Lloyds Banking Group

A miss on other income and impairments but resilient NIM

  • Sectors : Banks
  • Companies : Lloyds Banking Group

Ratings and price correct at time of issue.

  • Lloyds Banking Group

    Closing Price: 57.6p

  • RATING 28/05/19

  • PREVIOUS RATING 14/02/18

    NEUTRAL

DAVY VIEW

This was a somewhat disappointing update given lower other income and higher impairment charges. However, and in contrast to peers, net interest margin (NIM) remains resilient at 2.88%. As in other quarters, payment protection insurance (PPI) is grabbing both the headlines and consuming free capital, indicating that there will be limited excess capital to return at year-end.

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Oct 31 2019, 08:35 GMT

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