Trading statement due tomorrow.

Q3 2017 Interim Management Statement

HIGHLIGHTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2017

Strong financial performance with improved profit and returns on both an underlying and statutory basis
· Underlying profit for the nine months of £6.6 billion, 8 per cent higher than the previous year, with an underlying return on tangible equity of 16.2 per cent
· Strong third quarter with income up 8 per cent driven by organic growth and MBNA
· Total income for the nine months 6 per cent higher with improved net interest income and other income; net interest margin increased to 2.85 per cent
· Positive operating jaws; market-leading cost:income ratio improved to 45.9 per cent
· Asset quality remains strong with impairment charge of £538 million; asset quality ratio of 16 basis points
· Statutory profit before tax 38 per cent higher at £4.5 billion with return on tangible equity of 10.5 per cent
· Strong capital generation of c.185 basis points with a CET1 ratio of 14.9 per cent, pre dividend
· Capital requirements continue to evolve and seeing some upward pressure

Our differentiated UK focused business model continues to deliver with the UK economy remaining resilient; well positioned for future growth
· UK's largest and top-ranked digital bank; 13.2 million online customers, of which 9 million active mobile customers
· MBNA integration now expected to complete by end of Q1 2019, ahead of schedule
· Announced the acquisition of Zurich's UK workplace pensions and savings business
· Continued lending growth in targeted segments including the open mortgage book
· Improved credit ratings from Moody's: Lloyds Bank upgraded to Aa3 and Lloyds Banking Group upgraded to A3
· New organisational structure implemented ahead of announcement of strategic review in February

Improved financial guidance for capital and net interest margin with longer term guidance maintained
· Capital generation in 2017 now expected to be between 225 and 240 basis points and will mitigate upward pressure on capital requirements
· Net interest margin expected to be stable in the fourth quarter and for the year to be around 2.85 per cent
· Asset quality ratio for the year expected to be less than 20 basis points

Take your pick!

Citigroup Sell 68.07 - 61.00 Reiterates

Barclays Capital Overweight 68.07 - - Reiterates

Deutsche Bank Buy 68.07 77.00 77.00 Reiterates

Berenberg Sell 68.07 55.00 55.00 Reiterates

JP Morgan Cazenove Overweight 68.07 83.00 85.00 Reiterates

Can I have
"
JP Morgan Cazenove Overweight 68.07 83.00 85.00 Reiterates"

Typical Capitalist's attitude , grab and run Freda .

Chart analysis: Lloyds Bank's next move

I've bought two lots of these at 64.6 to add to my long term holding.

Happy to hold for the 4.9% dividend but would prefer a Santa rally takes them up to 70.

Go LLOY .... £1 by xmas !!!!

Bound to get it right one year :-)

That would be nice Dil but I've sold my Christmas rally ones which I'd very much like to buy back below 65.

I've still got the core holding from around 2011 so happy to hold either way.

Well that put the kibosh on 68p!

Still 68 on my screen and I said by xmas not bloody lunch time :-)

:-)

Lets have a retest of 69p.

Is Lloyds among the banks to buy in 2018?

Cheers skinny ... 85p by Easter then :-)

Skinny

Can I ask you a favour?

Please delete your chart at post 5224. I do know you posted it up to show the peak of 73p

However, it is a 'static MAM chart image' and the price doesn't move. Therefore, since it is showing a price not too far removed from the present actual price, it is creating a bit of confusion.

Many thanks.

Done.

Swines!

Morgan Stanley Equal weight 68.74 80.00 75.00 Downgrades

Cheeky tw@ts

Convincing test of 69p.