Lloyds Delivers Good Results; On Track With Costs and Capital Generation
Lloyds reported its third-quarter 2016 results. Year-to-date underlying profit reads GBP 6.1 billion, declining only 4% year over year. While cost evolution was on track, lower total income, increased impairment charges and higher operating lease depreciation caused the operating profit to decline relative to last year. Following this rather good set of numbers, we opt to maintain our fair value estimate of GBX 77/$4.10 per share; at current levels, shares look undervalued. We also maintain our ...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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