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 ...
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