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Stock Market & Financial Investment News

News Breaks
February 3, 2014
05:56 EDTLYGLloyds Banking sees underlying profit of GBP6.2B for 2013
Lloyds expects to report substantial progress on its strategic plan, a Group underlying profit of GBP6.2B for 2013, ahead of analyst consensus expectations and more than double that in 2012, a Group 2013 full year net interest margin of 2.12%, and core loan growth of 3%. The Group also expects to report a small statutory profit before tax for the 2013 financial year, and an estimated pro-forma fully loaded common equity tier 1 ratio of 10.3% at December 31, 2013, in line with guidance. These results and capital position reflect a further provision taken in the fourth quarter of GBP1.8B for legacy PPI business, and a further provision of GBP130M relating to the sale of interest rate hedging products to certain small and medium-sized businesses. The PPI provision increase is principally based on the Groupís revised expectations for complaint volumes, uphold rates, and related administrative costs. The Group can also confirm that, following the statements made by the Chancellor in his Mansion House speech and in the Autumn Statement, preparatory work including the preparation of certain documents required for a possible future sale of shares in Lloyds Banking Group to the public, has commenced. In the second half of 2013, the Group commenced discussions with the Prudential Regulatory Authority on the timetable and conditions for resuming dividend payments. Given the progress the Group has made in substantially str engthening its capital position and improving its financial performance, the PRA has now confirmed that it will consider the Groupís applications to make dividend payments in line with its normal procedures for other banks.
News For LYG From The Last 14 Days
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December 18, 2014
06:38 EDTLYGU.K. says to reduce stake in Lloyds Banking, NY Times reports
The British government said it would cut its stake in U.K. bank Lloyds Banking (LYG) by gradually selling shares over the next six months, according to The New York Times. The government could begin selling shares soon, although the process may not kick off until 2015, the newspaper stated. Reference Link
December 17, 2014
13:24 EDTLYGMorgan Stanley gets GBP1 fee to sell stake in Lloyds, WSJ says
Morgan Stanley (MS) has landed a prestigious deal and will collect a fee of GBP1 or $1.57 to sell down a potentially large stake in Lloyds Banking Group (LYG), says the Wall Street Journal. Morgan Stanley has until June 30, 2015 to sell what may amount to GBP3B worth of stock, added the Wall Street Journal. Reference Link
09:50 EDTLYGUK Financial Investments announces intent to sell shares in Lloyds Banking
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December 16, 2014
06:56 EDTLYGRoyal Bank of Scotland, Lloyds fail stress test, NY Times says
The Royal Bank of Scotland (RBS) and Lloyds (LYG) failed a stress test performed by the Bank of England, according to The New York Times. The central bank found that Royal Bank and Lloyds would not have had enough capital to withstand a severe financial shock at the end of last year, the newspaper stated. However, Lloyds has raised enough capital this year to survive the stress test scenario, the newspaper quoted the Bank of England as saying. Reference Link
06:35 EDTLYGBank of England says seven of eight banks pass stress test
The Bank of England said that all but one of the eight banks passed its stress test. The one bank, Co-operative, needs to submit a revised plan to strengthen its balance sheet. Royal Bank of Scotland (RBS), Lloyds (LYG) and Co-operative were found to be the most susceptible to a housing crash and spike in unemployment. RBS and Lloyds passed the stress test, however. Both banks need improved capital positions, but have already put in place plans to do so, the central bank's Prudential Regulation Authority stated. Reference Link
December 11, 2014
13:40 EDTLYGEuro zone banks accepted $160B in low interest loans, NY Times says
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