for the same period in 2019.

Lloyds was expected to post a pretax profit of GBP1.23 billion for the period, according to its compiled consensus.

The bank released impairments of GBP333 million, up from GBP323 million in the previous quarter.

Net income rose to GBP3.90 billion from GBP3.46 billion for the year-earlier period and GBP4.40 billion for the second quarter of 2019. Net income was anticipated to come in at GBP3.69 billion, taken from the bank's compiled consensus.

The bank ended the period with a common equity Tier 1 ratio--a key measure of balance-sheet strength--of 16.7% and declared an interim dividend of 0.67 pence a share.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

July 29, 2021 02:34 ET (06:34 GMT)

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