Lloyds Books 1.4 Billion-Pound Charge and Scraps Targets [Yahoo! Finance News]
Lloyds Banking Group Plc American Depositary Shares (LYG)
US:NYSE Investor Relations:
lloydsbankinggroup.com/investors
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Source: Yahoo! Finance News
) -- Lloyds Banking Group Plc has begun to count the cost of the coronavirus pandemic to the British economy -- and warned that the turmoil had made its old targets obsolete.Britain’s biggest mortgage lender booked a provision of 1.4 billion pounds $1.75 billion) for possible soured loans as efforts to halt the spread of the virus also crushed economic growth. Lloyds scrapped its previous targets, saying in a statement Thursday that the upheaval of the pandemic meant its guidance was no longer appropriate. Pretax profits in the quarter plunged 95% to 74 million pounds.“The economic outlook is clearly challenging with the longer-term outcome dependent on the severity and length of the pandemic,” said Chief Executive Officer Antonio Horta-Osorio. Senior staff will not get cash bonuses for the rest of 2020, and the CEO said he has given up any bonus “as a matter of solidarity.”Record Slump in Retail Sales Is Only the BeginningLloyds shares dropped as much as 6.4% in London trading, farin
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LYG
Sec Filings
- 12/4/25 - Form 6-K
- 12/3/25 - Form 6-K
- 12/2/25 - Form 6-K
- LYG's page on the SEC website