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The UK’s top eight banks would be “resilient” in an economic environment much worse than the one they face, and are well positioned to support households and businesses through a period of rising interest rates, the Bank of England said today.

In its annual stress test, the BoE said major UK banks would be resilient to a “severe stress scenario” that incorporated persistently higher advanced-economy inflation, increasing global interest rates, deep and simultaneous recessions in the UK and global economies with materially higher unemployment, and sharp falls in asset prices.

The latest tests cover NatWest, HSBC, Barclays, Standard Chartered, Lloyds, Santander, Nationwide and Virgin Money.

“The results indicate the UK banking system would be able to withstand the severe macroeconomic scenario and has the capacity to support households and businesses throughout the stress,” the BoE said in a statement.

The scenario is more severe than the 2007–08 global financial crisis and substantially more severe than the current macroeconomic outlook.

The stress test results showed no bank is required to strengthen its capital.

Speaking to MPs yesterday, leading bank executives said they have so far seen little evidence of rising arrears in loan books even as mortgage rates climb.

https://www.proactiveinvestors.co.uk/companies/news/1020450/ftse-100-live-stocks-seen-higher-uk-banks-pass-stress-test-1020450.html

After 94 trading days, buyback complete to date:

Total shares to date....................................................3,487,640,996

Aggregate cost to date... ........................................... £1,616,683,726.40

Average price paid to date..........................................46.355p

Percentage of £2 billion buyback completed............80.83%

Mararab

If interim dividend is 1p that will be a 25% rise from last year.......a large increase. Interim of 0.9p would be a 12.5% rise from last year which I think is more realistic. Nice if it was 1p though.

Chips

"Lloyds reporting on 26th of this month and Ex Dividend Date 4th August 2023 0.08p per share."

I think you mean 0.8p? It should be more than that this year as that is what it was last year. I was thinking 0.9p

After 93 trading days, buyback complete to date:

Total shares to date....................................................3,466,032,612

Aggregate cost to date... ........................................... £1,607,385,638.76

Average price paid to date..........................................46.375p

Percentage of £2 billion buyback completed............80.37%

Upcoming Q2 Earnings dates for UK Banks to watch for, Lloyds first to report this time around:

Wednesday 26th July......Lloyds

Thursday 27th July.........Barclays

Friday 28th July..............Natwest, Standard Chartered

Monday 1st August.........HSBC

Upcoming Q2 Earnings dates for US Banks to watch for:

Friday 14th July.......Citigroup, JP Morgan Chase, Wells Fargo.

Tuesday 18th July...Bank of America, Morgan Stanley.

Wednesday 19th July.......Goldman Sachs.

Wasn't just Lloyds, the other banks did the same today.

Brixton,

The company I insure my car and house with the last 2 years their renewal quotes were well up. I went on Compare the Market and got a quote from another company a lot cheaper. I then contacted the company I was insured with to advise I would not be renewing as their quote was not competitive. They asked how much the other company quoted, I told them and they said lets see if we can match that. They asked several questions and low and behold they said they could match the quote I received from another company so I stayed with them. Just a bunch of chancers. Every one should shop around when Insurances are up for renewal.

Hooky

It is good news, they have won. Got to give them credit for that, on Friday it was not looking good so well done.

Have you tried Go Compare or Compare the Market?

Randommix

Figures for last year after 92 days:

Total shares to date.................................................... 3,103,984,952.00

Aggregate cost to date... ........................................... £1,389,247,474.99

Average price paid to date..........................................44.757p

Percentage of £2 billion buyback completed............69.46%

Carltit

"Take advice? Knowing what will happen requires supreme talent, seldom few have that. Myself in February 2023 posted below. Got laughed at on here by the usual numpties. What does that clever bas tard Carl know? tgt 43p in 2023"

Oscar Wilde

"What is a cynic? A man who knows the price of everything and the value of nothing."

After 92 trading days, buyback complete to date:

Total shares to date....................................................3,448,942,109

Aggregate cost to date... ........................................... £1,600,021,341.02

Average price paid to date..........................................46.392p

Percentage of £2 billion buyback completed............80%

An interim dividend of 0.9p would be a 12.5% increase on last year. An interim dividend of 1p would be an increase of 25% on last year.

I'm not expecting the SP to rocket at half year results. Likely another large amount set aside for impairments, and I think their outlook for the rest of the year will likely be generally downbeat or neutral at best, but hope I am wrong. Still hoping interim dividend will be 0.9p

"everyone have a brilliant weekend"

Not likely.......looks like Australia are going to retain the ashes!

GGekk0

"Getting close"

Lloyds half year results not until 26th July. Next BoE MPC rate setting meeting not until 3rd August. What is happening next week?

After 91 trading days, buyback complete to date:

Total shares to date....................................................3,421,045,901

Aggregate cost to date... ........................................... £1,588,028,761.20

Average price paid to date..........................................46.419p

Percentage of £2 billion buyback completed............79.4%

Markets are worried over hawkish comments from Fed that they will start raising interest rates again.