Lloyds First-Quarter Profits Rise

Lloyds' first-quarter results reflect its improved operational efficiency and the good place the bank has created for itself within the banking industry

Derya Guzel 25 April, 2018 | 1:41PM
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Lloyds Bank Profits

The first-quarter 2018 kicked off well for Lloyds Banking Group as it booked £1.6 billion in statutory profit before tax, up 23% when compared with last year. Net profit is at £1.2 billion, up 29% year over year, which is in line with our 29% increase for the full year. Lower PPI charges and lower costs helped Lloyds’ quarterly profits. Morningstar equity analysts maintain their fair value estimate of £76 per share, above the current share price of £65.

During the quarter, Lloyds maintained its strong balance sheet position along with its capital generation.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Lloyds Banking Group PLC49.12 GBX1.39Rating

About Author

Derya Guzel  is an Equity Analyst for Morningstar