Lloyds Banking reports 1H net income GBP 8.39B vs.GBP 9.19B last year

Reports EPS 3.4p vs. 3.9p last year. Statutory profit after tax of GBP 2.4 billion with net income down 9 per cent on the prior year and operating costs up 7 per cent, partly offset by a lower impairment charge; Return on tangible equity of 13.5 per cent; Underlying net interest income of GBP 6.3 billion, down 10 per cent with a lower banking net interest margin, as expected, of 2.94 per cent and average interest-earning banking assets of GBP 449.2 billion. “In the first six months of 2024, the Group delivered robust financial results with solid income performance and cost discipline alongside strong capital generation. 2024 is a key year for our strategic delivery. We continue to deliver on our strategic transformation, as illustrated in the fourth of our investor seminars last month. We remain on track to meet our 2024 targeted outcomes. Indeed, our progress to date enables us to reaffirm 2024 guidance and remain confident in achieving our 2026 strategic objectives and guidance. Guided by our purpose, we continue to support customers in reaching their financial goals and successfully transform our Group. This underpins our ambition of higher, more sustainable returns that will deliver for all of our stakeholders as we continue to Help Britain Prosper,” said Chief Executive Charlie Nunn