Lloyds Banking Group Upgrades Outlook After 3Q Pretax Profit Soars

By Oliver Griffin Features Dow Jones Newswires

Lloyds Banking Group PLC (LLOY.LN) on Wednesday reported that third-quarter pretax profit more than doubled on year, raising its financial targets for 2017 and saying that it is on track to deliver on its longer-term guidance.

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Pretax profit for the three months ended Sept. 30 rose to 1.95 billion pounds ($2.57 billion) from GBP811 million, Lloyds said, while net interest income rose to GBP3.19 billion from GBP2.85 billion in 2016.

The bank's Tier 1 capital ratio at Sept. 30 was 17.2%, up 0.2 percentage points from December 2016, it said. Tangible net assets per share also increased, rising to 53.5 pence from the 52.4 pence reported June 30.

Lloyds said its strong third quarter was driven by organic growth and its December 2016 acquisition of credit-card company MBNA. The bank said the integration of MBNA was expected to be completed in the first quarter of 2019.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

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October 25, 2017 02:49 ET (06:49 GMT)