Reports
Underlying Profit Dips At UK's Lloyds Banking Group
The UK-listed banking group set out its results for the nine months to end-September.
Lloyds
Banking Group today said it logged an underlying profit of
£6.1 billion in the first nine months of 2016, down from £6.4
billion in the same period a year ago.
Net interest income stood at £8.6 billion, up 1 per cent
year-on-year with an improved margin of 2.72 per cent. Other
income, however, fell 2 per cent year-on-year to stand at £4.5
billion, the bank said in a statement on the London Stock
Exchange.
Operating costs fell 2 per cent to £6.0 billion.
On a statutory basis, pre-tax profit surged more than 50 per cent
year-on-year to £3.3 billion, it said. A number of significant
changes to the group, including restructuring, disposals and
other developments, have affected the composition of the banking
group in the past 12 months. The bank said it presents its
results on an underlying basis.
The UK-listed banking group gave no figures regarding areas of
business such as private banking and wealth management.
