Lloyds share price: Online banking problems continue

on Jan 12, 2017
Updated: Oct 21, 2019

Lloyds Banking Group’s (LON:LLOY) online banking problems have continued for a second day, the BBC has reported. The news comes after the company, which has 22 million current account customers, said that it had suffered problems across all its brands yesterday.

Lloyds’ share price, however, has jumped in today’s session, having added 0.95 percent to 66.97p as of 13:17 GMT, outperforming the broader London market, with the benchmark FTSE 100 index currently 0.01 percent better off at 7,290.90 points. The group’s shares have lost more than three percent of their value over the past year, as compared with an over 23-percent rise in the Footsie.
The BBC reported today that Lloyds customers had said that they were unable to access their online and app banking this morning, after the lender assured customers that a glitch, which affected its brands yesterday, had been resolved. While the banking group, which includes Lloyds Bank, the Halifax and Bank of Scotland, has not revealed what has caused the problems, it noted that the glitch was not the result of a cyber attack.

“We’re aware of intermittent errors and are looking to resolve ASAP. Apologies for any inconvenience caused,” the lender has said in a tweet.
In November, Tesco’s (LON:TSCO) banking unit refunded £2.5 million to 9,000 customers who had money stolen in an attack on their accounts.
In analyst news, BNP Paribas reiterated its ‘underperform’ rating on Lloyds this week, valuing the shares at 57p. The 21 analysts offering 12-month price targets for the FTSE 100 group for the Financial Times meanwhile have a median target of 67.00p, with a high estimate of 93.00p and a low estimate of 40.00p. As of January 7, the consensus forecast amongst 28 polled investment analysts covering the bailed-out lender advises investors to hold their position in the company.
As of 14:00 GMT, Thursday, 12 January, Lloyds Banking Group share price is 67.00p.

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