Lloyds Continues to Build Capital on Solid Operational Performance
Higher restructuring charges in the third quarter of GBP 235 million versus GBP 148 million last year meant that profit before tax fell 7% to GBP 1.4 billion for Lloyds despite an operationally solid quarter. Income generation increased 1% year over year, owing to a slightly higher net interest margin offsetting lower interest-earning assets. The cost/income ratio improved to 44.7% from 46% last year, although including remediation costs weakens this metric to 47.1%. In total, return on tangible...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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