Lloyds Banking Q1 Pre-tax Profit Flat, Net Interest Income Down; Backs Outlook

(RTTNews) - Lloyds Banking Group plc (LLOY.L, LYG) reported Thursday that its first-quarter profit before tax was 1.603 billion pounds, compared to last year's 1.602 billion pounds.

Profit after tax increased 2 percent to 1.2 billion pounds from 1.17 billion pounds a year ago. Earnings per share went up 2 percent to 1.49 pence from 1.47 pence a year ago.

Underlying profit was 2.2 billion pounds, up 8 percent driven by increased net income and lower operating costs.

In the quarter, net income increased 2 percent to 4.42 billion pounds from 4.33 billion pounds last year. Net interest income, meanwhile, dropped 3 percent to 3.08 billion pounds.

Further, the company reaffirmed its financial targets for 2019 and the longer term.

The company expects net interest margin of about 2.90 percent in 2019 and resilient through the plan period.