Lloyds Banking Group PLC

LLOY: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Lloyds Earnings: Structural Hedge Lifts Net Interest Margin as Retail Loan Demand Strengthens

Niklas Kammer

Oct 23, 2024

Narrow-moat Lloyds reported third-quarter underlying profits of GBP 1,853 million, up 6% on a sequential basis and 11% ahead of company-compiled consensus estimates. Better income performance across interest and noninterest-related businesses and lower impairment charges versus consensus expectations drove the good quarterly results. We maintain our GBX 78 per-share fair value estimate.

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Lloyds Banking Group PLC

Lloyds Earnings: Structural Hedge Lifts Net Interest Margin as Retail Loan Demand Strengthens

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