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FINANCIALS: Lloyds Banking: Pre-Tax Beats On Better Loan Losses - Supportive

FINANCIALS

Lloyds (LLOYDS: A3/BBB+/A) headlines look relatively good for spreads with loan losses much better than expectations, CET1 in line, guidance confirmed and revenues & costs broadly in line with consensus. Spreads have done very little (relative to €IG banks) since last results and consensus had been trimmed, so expectations were relatively muted, we feel.

  • “*LLOYDS 2Q STATUTORY PRETAX PROFIT GBP1.70B, EST. GBP1.51B
  • *LLOYDS 2Q ADJ. IMPAIRMENT CHARGE £44M, EST. CHARGE £323M
  • *LLOYDS CONFIRMS GUIDANCE FOR 2024
  • *LLOYDS 2Q NET INTEREST MARGIN 2.93%, EST. 2.93%

Conf call is 0930 (London time) at: https://web.lumiconnect.com/#/m/124449303 

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