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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.58 | 0 | 09:00:25 |
By Sabela Ojea
Lloyds Banking Group PLC on Thursday reported earnings for the first quarter of 2020. Here is what you need to know:
PRETAX PROFIT: Lloyds made a pretax profit for the first quarter of 74 million pounds ($92.1 million) compared with GBP1.60 billion for the same period a year earlier. It was expected to fall to GBP863.3 million pounds, taken from Lloyds's compiled consensus and based on ten estimates.
NET INCOME: The U.K. bank's net income fell to GBP3.95 billion compared with GBP4.42 billion in the year-earlier period. Net income was expected to fall to GBP4.04 billion, also taken from Lloyds's compiled consensus and based on ten estimates.
WHAT WE WATCHED:
-IMPAIRMENTS: The bank took a larger-than-expected GBP1.43 billion impairment charge in the period as a result of the coronavirus pandemic, compared with GBP275 million in the first quarter of 2019. Impairments were expected to rise to GBP890 million, according to Lloyds's compiled consensus.
-NET INTEREST MARGIN: The lender's net interest margin fell 12 basis points to 2.79%, in line with the bank's previous expectations.
-GUIDANCE: Lloyds suspended its previous guidance for the whole year.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
April 30, 2020 06:37 ET (10:37 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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