By Sabela Ojea

 

Lloyds Banking Group PLC on Thursday reported earnings for the first half of 2020. Here is what you need to know:

 

PRETAX PROFIT: Lloyds posted a swing to a pretax loss of 602 million pounds ($782.4 million) for the first half of the year compared with a profit of GBP2.90 billion for the same period a year earlier.

The bank was expected to report a pretax profit of GBP42 million, according to its own compiled consensus.

 

NET INCOME: The U.K. bank's net income for the first half fell to GBP7.41 billion from GBP8.82 billion. Net income was expected to be GBP7.4 billion for the first half of the year, according to the bank's compiled consensus.

 

WHAT WE WATCHED:

 

--IMPAIRMENTS: Lloyds was expected to book impairments of GBP2.9 billion for the first half of the year, according to the bank's compilation of consensus. However, it booked an impairment charge of GBP3.82 billion for the period.

 

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

 

(END) Dow Jones Newswires

July 30, 2020 08:43 ET (12:43 GMT)

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