British banking giant Lloyds Banking Group has reported third-quarter statutory profit before tax of £751m, versus a year-ago loss of £440m.
The bank’s quarterly profit was £693m, compared to loss of £1.3bn in the corresponding quarter of 2013. Earnings per share were 0.9 pence, compared to loss of 1.8 pence per share a year ago.
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The group’s underlying profit climbed 41% to £2.2bn, from £1.5bn. Net interest income on an underlying basis increased 10% to £3bn from £2.8bn last year, while total income rose 2% to £4.65bn from £4.56bn in the year-ago period.
The group’s fully loaded leverage ratio on a Basel III basis increased to 4.7% from 3.8% in December 2013, with the AT1 issuance in April, where the group repurchased the equivalent of £5bn nominal of ECNs and issued £5.3bn of new AT1 securities, accounting for 0.5% of the increase.
The banking group said it expects 2014 full year net interest margin to be around 2.45%, while full year statutory profit to be significantly ahead of first half.
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