Lloyds 3Q Beat Expectations as Pretax Profit Nearly Doubled
28 Ottobre 2021 - 8:52AM
Dow Jones News
By Sabela Ojea
Lloyds Banking Group PLC reported on Thursday a nearly doubled
pretax profit for the third quarter of 2021, beating market
views.
The FTSE 100 listed bank posted a pretax profit of 2.03 billion
pounds ($2.79 billion) for the quarter, up from GBP1.04 billion for
the same period a year earlier. Pretax profit was expected to reach
GBP1.35 billion, according to the bank's compiled consensus.
Net income increased to GBP4.08 billion compared with GBP3.40
billion for the third quarter of 2020.It was anticipated to rise to
GBP3.78 billion for the third quarter, taken from Lloyds' compiled
consensus.
The bank ended the period with a common equity Tier 1 ratio--a
key measure of balance-sheet strength--of 17.2% as at Sept. 30, up
from 16.7% as at June 30. It was expected to reach 16.3%, according
to the bank's compiled consensus.
The lender said that, given its stronger performance and the
improved U.K. macroeconomic outlook, it now expects to book costs
of around GBP7.6 billion. Its full-year return on tangible equity
is also now expected to be more than 10%, Lloyds said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
October 28, 2021 02:37 ET (06:37 GMT)
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