LYG Stock Recent News

The UK financial watchdog has pushed back the expected delivery date for its probe into the motor finance sector, which led to investors anticipating a greater chance that lenders will be forced to pay redress to some customers.  Having said previously that September would be when it planned to set out the next steps in its review of the historic use of discretionary commission arrangements (DCAs) in motor finance, the Financial Conduct Authority said today that this will be delayed until May 2025.

Shares of British bank Lloyds have continued to do well since my last update in May, outperforming broader European financials by around ten points in that time. Q2 was good enough for Lloyds, with net interest margin meeting consensus estimates and low levels of provisioning fueling a significant bottom-line beat. Structural hedge income should pick up in the second half of the year, leading to NIM expansion and contributing to net interest income growth.

Lloyds Banking Group plc (NYSE:LYG ) Q2 2024 Earnings Conference Call July 25, 2024 4:30 AM ET Company Participants Charlie Nunn - Executive Director and Group Chief Executive William Chalmers - Executive Director and Chief Financial Officer Conference Call Participants Jason Napier - UBS Aman Rakkar - Barclays Benjamin Toms - RBC Capital Markets Edward Firth - KBW Joseph Dixon - Jefferies Guy Stebbings - Exane BNP Andrew Coombs - Citi Chris Cant - Autonomous Amit Goel - Mediobanca Operator Thank you for standing by, and welcome to the Lloyds Banking Group 2024 Half Year Results Call. At this time, all participants are in a listen-only mode.

LONDON, July 25, 2024 (GLOBE NEWSWIRE) -- Member of the Lloyds Banking Group   CONTENTS       Financial review 1         Risk management     Principal risks and uncertainties 3   Capital risk 4   Credit risk 8   Liquidity risk 18         Statutory information     Condensed consolidated half-year financial statements (unaudited) 21   Condensed consolidated income statement (unaudited) 22   Condensed consolidated statement of comprehensive income (unaudited) 23   Condensed consolidated balance sheet (unaudited) 24   Condensed consolidated statement of changes in equity (unaudited) 25   Condensed consolidated cash flow statement (unaudited) 28   Notes to the condensed consolidated half-year financial statements (unaudited) 29         Statement of directors' responsibilities 58   Independent review report to Lloyds Bank plc 59   Forward looking statements 60   Contacts 61         FINANCIAL REVIEW   Principal activities Lloyds Bank plc (the Bank) and it

Half-year results from Lloyds Banking Group PLC (LSE:LLOY) were pretty much in line with expectations, but analysts felt the market was likely to be disappointed that margin guidance was not raised. The results included a second-quarter underlying pre-tax profit of £1.74 billion, which was 6% ahead of consensus forecasts.

Lloyds Banking Group Chief Executive Officer Charlie Nunn discusses the company's performance as pretax profit beat estimates in the second quarter. Speaking on Bloomberg Television, Nunn also talks about mortgages, consumer behavior and the new UK government's focus on economic growth.

Lloyds Banking Group PLC (LSE:LLOY) reported a fall in first-half profits but hiked its interim dividend 15% and kept full-year guidance unchanged. Statutory profit before tax from the UK's largest lender came to £3.32 billion for the first six months of 2024, slightly ahead of the £3.21 billion average analyst forecast.

Lloyds Banking Group reported a 14% fall in first half pretax profit to 3.3 billion pounds ($4.25 billion) on Thursday, broadly in line with forecasts, as lending margins held firm in the face of mounting competition.

Banks and building societies will be required to make sure local communities have adequate access to cash as part of new regulations from the Financial Conduct Authority (FCA). Starting from 18 September, lenders must assess whether local areas lack essential services such as branches and ATMs and take action to address any significant gaps.

Lloyds Banking Group PLC (LSE:LLOY) kicks off the UK bank reporting season next week with, for once, City analysts suggesting it's not the best of the bunch. Having acquired former building society Halifax, mortgages are a big part of the business and volumes are expected to remain low until interest rates decrease.