Lloyds Banking Group 3Q Profit Hit by Impairment Charge; Raises Interest Margin Forecast
27 Ottobre 2022 - 08:57AM
Dow Jones News
By Ian Walker
Lloyds Banking Group PLC on Thursday reported a 26% fall in
third-quarter pretax profit after booking an impairment charge due
to the weakening economic outlook, but raised its interest margin
forecast.
The U.K. bank reported a pretax profit of 1.51 billion pounds
($1.76 billion) for the quarter, compared with GBP2.03 billion for
the same period a year earlier and a consensus of GBP1.84 billion,
taken from the lender's compiled forecasts.
The bank report booked an impairment charge of GBP668 million
compared with a credit of GBP119 million for the comparable
period.
Underlying profit--which strips out exceptional and other
one-off items--was GBP1.73 billion compared with GBP2.08 billion
and a consensus of GBP1.88 billion.
The FTSE 100-listed lender's underlying net interest income rose
to GBP3.39 billion from GBP2.85 billion while its net interest
margin--a closely watched metric which measures the difference
between interest generated from loans and that paid out for
deposits--rose to 2.98% compared with 2.55% and a consensus of
2.90%.
Lloyds said it expects full-year net interest margin to be more
than 290 basis points compared with previous guidance for greater
than 280 basis points.
The bank ended the period with a common equity Tier 1 ratio--a
key measure of balance-sheet strength--at 15% compared with 14.8%
at June 30.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
October 27, 2022 02:42 ET (06:42 GMT)
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