Lloyds Banking Group PLC

LLOY: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 15.00	Lkzgpbj	Xlnsmpc

Good Fourth Quarter for Lloyds, but Lower NIM Guidance in Focus

Niklas Kammer

Feb 22, 2023

Narrow-moat Lloyds reported fourth-quarter underlying profits of GBP 1,973 million ahead of consensus expectations of GBP 1,847 million. Despite these good results, focus revolved around lower net interest margin guidance for 2023. We maintain our fair value estimate of GBX 77 per share.

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