(AOF) – Lloyds Banking Group rose 3.43% to 53.10 pence after revealing mixed results in the first quarter. Over this period, its taxable profit fell 28% to £1.63 billion. On an adjusted basis, pre-tax profit fell 21% to £1.757 billion, beating consensus by 2%. Lloyds Banking Group ended the quarter with a core capital ratio (CET1) down 0.2 points year-on-year to 13.9%.
Its revenue fell 9% to £4.24 billion, including £3.184 billion down 10% for adjusted interest income. The consensus of 3.256 billion was slightly higher. The interest margin fell to 2.95% from 3.22% in the first quarter of 2023.
“The group continues to deliver results in line with expectations in the first quarter of 2024, with strong net income, cost discipline and good asset quality. Our performance supports our strategic ambitions and forecasts for 2024 and 2026,” commented Managing Director Charlie Nunn.
The British bank has confirmed its 2024 objectives. It expects a return on tangible equity of around 13% and a hard capital ratio of around 13.5%. The interest margin is anticipated at more than 2.90%.
© 2024 Agence Option Finance (AOF) – All reproduction rights reserved by AOF. AOF collects its data from the sources it considers the safest. However, the reader remains solely responsible for their interpretation and use of the information made available to them. The reader must therefore hold AOF and its contributors harmless from any claim resulting from this use. Agence Option Finance (AOF) is a brand of the Option Finance group
Did you like this article ? Share it with your friends using the buttons below.
