Lloyds Q3 Improves On Lower Provisions and Mortgage Uptick, But Weaker Revenues to Continue
Lloyds Banking Group plc (Lloyds or the Group) reported a statutory profit after tax of GBP 688 million in Q3 2020, up from a loss of GBP 461 million in Q2 2020 and a loss of GBP 238 million in Q3 2019. On an underlying basis (excluding restructuring, volatility and other items, or payment protection insurance charges) net profit was similar at GBP 688 million in Q3 2020. While underlying net profit in 9M 2020 was GBP 707 million down by 64% from GBP 1,987 million, translating into a return on tangible equity of 2.5% (vs. 6.8% in 9M 2019).
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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