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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.
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October 16, 2014
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06:39 EDTLYGLloyds positioned to reduce thousands of staff members, Bloomberg says
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