Lloyds H1 Results Up on Loan Loss Reversals Driven by Improved Model Economic Assumptions
Lloyds Banking Group plc (Lloyds or the Group) reported a statutory profit after tax of GBP 3.9 billion in H1 2021, up from GBP 19 million in H1 2020 thanks to improved model economic assumptions. Return on tangible equity (RoTE) jumped to 19.2% in H1 2021 compared to -1.3% in H1 2020 and 5.9% in H2 2020. On an underlying basis (excluding restructuring, volatility and other items) profit before tax was GBP 4.1 billion in H1 2021, significantly higher on the GBP 281 million loss recorded in H1 2020.
Lloyds Banking Group is a financial services provider. Co.'s main business activities are retail and commercial banking, general insurance and long-term savings. Co.'s Lending products are mortgages, credit cards, personal and business loans; Deposit products include taking Current accounts and savings accounts; Insurance products are home insurance, motor insurance and protection; Commercial financing products includes term lending, debt capital markets and private equity; and Risk management products includes interest rate hedging, currency and liquidity. As of Dec 31 2017, Co. had total assets of £812.1 million and total deposits of £448.0 million.
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