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Lloyds Bank (LLOY)     

mitzy - 10 Oct 2008 06:29

Chart.aspx?Provider=EODIntra&Code=LLOY&S

brianboru - 05 Aug 2009 07:20 - 473 of 5370

*
Pro-forma loss of 4.0 billion for the first half (2008: 2.8 billion profit).
*
Statutory profit before tax of 6.0 billion (2008: 0.6 billion) includes an 11.2 billion acquisition-related negative goodwill gain.
*
Resilient core businesses performance despite margin pressure and weak economy. 18 billion of gross mortgage lending: a 27 per cent share of gross lending and 37 per cent of net new lending. 60,000 new commercial accounts: a 24 per cent share of start-ups.
*
Integration ahead of schedule and on track to deliver over 1.5 billion run rate by end 2011. Over 100 million of cost synergies realised in the half. Annualised run-rate savings of around 700 million expected by the year end.
*
Total impairments significantly higher at 13.4 billion but expected to peak in first half. Impairments expected to peak in first half reflecting prudent valuation of HBOS's commercial property related assets. HBOS legacy assets account for 80 per cent of first half charge.
*
Robust capital position and strengthened funding profile. Core tier one capital at 6.3 per cent in line with pro-forma opening position. Wholesale funding more than one year increased from 44 per cent to 47 per cent.
*
Outlook: economy expected to stabilise, with weak upturn in 2010. As previously announced, expect to report a loss before tax for 2009 (excluding acquisition related negative goodwill gain). Continued pressure on margins more than offset by lower expected impairment charges in second half.
*
Medium term goals reflect economic outlook and significant opportunity to leverage relationship-led model across enlarged business base. High single-digit income growth within two years. Continued reduction in cost:income ratio. Run-off of around 200 billion of lower return assets to reduce the balance sheet and invest in core relationship businesses.


chessplayer - 05 Aug 2009 08:15 - 474 of 5370

They certainly appear to have been well received,up 5 in early trade.

skinny - 05 Aug 2009 08:17 - 475 of 5370

Also large volume - 33m @8:15.

HARRYCAT - 05 Aug 2009 08:20 - 476 of 5370

Already up 8% on 4bn loss!!! Funny old world!
(Taylor Wimpey debt hugely reduced in today's figures & the sp drops.)
All about expectations I susupect.

chessplayer - 05 Aug 2009 08:28 - 477 of 5370

Yes,I agree.It all seems a lot like Blind Mans' Buff,or is the word "bluff".
I keep hearing though about a mountain of money on the sidelines with nowhere to go. Perhaps this has a lot to do with it.

skinny - 05 Aug 2009 08:40 - 478 of 5370

UPDATE: Lloyds Posts GBP4 Billion 1st Half Pro-Forma Loss From Bad Loans





(Adds detail.)
By Margot Patrick

Of DOW JONES NEWSWIRES

LONDON -(Dow Jones)- Lloyds Banking Group PLC (LYG) Wednesday reported that loan impairments rose more than five-fold in the first six months of the year, as the deepest U.K. downturn in decades made it harder for mortgage borrowers and companies to repay debt.

But Lloyds said it sees the second half as "tough but manageable" and that it expects loan impairment charges to come down significantly from GBP13.4 billion in the first half.

Reporting a first-half pro-forma pretax loss of GBP3.96 billion - lower than analyst expectations of around GBP5.24 billion - Chief Executive Eric Daniels said the group's performance should improve from the second half as the loan impairments decline, and that the bank is "well positioned to outperform in the medium term."

The GBP13.4 billion set aside by Lloyds to cover loan losses compared with GBP2.5 billion in the first half of 2008, with the bulk of the problem loans coming from Lloyds' HBOS division.

The bank made a GBP3.12 billion net loss, compared to a GBP1.95 billion net profit in the same 2008 period.

The comparable figures for the first half of 2008 were made on a pro-forma basis compiling the separate performance of Lloyds and HBOS in the period.

Lloyds agreed to buy HBOS last year at the height of the financial crisis and within weeks needed a GBP17 billion bailout that resulted in the U.K. government taking a 43% stake in its shares.

Before making the acquisition, Lloyds was among the few banks to carry a triple-A credit rating and had been lauded for focusing on traditional lending and deposits while its peers loaded up on risky assets.

The bank said Wednesday that the government submitted a restructuring plan for Lloyds to the European Commission on July 15. The Commission has indicated that a condition of approving the state aid received by Lloyds could be the disposal of some of its operations.

Shares in Lloyds closed down 2 pence Tuesday at 84 pence. The stock has lost about 10% since the start of the year but has regained 70% since hitting a low of 25 pence in March.

Company Web site: http://www.lloydsbankinggroup.com

-By Margot Patrick, Dow Jones Newswires; +44 (0)20 7842 9451; margot.patrick@dowjones.com




Nar1 - 05 Aug 2009 11:27 - 479 of 5370

Buy whist its still under a 1

Douggie - 05 Aug 2009 11:43 - 480 of 5370

can anyone tell me if a divi will be payed on these results

skinny - 05 Aug 2009 11:46 - 481 of 5370

Douggie - "However, it is not the Board's intention to pay a dividend on ordinary shares in respect of 2009. "

Douggie - 05 Aug 2009 11:52 - 482 of 5370

thanks skinny....;o/

HARRYCAT - 05 Aug 2009 11:53 - 483 of 5370

I would have been amazed if they had. However, as HMG are a 43% shareholder, anything is possible. As divi's are taxed at source, the government would have received the tax & the divi.
Just for once in my life, taking up the rights issue has paid off handsomely, so divi not too important in this case.

HARRYCAT - 05 Aug 2009 13:25 - 484 of 5370

05-Aug-09 Lloyds Banking Group LLOY Shore Capital Hold 95.00p - - Reiteration
05-Aug-09 Lloyds Banking Group LLOY Keefe, Bruyette & Woods Underperform 95.00p - - Reiteration
05-Aug-09 Lloyds Banking Group LLOY NCB Sell 95.00p - - Reiteration

skinny - 05 Aug 2009 13:31 - 485 of 5370

Well that's agreed then :-)

nordcaperen - 05 Aug 2009 13:56 - 486 of 5370

Be back nearer 70p in two weeks after it all sinks in, and the doom and gloom brigade start waffling on. Out for now, back in, when the dust settles around 75p

jimmy b - 05 Aug 2009 14:02 - 487 of 5370

You may not see that price again ,unless this trades like BARC did for a few months ,,all over the place...

Nar1 - 05 Aug 2009 14:07 - 488 of 5370

I doubt we going to the see the 70s again - next resistance is 100 mark -

chessplayer - 05 Aug 2009 14:40 - 489 of 5370

Before the HBOS fiasco,Lloyds was one of UKs best banks,so the ability to recover makes it a reasonable bet.
And look at the trading volume.-257 million.

halifax - 05 Aug 2009 14:51 - 490 of 5370

marni are you standing on the ledge next to sandy chen?

marni - 05 Aug 2009 15:49 - 491 of 5370

sandt chen ananysis sounds good......accounting tricks making balance sheet look better than reality.........lloy might be ok in past but its got dreadful halifax property mess on its hands now and its takes years to sort out

halifax - 05 Aug 2009 15:52 - 492 of 5370

marni so you are still a shorter, well prepare to lose a lot of money.
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