Lloyds Banking Group announced a decline in pre-tax profits for the first quarter of 2021, exceeding analysts’ estimates that spoke of a larger decline, and stressed that it has upgraded estimates for the year as a whole.
The UK bank posted a pre-tax profit of 1, 1.62 billion ($ 2.04 billion) compared to 1, 1.90 billion for the same period last year.
Estimates spoke of a drop to 1, 1.43 billion.
Net interest income rose to 11 4.11 billion from 3, 3.66 billion in the first quarter of 2021.
The bank expected an increase to 3, 3.99 billion for the period.
The total cost was 15 2.15 billion, compared to estimates for 27 2.27 billion compared to 2, 2.11 billion for the same period last year.
Regarding the outlook for the year, Lloyds said it now expects operating costs of around ,8 8.8 billion for the full year and a net bank interest rate margin of more than 270 basis points.
The bank also expects a return on tangible equity of more than 11% for the year.
Source: Capital
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