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 ...
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