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February 4, 2014updated 04 Apr 2017 3:59pm

Lloyds Banking Group expects to report underlying profit of £6.2 billion for 2013

Lloyds Banking Group has said that its expects to report a group underlying profit of £6.2 billion (US$6.8 billion) for 2013, ahead of analyst consensus expectations and more than double that in 2012.

By Verdict Staff

Lloyds Banking Group has said that its expects to report a group underlying profit of £6.2 billion (US$6.8 billion) for 2013, ahead of analyst consensus expectations and more than double that in 2012.

The British banking group, which is due to release detailed figures on 13 February, in a statement also said that it expects to report net interest margin of 2.12%, and core loan growth of 3%.

The group, which also offers wealth management services, expects to report a small statutory profit before tax for the 2013 financial year, and an estimated pro-forma fully loaded common equity tier 1 ratio of 10.3% at 31 December 2013.

Commenting on the update, António Horta-Osório, group CEO, said: "Over the last three years we have reshaped, simplified and strengthened the business to create a low-risk efficient Retail and Commercial bank that is focused on our customers and on helping Britain prosper. Our significant progress in delivering sustainable improvements in our capital position and our profitability, despite legacy issues, is testament to the strength of our business model and the commitment of our people, and has enabled the UK government to start to return the bank to full private ownership.

"We expect to apply in the second half of 2014 to restart dividend payments and to deliver progressive and sustainable payments to shareholders thereafter. This will be another important step in our journey to rebuild trust and confidence in our group."

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