Lloyds Reports 1Q Results; FVE Maintained
Lloyds Banking Group reported underlying operating profits of GBP 2.2 billion for the first quarter, up 8% from the year-ago period, although this was fully offset by below-the-line items. Statutory profits before tax were flat year over year while lower tax charges led to a 2% increase in aftertax profits to GBP 1.2 billion. Higher other income, up 7%, and lower expenses, down 3%, were the driving forces behind the improvement in operations this quarter, offsetting 3% lower net interest income....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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