Lloyds Banking Q1 Profit Climbs; Bcks FY23 Banking Margin View

(RTTNews) - Lloyds Banking Group (LLOY.L, LYG) reported Wednesday that its first-quarter profit before tax climbed 46 percent to 2.26 billion pounds from last year's 1.54 billion pounds.

Statutory profit after tax of 1.64 billion pounds grew 43 percent from prior year's 1.15 billion pounds. Earnings per share were 2.3 pence, up from 1.4 pence a year ago.

Underlying profit was 2.22 billion pounds, compared to last year's 1.75 billion pounds.

Net income of 4.65 billion pounds went up 15 percent from prior year's 4.03 billion pounds, reflecting ongoing recovery and the higher rate environment.

Underlying net interest income grew 20 percent, primarily driven by a stronger banking net interest margin of 3.22 percent.

Loans and advances to customers were at 452.3 billion pounds, down 2.6 billion pounds from last year. Customer deposits of 473.1 billion pounds were down 2.2 billion pounds.

Looking ahead for fiscal 2023, the company continues to expect banking net interest margin to be greater than 305 basis points.

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