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Lloyds' Q3 Earnings Reflect Lesser Decline Than Forecast

2 min read | October 23, 2024 09:56 AM BST | By Team Kalkine Media
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Lloyds' Q3 Earnings Reflect Lesser Decline Than Forecast
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Highlights

  • Lloyds reported a statutory profit before tax of £1.82 billion for Q3 2024, a 2% decline year-on-year but surpassing analyst forecasts.

  • Underlying net interest income decreased by 6% to £3.23 billion, while total net income was down 4% year-on-year at £4.35 billion.

  • The common equity tier 1 ratio improved to 14.3%, reflecting strong capital generation and exceeding the ongoing target of 13% by 2026.

Lloyds Banking Group (LSE:LLOY) has released its financial results for the third quarter of 2024, revealing a slight decline in statutory profits compared to the previous year. The statutory profit before tax reached £1.82 billion for the three months ending 30 September, marking a 2% decrease from the same period last year. However, this figure was notably above the consensus forecast of £1.6 billion set by analysts, demonstrating the bank's resilience in a challenging environment.

The underlying net interest income for the quarter was reported at £3.23 billion, down 6% year-on-year. Nevertheless, it marked a 2% increase from the second quarter, aided by an improvement in the banking net interest margin, which rose to 2.95% from 2.93%. Additionally, underlying other income experienced a 10% increase, totaling £1.43 billion, resulting in a total net income of £4.35 billion, down just 4% from the prior year.

Chief Executive Charlie Nunn commented on the bank's robust performance, highlighting growth in income, continued cost discipline, and strong asset quality. This performance allows Lloyds to confidently reaffirm its guidance for the full year.

Capital strength is also a focus, with the common equity tier 1 (CET1) ratio increasing to 14.3% as of 30 September, an improvement of 0.2 percentage points since 30 June. This solid capital generation underscores the bank's ability to maintain its capital ratios well above the ongoing target of 13% by 2026.

Nunn further emphasized the progress made in implementing the bank's strategic goals, aiming to deliver higher and more sustainable returns for stakeholders. The overall financial results reflect a balanced approach to growth and risk management in the current economic landscape.

 

 

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