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Share Price:
53.72
Bid:
53.62
Ask:
53.66
Change:
1.54 (2.95%)
Spread:
0.04 (0.075%)
Open:
52.98
High:
54.20
Low:
52.94
Prev. Close:
52.18
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Don't have an account? Click here to register.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.
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UK earnings, trading statements calendar - next 7 days
| Thursday 18 April | |
| AJ Bell PLC | Trading Statement |
| BHP Group Ltd | Trading Statement |
| Devolver Digital Inc | Full Year Results |
| Dunelm Group PLC | Trading Statement |
| easyJet PLC | Trading Statement |
| Foxtons Group PLC | Trading Statement |
| HydrogenOne Capital Growth PLC | Full Year Results |
| Keystone Law Group PLC | Full Year Results |
| LBG Media PLC | Full Year Results |
| Pod Point Group Holdings PLC | Full Year Results |
| Rentokil Initial PLC | Trading Statement |
| Segro PLC | Trading Statement |
| Friday 19 April | |
| 888 Holdings PLC | Trading Statement |
| Man Group PLC | Trading Statement |
| Monday 22 April | |
| Brave Bison Group PLC | Full Year Results |
| Elixirr International PLC | Full Year Results |
| Frenkel Topping Group PLC | Full Year Results |
| South32 Ltd | Q3 Results |
| Ten Lifestyle Group PLC | Half Year Results |
| Tuesday 23 April | |
| Alliance Pharma PLC | Full Year Results |
| Alphawave IP Group PLC | Full Year Results |
| Anglo American PLC | Trading Statement |
| ASA International Group PLC | Full Year Results |
| Associated British Foods PLC | Half Year Results |
| Eleco PLC | Full Year Results |
| GB Group PLC | Trading Statement |
| Jupiter Fund Management PLC | Trading Statement |
| Maintel Holdings PLC | Full Year Results |
| Property Franchise Group PLC | Full Year Results |
| Taylor Wimpey PLC | Trading Statement |
| tinyBuild Inc | Full Year Results |
| Trellus Health PLC | Full Year Results |
| Wednesday 24 April | |
| 1Spatial PLC | Full Year Results |
| abrdn PLC | Trading Statement |
| Ecora Resources PLC | Trading Statement |
| Fresnillo PLC | Trading Statement |
| Lloyds Banking Group PLC | Q1 Results |
| Nichols PLC | Trading Statement |
| PensionBee Group PLC | First Quarter Results |
| PZ Cussons PLC | Trading Statement |
| Reckitt Benckiser Group PLC | Trading Statement |
| Sanderson Design Group PLC | Full Year Results |
| Serica Energy PLC | Full Year Results |
| Star Energy Group PLC | Full Year Results |
| Tortilla Mexican Grill PLC | Full Year Results |
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| Comments and questions to newsroom@alliancenews.com | |
| A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional. | |
| Copyright 2024 Alliance News Ltd. All Rights Reserved. | |
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