Lloyds Banking Group PLC (LSE:LLOY) raised its outlook for 2023 and boosted the dividend after delivering strong growth in first-half profits.
In the six months to 30 June 2023, the UK’s biggest mortgage lender reported pre-tax profit of £3.87bn, up 23% from £3.15bn a year ago, but slightly below the £4bn average of analyst forecasts compiled by the bank.
The strong growth helped the lender lift the dividend by 15% to 0.92p from 0.80p.
Chief executive Charlie Nunn said: “The group delivered a robust financial performance in the first half of 2023 with strong net income and capital generation alongside resilient asset quality.”
Underlying net interest income rose 14% to £7.00bn from £6.14bn, with a net interest margin (NIM) of 3.18% up from 2.77% the year prior.
Lloyds said NIM was 3.14% in the second quarter, down 8 basis points compared to the first three months, given expected headwinds from mortgage and deposit pricing.
For 2023, the bank expects NIM to fall more slowly than previously forecast, easing to 3.10% this year instead of 3.05%, while it predicts return on equity to be greater than 14% compared to the 13% return it had guided before.
Customer deposits of £469.8bn were down 1.2% while operating costs of £4.4bn were 6% higher. The high street lender disclosed an impairment charge of £0.7bn but said asset quality remains resilient.
The CET1 ratio of 14.2% remains ahead of ongoing target of c.12.5%, plus a management buffer of c.1%, it added.
https://news.google.com/rss/articles/CBMiigFodHRwczovL3d3dy5wcm9hY3RpdmVpbnZlc3RvcnMuY28udWsvY29tcGFuaWVzL25ld3MvMTAyMTcyOS9sbG95ZHMtYmFua2luZy1ncm91cC1yYWlzZXMtb3V0bG9vay1hZnRlci1maXJzdC1oYWxmLXByb2ZpdC1qdW1wcy0xMDIxNzI5Lmh0bWzSAQA?oc=5
2023-07-26 06:42:00Z
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