Lloyds Q1 Results Up on Loan Loss Reversals; Operating Income Nonetheless Under Pressure
Lloyds Banking Group plc (Lloyds or the Group) reported a statutory profit after tax of GBP 1.4 billion in Q1 2021, up from GBP 480 million in Q1 2020 and GBP 680 million in Q4 2020. Return on tangible equity (RoTE) was 13.9% in Q1 2021 compared to 3.7% in Q1 2020 and 5.9% in Q4 2020. On an underlying basis (excluding restructuring, volatility and other items, or payment protection insurance charges) profit before tax was GBP 2.1 billion in Q1 2021 up from GBP 558 million in Q1 2020 and GBP 1.3 billion in Q4 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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