Lloyds: fourth-quarter earnings just under consensus
(CercleFinance.com) - Lloyds Banking Group reported slightly weaker than expected fourth-quarter results on Wednesday, although this performance did not prevent the shares from rising in London this morning.
Lloyds said underlying pre-tax profit rose to 1.76 billion pounds in the last three months of 2018, up 10% from 1.60 billion a year ago.
Analysts at UBS said the result was "a little light of consensus" but insisted the performance was offset by upgraded cost guidance, and "undervalued capital distribution".
Lloyds said it now expects operating costs to be less than 8 billion pounds in 2019, a year ahead of the original target.
Its board also recommended a final ordinary dividend of 3.21 pence per share, up 5% relative to 2017. In addition, the British bank intends to implement a share buyback program of up to 1.75 billion pounds.
Lloyds shares were up 2.8% at 60 pence after the report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Lloyds said underlying pre-tax profit rose to 1.76 billion pounds in the last three months of 2018, up 10% from 1.60 billion a year ago.
Analysts at UBS said the result was "a little light of consensus" but insisted the performance was offset by upgraded cost guidance, and "undervalued capital distribution".
Lloyds said it now expects operating costs to be less than 8 billion pounds in 2019, a year ahead of the original target.
Its board also recommended a final ordinary dividend of 3.21 pence per share, up 5% relative to 2017. In addition, the British bank intends to implement a share buyback program of up to 1.75 billion pounds.
Lloyds shares were up 2.8% at 60 pence after the report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.