While PPI & Conduct-Related Charges Disappoint, Lloyds' First-Half Underlying Performance Is Intact
Lloyds, which has returned to full private ownership following the sale of the U.K. government's stake in May 2017, posted underlying profit of GBP 4.5 billion during first-half 2017, indicating an 8% year-over-year increase. Following what we view as operationally intact results, we maintain our fair value estimate of GBX 84 per share and our net income estimate of GBP 4 billion for 2017. We also retain our narrow moat rating for Lloyds, which remains our preferred name within the U.K. banking ...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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