Shares in Lloyds Banking Group (LON:LLOY) have climbed higher in London this morning, as the blue-chip lender’s third-quarter profits came in ahead of expectations. The group, rescued by the UK government during the financial crisis, separately announced that its finance chief would step down next year.
As of 08:45 BST, Lloyds’ share price had added 1.64 percent to 57.59p. The shares are outperforming the broader UK market, with the benchmark FTSE 100 index having fallen into the red and currently standing 0.57 percent lower at 6,923.18 points.
Lloyds posts third-quarter results
Lloyds announced in a statement this morning that its statutory profit before tax had slipped seven percent to £1.8 billion in the third quarter of the year. Reuters reports that analysts had expected the lender to bring in £1.7 billion for the period, according to a company-compiled average of their estimates. After-tax profit meanwhile dipped five percent to £1.4 billion during the reported period. Lloyds’ banking net interest margin, a measure of profitability, rose to 2.93 percent, as compared with 2.9 percent in the prior-year period.
The FTSE 100 lender’s chief executive António Horta-Osório commented that the group had made ‘a strong start’ to its 2018 to 2020 strategic plan, and that it remained on track to deliver its improved financial targets for the current year.
CFO George Culmer to step down
Lloyds announced in a separate statement that its chief financial officer George Culmer was planning to retire from the group during the third quarter of 2019. The board thanked Culmer, who joined the lender in 2012, “for the key role he has played in helping Lloyds navigate its way through the aftermath of the financial crisis to return to full private ownership in 2017”. The bailed-out lender said that it had started a search for a successor and that Culmer was expected to retire after the group’s half-year results next year.