Lloyds Banking Group Plc will take a 350 million-pound provision for improperly sold loan insurance in the first quarter after the U.K. regulator extended a deadline for complaints. The charge is in response to the Financial Conduct Authority’s policy statement on payment protection insurance issued on March 2, and won’t impact the bank’s earnings guidance, the London-based company said in a statement on Friday.
Category: Lloyds TSB Group
UK’s Lloyds bank turning corner after years of crisis
Lloyds Banking Group says its underlying profits rose slightly in the fourth quarter as it began to move beyond past scandals and a government rescue during the financial crisis. The bank says underlying profit, which excludes one-time items like restructuring costs, increased to 1.79 billion pounds from 1.76 billion pounds a year earlier.
Lloyds Swings to Fourth-Quarter Profit as It Boosts Dividend
Lloyds Banking Group Plc, Britain’s largest mortgage lender, swung to a fourth-quarter profit even as it faced more than 700 million pounds of conduct and restructuring charges. Pretax profit was 973 million pounds, compared to a loss of 507 million pounds a year earlier, the London-based bank said in a statement Wednesday, falling short of analysts’ estimates for 1.38 billion pounds.
Lloyds Boosts Dividend as Full Year Profits Surge on Lower PPI Provisions
Lloyds Banking Group posted its strongest full year profits since the global financial crisis Wednesday and boosted it annual dividend to around 2.2 billion. Lloyds Banking Group plc LYG posted its strongest full year profits since the global financial crisis Wednesday and boosted it annual dividend to around A 2.2 billion.
Lloyds boosted by lower PPI payments
Lloyds Banking Group has reported a 158% increase in annual pre-tax profits to A 4.24bn as a result of a reduction in payment protection insurance provisions. The UK government’s stake in Lloyds has now fallen below 5% and it has said it wants to return the bank to full private ownership this year.
Earnings Preview: What To Expect From Barclays, RBS and Lloyds
Britain’s four major lenders will publish earnings this week, with investors now focused on potential downside surprises following a a show-stopping disappointment from HSBC’s full-year report Tuesday. Next up are Lloyds , Barclays and Royal Bank of Scotland , which are also due to report over the next three days.
Lloyds Said to Pick Frankfurt for EU Subsidiary Following Brexit
Lloyds Banking Group Plc, Britain’s largest mortgage lender, is set to pick Frankfurt as its base to maintain access to the European Union’s single market following Brexit, according to a person with knowledge of the matter. The U.K. bank will choose to convert its German branch into a subsidiary and plans to apply for an extension to its banking license, said the person, who asked not to be identified because the details aren’t public.
Lloyds to Buy BofA’s U.K. Credit Card Unit for $2.4 Billion
Lloyds Banking Group Plc agreed to buy Bank of America Corp.’s MBNA credit-card business in the U.K. for 1.9 billion pounds in cash, marking its first major deal since being rescued by British taxpayers eight years ago. The acquisition of MBNA, which has about 7 billion pounds of assets, will add 650 million pounds a year to Lloyd’s revenue, equivalent to a 4 percent increase, according to a statement Tuesday.