Lloyds Banking Group to unveil billion-pound first-quarter profits
Lloyds Banking Group is expected to report first-quarter profits of more than £1bn during a flurry of trading updates from the UKs high street banks.
Lloyds, the group with Britains largest retail banking network, is expected to report revenues of £4.58bn, according to consensus estimates collected by S&P Global Market Intelligence, an almost four per cent increase.
The rise in revenues is expected to give the bank only its third billion-pound quarterly profit in the last four years – and hot on the heels of the announcement of 49 branch closures across the UK.
Investors will scrutinise the performance of loan impairments ahead of another expected interest rate rise from the Bank of England which could add pressure to borrowers, although it will also boost margins for the massive lender.
Read more: Lloyds to cut 305 jobs and close 49 branches across the UK
Santander UK will lead the big lenders out of the blocks tomorrow with an update from its Spanish parent company, while Lloyds, Barclays and Royal Bank of Scotland will announce their first-quarter trading updates on consecutive days after that. Challengers Metro Bank and Virgin Money will also reveal results this week.
Investors in Barclays will be eyeing the performance of its investment bank, a recurrent focus under the reign of chief executive Jes Staley.
Staley last week found out that he will keep his job, albeit paying a fine, after regulators concluded an investigation into his alleged attempt to find the identity of a whistleblower. However, the chief executive now faces the attentions of activist investor Edward Bramson, who has taken a stake of more than five per cent in the lender.
Read more: Barclays boss Jes Staley fined for whistleblower scandal
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