Lloyds Banking Group scrapes profit after $1.75 bln COVID-19 provision [Reuters (UK)]
Lloyds Banking Group Plc American Depositary Shares (LYG)
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Source: Reuters
Lloyds Banking Group scrapes profit after $1.75 billion COVID-19 provision - Reuters 1 Min Read LONDON (Reuters) - Lloyds Banking Group ( LLOY.L ) saw its pretax profit all but wiped out in the first quarter, after becoming the latest lender hobbled by huge provisions against expected bad loans due to the coronavirus pandemic. Britain’s biggest domestic lender on Thursday posted pre-tax profits of 74 million pounds, down from 1.6 billion pounds the previous year, by a 1.4 billion pounds ($1.75 billion) loan impairments charge. The figure was sharply below the 863 million pounds average of analysts’ forecasts compiled by the bank. Lloyds is viewed as a bellwether for the British economy, as the country’s largest provider of home loans and one of its biggest backers of businesses. The bank has provided 880,000 loan repayment holidays across all its product lines and issued 3,752 loans with an aggregated value of 500 million pounds to businesses under a government-backed relief scheme,
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LYG
Sec Filings
- 4/18/24 - Form 6-K
- 4/17/24 - Form 6-K
- 4/16/24 - Form 6-K
- LYG's page on the SEC website