Lloyds' first-quarter results were modestly ahead of consensus estimates, but Nomura has maintained its 'reduce' rating for the bank, saying that the strong share-price reaction on Tuesday morning was overdone.

Nomura thinks that Lloyds' cost guidance - to reduce total costs to £9.6bn this year, better than previous £9.8bn target - will likely drive headline upgrades to consensus estimate of 1-2% but this is driven by the sale of its stake in St James's Place relative to current expectations. The broker said that the "core cost of risk has not improved from the 2012 run rate".

Investec Hold 55.73 53.50 50.00 - Under Review

Unless LLOY start paying dividends by next year Osborne would not be able to start offloading our shares before the general election in May 2015.

Deutsche Bank Buy 54.52 64.00 64.00 Reiterates

Morgan Stanley Equal weight 54.52 53.00 54.00 Retains

Sainsbury's Bank

In accordance with DTR 1 1.3.6, the Company made the following statement at 3pm on Sunday 5 May 2013:

J Sainsbury's notes the press speculation concerning Sainsbury's Bank and confirms it is in advanced negotiations with Lloyds Banking Group to take full ownership of Sainsbury's Bank. A further announcement will be made in due course.


END

sp touching 57p.

2 year high @57.57 atm.

Lloyds to cut 850 jobs in plan to reduce costs

LONDON | Thu May 9, 2013 12:29pm BST
(Reuters) - State-backed Lloyds Banking Group (LLOY.L) said on Thursday it would cut 850 jobs in commercial banking, retail, and other operations as part of plans to reduce costs.

Lloyds, 81 percent owned by the British taxpayer, said the cutbacks were part of a strategic plan announced in 2011 to let 15,000 staff go and save 1.5 billion pounds a year.

81pc owned by the taxpayer. Wrong bank, Mr Reuter.

LONDON | Thu May 9, 2013 1:01pm BST
(Reuters) - State-backed Lloyds Banking Group (LLOY.L) said on Thursday it would cut 850 jobs in commercial banking, retail, and other operations as part of plans to reduce costs.

Lloyds, 39 percent owned by the British taxpayer, said the cutbacks were part of a strategic plan announced in 2011 to let 15,000 staff go and save 1.5 billion pounds a year.

(The story corrects to state Lloyds 39 percent owned by taxpayer, not 81 pct)

Now sp 58p shorters must be enjoying the run to 60p!

SALE OF UK COMMERCIAL REAL ESTATE LOANS PORTFOLIO

Lloyds Banking Group plc (the Group) announces today that it has agreed the sale of a portfolio of UK commercial real estate loans (the Portfolio) to Promontoria Thames Limited, an entity affiliated to Cerberus Global Investments for a cash consideration of £325 million. The transaction is part of the Group's continued non-core asset reduction.

The gross assets subject to the transaction are £527 million. The Portfolio generated losses of £47 million in the year to 31 December 2012. The sale proceeds will be used for general corporate purposes and the transaction is not expected to have a material impact on the Group due to significant impairment provisions held against the portfolio.

The transaction is expected to complete in the final quarter of 2013.

RNS LLOY will repay the final 3.5 billion tranche of funds borrowed under the ECB LTRO next week things are on the move positively, we may be able to look forward to resumption of dividend payments sooner than some sceptics think.

LLOY AGM next Thursday 16th May.

LLOYDS BANKING GROUP ANNOUNCES BOARD CHANGE

The Board of Lloyds Banking Group announces that its Chairman since September 2009, Sir Winfried Bischoff, will be retiring no later than the shareholders meeting in May 2014. The exact date will be subject to the appointment of his successor.

Commencing immediately Anthony Watson, Senior Independent Director, will lead the search for the Chairman's successor.

Sir Win said:

"Lloyds Banking Group has, over the past four years, made significant progress in its goal to become a strong, efficient, UK-focused retail and commercial bank."

"Whilst clearly some challenges remain, the performance of the Group is well on track. Indeed, in many areas, it is ahead of plan. This gives me every confidence in the future success of the Group and it is therefore a good time to start the search for my successor."

60p.

Lovely!!!

not before time!

why is the AGM being held in Edinburgh again, we thought LLOY was incorporated in England?

Exane BNP Paribas Outperform 59.95 59.37 - 65.00 Reiterates

Credit Suisse Neutral 59.89 48.00 48.00 Reiterates