Lloyds posts 38% rise in nine month profits

Lloyds posts 38% rise in nine month profits”

Lloyds Bank has announced pre-tax profits for the third quarter of £1.95bn, a rise of 141% on the same period a year ago.

Underlying profit for the period nudged up from £1.9 billion to £2 billion and Lloyds raised its financial targets for 2017.

"These results highlight the strength of our customer focused, simple and low risk business model and the benefits of our competitive advantage in the UK", Lloyds' chief executive António Horta-Osório commented in the statement, adding that asset quality remained strong strong, reflecting the group's "prudent approach to risk, while the UK economy remains resilient". That beat analysts expectations, which had predicted profits of around £1.6bn for the quarter.

Lloyds did not add to its industry-leading bill to account for the payment protection insurance (PPI) scandal, having taken a £1bn hit in its third quarter a year ago.

He said the United Kingdom economy remained "resilient" despite pressure on the banking sector to hold more cash in reserve and be more careful on lending.

The company said the credit card business showed a decline in the level of "persistent debt", and said consumers are being conservative in their borrowing.

Shares were broadly flat in morning trading at 67.2p.

It is the first full set of quarterly results since the Government offloaded the last of its stake in the bank - the remnants of a £20.3bn bailout at the height of the financial crisis - in May.

However, Lloyds took no additional charges in the quarter.

"All the dials are pointing in the right direction at Lloyds, but the share price is still being held back by a consensus of angst over Brexit", Laith Khalaf, senior analyst at Hargreaves Lansdown, said. In March the Financial Conduct Authority announced people seeking compensation for being wrongly sold the product will have to make their claims before 29 August 2019, finally drawing a line under one of the banking industry's biggest scandals.

Net interest income rose from £2.8 billion to £3.2 billion year-on-year with total income up 8% to £4.6 billion.

The group's trading update comes as the bank and former bosses face accusations in court from shareholders that they were "mugged" during the takeover of Halifax Bank of Scotland in 2008.

Lloyds is vigorously denying these claims, but the case is likely to see former bosses give evidence.

Among the claimants is TV star Noel Edmonds.

Like this



25 October 2017
Police arrest and question man over 'good morning' post on Facebook
Around 500 are held under administrative detention, which allows imprisonment without charge. After he was questioned, the police realized the mistake and released the man.

25 October 2017
Mark Wahlberg Prays God Will Forgive Him For This Movie Role
Mark Wahlberg , who frequently appears as a working class hero saving the day, feels he needs some salvation of his own. Mark Wahlberg also hopes to be forgiven for his racist assault of a Vietnamese immigrant in the late '80s.

25 October 2017
Philippines' Duterte receives Russian assault rifles
Lorenzana said the rifles would be used by the Philippine National Police. He will host the leaders of Southeast and East Asia in November.

25 October 2017
One young Huddersfield fan's adorable gesture to Mooy after Man United win
Social media users have suggested that the boy should be offered the chance to be a mascot for the club at their next home match. Club director Jarvis later tweeted out a photo of Adam's letter which the football community have taken to their hearts.

25 October 2017
Shares Seesawing on Volume: Royal Dutch Shell plc
The stock has experienced bearish momentum as it's ATR or Average True Range has dipped consistently over the past 10 sessions. A level under 20 would indicate no trend, and a reading from 20-25 would suggest that there is no clear trend signal.

25 October 2017
Virgin Money close to unveiling all-female leadership team
Women and men have been sharing their stories across social media using the hashtag "me too" to show the magnitude of the problem. She would work with Jayne-Anne Gadhia, Virgin's chief executive.

25 October 2017
Klopp finally set to revamp leaky Liverpool defence
Klopp actually has Liverpool playing well in general, but time and time again, performances are being let down by avoidable errors.

25 October 2017
Global Dairy Plastic Packaging Market 2017 - Amcor, Tetra Laval, SIG Combibloc, Elopak
For the goal of the study, the report segments the global plastic packaging market on the basis of product type and end user. Extracting vital Dairy Packaging information and organizing it in a segmented way will facilitate improved decisions.

25 October 2017
Spl CBI court junks Jagan's exemption plea
He said breaking the yatra on every Friday to attend the court would have adverse impact on the yatra and its schedule. However, sources in the YSR Congress camp said the court was making it sound too easy.

25 October 2017
Glistening Stock's Review: Tandem Diabetes Care, Inc. (NASDAQ: TNDM)
A total of 1.39 Million shares exchanged hands, whereas the company's average trading volume stands at 296.89 Million shares. Unusual volume can be a major signal that investment gurus and momentum traders are piling into a stock ahead of a catalyst.