Lloyds Banking Group upped to Buy at BofA as FCA review risks contained [Seeking Alpha]
NatWest Group plc American Depositary Shares (NWG)
Company Research
Source: Seeking Alpha
"BAML started 2024 positive on Lloyds for margin management, noninterest income support, and a superior yield but downgraded on motor finance uncertainty. Q4 actions largely addressed this," analyst Rohit Chandra-Rajan wrote in a note to clients. In Q4 2023, Lloyds ( LYG took a £450M provision for the potential impact of a Financial Conduct Authority Authority review into its motor finance commission arrangements. "Factoring in motor finance costs totaling £2B, reducing 2024E and 2025E earnings 11%, ROTE and yield are mid-teens with capacity to meet our £2.6B worst-case motor finance scenario without impacting capital distributions," the analyst noted. Chandra-Rajan's top pick for U.K. banks, though, is NatWest Group ( NYSE: NWG ). "Although RoTE and yield are a little below Lloyds, NatWest is on a bigger PE discount to European banks and performance should not be impacted by motor finance news flow." The analyst's Buy rating on LYG contrasts with the SA Quant rating of Hold
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News
- NatWest Group: Continued Loan Growth Encouraging Despite Pressure On Net Interest Income [Seeking Alpha]Seeking Alpha
- NatWest Group plc (NYSE:NWG) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Sci-Net secures first IP-backed loan from NatWest [Yahoo! Finance]Yahoo! Finance
- NatWest hits close to £1bn in profit in Q1 2024 [Yahoo! Finance]Yahoo! Finance
- NatWest's Share Price Rises 3% As Q1 Results Top Estimates [Forbes]Forbes
NWG
Sec Filings
- 5/3/24 - Form 6-K
- 5/2/24 - Form 6-K
- 5/1/24 - Form 6-K
- NWG's page on the SEC website