Lloyds Banking reports Q3 EPS 1.8p vs. 1.9p last year
Reports Q3 underlying profit after tax GBP4.65B vs. GBP4.44B last year. For the first nine months of 2018, Lloyds reported statutory profit after tax of GBP 3.7 billion up 18 per cent, with a 5 per cent increase in underlying profit, an 11 per cent reduction in below the line charges and a lower effective tax rate, and net income at GBP 13.4 billion, 2 per cent higher, with net interest margin stable in the quarter at 2.93 per cent. CEO Antonio Horta-Osorio said: "In the first nine months of 2018 we have delivered a strong and sustainable financial performance, with increased profits and returns and continued strong capital build. These results further demonstrate the strength of our business model and the benefits of our low risk, customer focused approach. We have also made a strong start to our 2018 to 2020 strategic plan. We have been implementing the initiatives which we announced in February as part of our ambitious strategy to transform the Group for success in a digital world. As planned, our strategic investment has accelerated and is already delivering real benefits to customers whilst operating costs continue to reduce. We have also just announced a wealth management joint venture initiative with Schroders, demonstrating the Group's focus on enhancing our customer proposition and growing our financial planning and retirement businesses. We remain on track to deliver the improved financial targets for 2018 that we announced in August, as well as all of our longer term guidance."