Lloyds Banking Q1 Profit Down; Backs FY24 Margin View

(RTTNews) - Lloyds Banking Group (LLOY.L, LYG) reported Wednesday that its first-quarter profit before tax dropped 28 percent to 1.63 billion pounds from last year's 2.26 billion pounds.

Profit attributable to ordinary shareholders was 1.07 billion pounds, down 29 percent from prior year's 1.51 billion pounds. Earnings per share dropped to 1.7 pence from 2.3 pencelast year.

Underlying profit was 1.76 billion pounds, down 21 percent from prior year's 2.22 billion pounds.

Underlying profit before impairment fell 26 percent to 1.81 billion pounds from prior year's 2.46 billion pounds.

Net income dropped 9 percent to 4.24 billion pounds from prior year's 4.65 billion pounds. Total income, however, grew 22 percent to 11.32 billion pounds from prior year's 9.31 billion pounds. Net interest income fell 11 percent from last year to 3.05 billion pounds.

Underlying net interest income was 3.18 billion pounds, down 10 percent from 3.54 billion pounds a year ago, with a lower banking net interest margin, as expected, of 2.95 percent.

Looking ahead for 2024, the company continues to expect banking net interest margin of greater than 290 basis points.

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