Lloyds Banking Backs 2023 Guidance After 1Q Pretax Profit Beat
03 Mai 2023 - 8:55AM
Dow Jones News
By Elena Vardon
Lloyds Banking Group PLC on Wednesday maintained its full-year
guidance as it posted better-than-expected pretax profit for its
first quarter on strong net income and capital generation.
The U.K. lender posted a pretax profit of 2.26 billion pounds
($2.82 billion) for the three months to March 31, compared with
GBP1.54 billion for the same period a year earlier. It beat
expectations taken from a company-compiled consensus that had
estimated GBP1.95 billion.
Costs increased 5% on year in the period to GBP2.2 billion on
higher planned strategic investment, new business costs and
inflationary effects, it said.
The FTSE 100-listed bank's net interest income rose to GBP3.535
billion from GBP2.95 billion for the first quarter of 2022. It was
anticipated to rise to GBP3.59 billion for the period by consensus.
This was mainly driven by its banking net interest margin, which
was stable at 3.22% from the previous quarter.
Lloyds said customer deposits at GBP473.1 billion were down
GBP2.2 billion in the quarter on seasonal outflows and a more
competitive market.
The bank closed the period with a common equity Tier 1 ratio--a
key measure of balance-sheet strength--of 14.1%, in line with
views. Its return on tangible equity came in at 19.1%, beating
expectations of 15.9%.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
May 03, 2023 02:40 ET (06:40 GMT)
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