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Lloyds Bank plc Q1 2021 Interim Management Statement
LONDON, April 28, 2021 (GLOBE NEWSWIRE)
REVIEW OF PERFORMANCE
Income statement
In the three months to 31 March 2021, the Group recorded a profit before tax of £1,768 million compared to £404 million in the same period in 2020, representing an increase of £1,364 million largely reflecting the improved economic outlook for the UK in the current quarter compared to the deterioration assumed in the first quarter of 2020. Profit after tax was £1,283 million.
Total income decreased by £258 million, or 7 per cent, to £3,644 million in the three months to 31 March 2021 compared to £3,902 million in the first three months of 2020; there was a decrease of £229 million in net interest income and £29 million a decrease in other income.
Lloyds Bank PLC: Lloyds Bank plc Q1 2021 Interim Management Statement
REVIEW OF PERFORMANCE
Income statement
In the three months to 31 March 2021, the Group recorded a profit before tax of £1,768 million compared to £404 million in the same period in 2020, representing an increase of £1,364 million largely reflecting the improved economic outlook for the UK in the current quarter compared to the deterioration assumed in the first quarter of 2020. Profit after tax was £1,283 million.
Total income decreased by £258 million, or 7 per cent, to £3,644 million in the three months to 31 March 2021 compared to £3,902 million in the first three months of 2020; there was a decrease of £229 million in net interest income and £29 million a decrease in other income.
Posted by Alan Wood 4 on 23/04/2021 08:42:36:
. I am waiting for the message that they are having teething problems with the new system and it has nothing to do with the interest received from sitting on the funds.
As the Bank Rate today is only 0.1%, it s unlikely the delay is due to ebay wanting to profit on interest! When the UK Bank Rate peaked at 17% in 1979 it was worth holding on to money. Not today.
There s more. The Bank of England issued a warning in February that they might introduce a negative bank rate later this year, i.e. where customers pay the bank to look after their money. The purpose of low and negative interest rates is to boost economic activity by encouraging spending rather than saving. If negative rates are imposed ebay will lose out by hanging on to customer money. I m sure ebay understand the risk!
Performance review The share price return of 17.0% and the NAV return of 13.5% for the calendar year 2020 marks two consecutive years of good returns for shareholders (+23% in NAV performance over 2019 and 2020) following a lean period in the two years before that. For the six months to 31 December 2020 the NAV return was 6.4%. What most people will find surprising about 2020 is that through a severe global recession, most assets ended up making money. This is hard to reconcile with the lived experience of 2020. Despite the rise in asset prices, the portfolio objective of preserving shareholder capital was thoroughly tested as we experienced the broadest possible range of market and economic environments. We often describe the Ruffer investment approach as all-weather and there was certainly a wide variety of investment weather to deal with.