Lloyds reports Q4 net income at £3.6B, up 6% YoY24 Feb 2021 07:44
Lloyds Banking Group plc's net income grew 6% per annum to stand at £3.59 billion in the fourth fiscal quarter of 2020, the company reported on Wednesday. Total costs were £2.15 billion, up 11% in the same three-month period, with the cost-income ratio increasing 3 percentage points to 59.9%. Return on tangible equity slid 3.9 pps to 5.9%.
For the full year, net income dropped 16% to £14.40 billion, while net interest income decreased 13% to £10.8 billion. Total costs fell 4% to £7.96 billion. The cost to income ratio climbed 6.8 pps to 55.3%. Return on tangible equity slumped 4.3 pps to 2.3%. Customer deposits rose 9% to £451 billion, with the loan to deposit ratio at 98%. The CET1 after dividends ratio stood at 16.2%.
"The impact of the coronavirus pandemic on the people, businesses and communities in the UK and around the world in 2020 has been profound. We remain absolutely focused on working together with all of our stakeholders to support our customers and ensure a sustainable recovery," the group's Chief Executive Antonio Horta-Osorio said in the press release.
Breaking the News / MD