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LLOYDS BANKING GROUP ORD 10 - Consensus Indicates Potential 63 1% Upside
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First published on Thu 29 Jul 2021 03.20 EDT
Lloyds Banking Group has swung back to profit and reinstated dividend payments, after receding Covid risks helped improve the UKâs economic outlook.
Britainâs biggest retail bank said pre-tax profits across the group soared to £2bn in the three months to the end of June, in a sharp turnaround from the £676m loss it reported during the same period in 2020 when it put aside billions of pounds to cover potential defaults linked to the pandemic. Analysts had been expecting Lloyds, which owns the Halifax and Bank of Scotland brands, to report profits of £1.2bn for the quarter.
LONDON BRIEFING: Lloyds Banking to Embark on wealth management drive
Thu, 29th Jul 2021 08:23
(Alliance News) - Lloyds Bankings on Thursday followed peer Barclays in announcing a big improvement to second-quarter results, while also restoring its payout and announcing an acquisition to accelerate its push into wealth management.
Lloyds said it swung to a GBP3.91 billion pretax profit in the first half of 2021, from a GBP602 million loss a year earlier.
The lender s net income rose 2.0% to GBP7.56 billion from GBP7.41 billion. Net interest margin was 2.5%, which it guided for the rest of 2021 as well.
Lloyds was boosted by an impairment credit of GBP656 million in the first half, following a GBP3.82 billion hit a year earlier.
Lloyds Banking Group buys Embark for £390m
Jackie Leiper to run business
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Lloyds Banking Group buys Embark for £390m
Platform business Embark and its subsidiary brands have been sold to Lloyds Banking Group for £390m, it has been announced.
The deal, which is subject to regulatory approval, excludes the Rowanmoor SIPP and SSAS administration business, which is being retained by existing shareholders.
The deal announced today (29 July) sees Lloyds acquire about £35bn in assets under administration on behalf of 410,000 consumer clients.
Jackie Leiper, managing director pensions, stockbroking & distribution at Scottish Widows, will become CEO of Embark at completion, subject to regulatory approval.
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