Trending: Lloyds Banking Posts Slower 2Q
26 Juillet 2023 - 2:10PM
Dow Jones News
1140 GMT - Lloyds Banking Group is among the most mentioned
companies across news items over the past six hours, according to
Factiva data. The British bank--which has a reputation for being a
barometer for the U.K. economy and is the country's biggest
mortgage lender--posted lower-than-expected second-quarter earnings
and raised its full-year guidance for net interest margin and
return on tangible equity. "Despite something of a slowdown in the
second quarter as was largely expected, for the half-year as a
whole Lloyds has again shown its financial mettle," interactive
investor says, noting the bank's balance sheet is clearly in rude
health and that it raised its interim dividend. Lloyds also
increased its provision for non-performing loans, with Chief
Executive Charlie Nunn commenting that its customers are
"experiencing significant challenges given inflationary pressures
and higher interest rates." This partly contributed to shares
dropping to the bottom of the FTSE 100 on the back of the results
which AJ Bell attributes to uncertainty around the impact of
mortgage affordability pressures. These are justifiable concerns
over the economic outlook, CMC Markets UK echoes but adds that the
lender's profitability still looks strong and its margins healthy.
Dow Jones & Co. owns Factiva. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
July 26, 2023 07:55 ET (11:55 GMT)
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