Lloyds Profit Up 140% as PPI Claims Dwindle

Lloyds has revealed pre-tax profits of £1.95 billion for the three months to the end of September – an increase of more than 140% on the same period last year

Derya Guzel 25 October, 2017 | 12:32PM
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Lloyds Bank has revealed an increase in profits

Lloyds (LLOY) has revealed pre-tax profits of £1.95 billion for the three months to the end of September – an increase of more than 140% on the same period last year.

Lloyds posted underlying profit of £6.6 billion and net profit of £3.1 billion year to date, indicating 8% and 50% respective year-over-year increases. Given Lloyds’ strong profit generation and increased capital generation, we maintain our fair value estimate of 84p per share and our net income estimate of £4 billion for full-year 2017. We also retain our narrow moat rating for Lloyds, which we consider the strongest firm within the UK banking space.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Lloyds Banking Group PLC45.05 GBX0.61Rating

About Author

Derya Guzel  is an Equity Analyst for Morningstar

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