Lloyds Banking Lifts 2023 Interest Margin, Returns Guidance; 2Q Pretax Profit Missed Views
26 Juillet 2023 - 8:59AM
Dow Jones News
By Elena Vardon
Lloyds Banking Group on Wednesday posted pretax profit for the
second quarter of 2023 below expectations but lifted some of its
guidance for the year.
The British bank posted a pretax profit for the three months to
June 30 of 1.61 billion pounds ($2.08 billion) compared with
GBP1.54 billion restated for the same period a year earlier and
with GBP1.72 billion expected by a company-compiled consensus.
The FTSE 100 listed group's net income rose to GBP4.53 billion
from a restated GBP4.03 billion, beating a consensus estimate of
GBP4.51 billion. Its banking net interest margin was 3.14% for the
quarter, while consensus had seen it at 3.10%.
The lender lifted its banking net interest margin guidance for
the year to 3.10%, from 3.05% previously, but below consensus of
3.12% for 2023. Lloyds also now sees its return on tangible equity
to be greater than 14%, from around 13%, while consensus forecasts
14.5%.
It closed the period with a common equity Tier 1 ratio--a key
measure of balance-sheet strength--of 14.2%, in line with market
expectations.
The board proposed an interim dividend of 0.92 pence in line
with views, compared with 0.80 pence last year.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
July 26, 2023 02:44 ET (06:44 GMT)
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