Lloyds Banking Group PLC

LLOY: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 11.00	Fgcynr	Jfltwnh

Lloyds Earnings: Net Interest Income Guidance Increased Slightly, but Outlook Remains Complex

Niklas Kammer

Jul 26, 2023

Narrow-moat Lloyds reported second-quarter underlying operating profit before tax of GBP 1.82 billion, down from GBP 1.91 billion a year ago. The performance was nevertheless decent as net interest income and other income more than offset higher operating expenses due to investments and inflation. We maintain our GBX 77 per-share fair value estimate and narrow economic moat rating.

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