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Name | Symbol | Market | Type |
---|---|---|---|
Lloyds Banking Group Plc | NYSE:LYG | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.03 | 1.16% | 2.61 | 1,271 | 12:39:16 |
By Sabela Ojea
Lloyds Banking Group PLC reported Thursday a significant fall in pretax profit for the first quarter of 2020 due to higher-than-expected impairments and said it is suspending its previous guidance.
The U.K.'s largest retail bank made a pretax profit of 74 million pounds ($92.1 million) compared with GBP1.60 billion for the first quarter of 2019.
The London-listed' lender's net income fell to GBP3.95 billion from GBP4.42 billion in the year-earlier period due to lower interest rates, competitive asset markets and a slowdown in retail and commercial markets in March due to the coronavirus pandemic.
Lloyds' pretax profit had been expected to fall to GBP863.3 million, taken from Lloyds' compiled consensus and based on 10 estimates. Its net income was anticipated to decrease to GBP4.04 billion, also taken from Lloyds' compiled consensus and based on 10 estimates.
The bank took impairments of GBP1.43 billion in the period compared with GBP275 million in the first quarter of 2019. The bank cited the coronavirus pandemic, and said impairments were expected to increase to GBP890 million, according to Lloyds' compiled consensus.
Lloyd's pro forma common equity Tier 1 ratio--a key measure of balance-sheet strength--stood at 14.2%, up from 13.9% as at March 31, 2019. Its net interest margin fell 12 basis points to 2.79%.
"The economic outlook is clearly challenging with the longer-term outcome dependent on the severity and length of the pandemic and the mitigating impact of the government and other measures in the U.K. and across the world," Chief Executive Antonio Horta-Osorio said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
April 30, 2020 02:45 ET (06:45 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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