Get Live Data
Less Ads, More Data, More Tools Register for FREE

Latest Share Chat

  2. Share Prices
  3. Lloyds Share Price
  4. Lloyds Share News
  5. Lloyds retail profit soars

Pin to quick picksLloyds Share News (LLOY)

Lloyds Information

Share Price Information for Lloyds (LLOY)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 55.52
Bid: 55.34
Ask: 55.38
Change: -0.02 (-0.04%)
Spread: 0.04 (0.072%)
Open: 55.66
High: 55.78
Low: 55.16
Prev. Close: 55.54
LLOY Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Lloyds retail profit soars

Fri, 25th Feb 2011 07:08

State-controlled Lloyds Banking swung back into profit last year as impairment charges almost halved and retail net margins improved. Pre-tax profits were £281m, down from £1bn, but on a continuing basis profits were £2.2bn against a loss of £6.4bn. Market forecasts had been for a profit between £1-1.8bn. The £2.2bn profit excluded the £500m provision for Halifax customers issued badly worded mortgage agreements announced earlier this week.Lloyds says the continuing basis is a better measure. It assumes it owned HBOS all of last year and excludes a whole range of integration charges. After tax, there was still a net loss of £320m, against a profit of £2.84bn last time. Underlying total income increased by 3% to £23.6bn including core business income growth of 7%. Banking net interest margin improved to 2.1% (2009: 1.77%), though the bank says most of the improvement was seen in the first half and it is cautious on margins rising further.Profits at its retail division more than tripled to £4.7bn, compared with £1.3bn in 2009, aided by switching customers onto a more lucrative standard variable mortgage rate.Bad debt charges tumbled by 45% to £13.2bn from £24bn, despite an increase in Irish impairments of £1.3bn to £4.3bn. Changes in bank fees and lower overdraft charges meant other income decreased by 11% in 2010 to £1.6bn.Outgoing chief executive Eric Daniels did not say whether he would cash in his £1.45m bonus for 2010, which does not pay out until 2013. Brokers expressed disappointment with the numbers, suggesting the tail-off in the improvement in net interest margin and cautious comments over any further improvement 2011 and 2012 might hinder the possibility of dividends in 2012.Lloyds, which is 43% owned by the UK taxpayer, said it was a "Good trading performance against the backdrop of modest growth in UK economy." The bank added it provided £30bn of gross mortgage lending (including remortgages) and £49bn of committed gross lending to businesses, of which £11bn was for SMEs (small businesses). "Given the flexibility and capacity we have for core business growth, we continue to believe that the group has strong medium-term prospects, notwithstanding the economic and regulatory headwinds that we face in 2011," Mr Daniels added.
More News
23 Jun 2023 12:09

LONDON MARKET MIDDAY: Housebuilders bear brunt of rate hike worries

(Alliance News) - Stock prices in London were lower heading into Friday afternoon, as a poor week for equities continued, with investors fretting over the prospect of central banks keeping interest rates higher for longer.

Read more
22 Jun 2023 07:00

UK banks to ramp up data sharing in dirty money crackdown

Lloyds, NatWest among major banks involved in trials -sources

*

Read more
21 Jun 2023 17:18

London stocks fall after inflation data shock, homebuilders slump

UK's stubborn inflation fails to fall in May

*

Read more
21 Jun 2023 11:57

UK's Hunt says banks must honour commitments on mortgage help

LONDON, June 21 (Reuters) - British finance minister Jeremy Hunt said on Wednesday that mortgage lenders had to live up to their commitments to help borrowers struggling with higher interest rates.

Read more
20 Jun 2023 12:28

UK's Hunt to meet lenders to discuss mortgage forbearance

LONDON, June 20 (Reuters) - British finance minister Jeremy Hunt on Tuesday said he would meet major lenders later this week to ask them to show forbearance towards households who struggle to pay rising mortgage bills.

Read more
9 Jun 2023 14:02

Broker tips: Hammerson, Lloyds, British Land, Landsec

(Sharecast News) - Barclays upgraded Hammerson on Friday to 'overweight' from 'underweight' and lifted the price target to 30p from 25p.

Read more
9 Jun 2023 09:45

Citi removes Lloyds from 'EMEA Focus List', keeps at 'buy'

(Sharecast News) - Citi removed Lloyds Banking Group from its 'EMEA Focus List' on Friday as it pointed to headwinds in the second quarter.

Read more
9 Jun 2023 09:38

LONDON BROKER RATINGS: Stifel thinks B&M shares offer value

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

Read more
8 Jun 2023 14:56

Broker tips; NatWest, Lloyds, Rio Tinto

(Sharecast News) - JP Morgan sees better risk reward in NatWest Group relative to Lloyds Banking Group, it said in a note published on Thursday on UK banks.

Read more
8 Jun 2023 13:09

JP Morgan backs NatWest over Lloyds

(Sharecast News) - JP Morgan sees better risk reward in NatWest Group relative to Lloyds Banking Group, in a note published on Thursday on UK banks.

Read more
8 Jun 2023 09:16

LONDON BROKER RATINGS: Citi likes Rio Tinto; JPMorgan raises Clarkson

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
8 Jun 2023 07:53

LONDON BRIEFING: Wizz Air expects return to profit in financial 2024

(Alliance News) - Stocks in London were set to open flat on Thursday, with market sentiment cautious amid fears that interest rates have further to rise across the globe.

Read more
7 Jun 2023 10:41

UPDATE: Telegraph owners deny business poised for administration

(Alliance News) - The billionaire owners of the Telegraph newspapers have denied the business is on the brink of being put into administration amid reports that talks with lenders over long-standing debts have broken down.

Read more
7 Jun 2023 07:52

LONDON BRIEFING: UK house prices fall; Diageo CEO Ivan Menezes dies

(Alliance News) - Stocks in London are called to open flat on Wednesday, as Chinese trade data raised concerns about a global economic slowdown.

Read more
7 Jun 2023 06:10

PRESS: Lloyds to launch GBP600 million Telegraph auction - Sky News

(Alliance News) - Lloyds Banking Group PLC will hire bankers within days to launch a GBP600 million auction of the Telegraph newspapers and The Spectator magazine, according to a report by Sky News late Tuesday.

Read more
111213141516171819

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.