- Lloyds Banking press release (NYSE:LYG): 1H GAAP EPS of 3.40p.
- Total income of £18.89B (+26.9% Y/Y).
- Return on tangible equity of 13.5% (half-year to 30 June 2023: 16.6%.
- Underlying net interest income of £6.3 billion, down 10%.
- Customer deposits of £474.7 billion increased by £3.3 billion.
- Loans and advances to customers increased by £2.7 billion during the half-year period to £452.4 billion.
- CET1 ratio of 14.1% after 48 basis points for ordinary dividend accrual. Significantly above our ongoing target of 13.0% by 2026.
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Reaffirming guidance for 2024
Based on our current macroeconomic assumptions, for 2024 the Group continues to expect:
Banking net interest margin of greater than 290 basis points;
Operating costs of £9.4 billion including the c.£0.1 billion Bank of England Levy;
Asset quality ratio now expected to be less than 20 basis points;
Return on tangible equity of 13%;
Capital generation of 175 basis points;
Risk-weighted assets between £220 billion and £225 billion;
To pay down to a CET1 ratio of 13.5%. -
Confident in 2026 guidance:
Based on our current macroeconomic assumptions and confidence in our strategy, the Group is maintaining its medium term guidance for 2026:
Cost:income ratio of less than 50%;
Return on tangible equity of greater than 15%;
Capital generation of greater than 200 basis points;
To pay down to a CET1 ratio of 13%.
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