Company
LON:LLOY
Lloyds Banking Group has many household names like Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows. Lloyds Banking Group is a leading UK based financial services group providing a wide range of banking and financial services, focused on personal and commercial customers. The Group’s main business activities are retail, commercial and corporate banking, general insurance, and life, pensions and investment provision. The Group operates the UK’s largest retail bank and has a large and diversified customer base.
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Nearly half of Black respondents reported having experienced racism at work, while women felt held back in their careers by “mediocre” male middle managers
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UK consumer activity remains strong and mortgage momentum is robust, albeit with signs of normalisation
The improved UK economic outlook and the prospect of rising interest rates are positive for the UK banking sector
The SNP failing to gain a parliamentary majority and the Bank of England's improved UK economic growth forecasts are significant for the banks, the analysts said
Three heavyweight banks have provided their analysis
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"The bank will be left with a still substantial capital pile even after resuming payments"
There was a £1.75bn bad debt swing in the bank's favour
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Other firms in the diary for Wednesday include housebuilder Persimmon, British American Tobacco and Dixons Carphone
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Mortgages and investment banking have been strong areas in recent months
The handsome Portugeezer - António Horta-Osório (not Jose Mourinho) - might be tempted to clean house when he takes over as chairman of Credit Suisse next month
“The loss we report this quarter, because of this matter, is unacceptable,” said chief executive Thomas Gottstein
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The government is offering lenders a guarantee so that buyers will only need 5% of the value of a home as a deposit
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Shore Capital has buy recommendations on Barclays, Lloyds Banking and Standard Chartered
The meme-inspired currency now has a market cap equivalent of around £34.7bn after rising around 192% in the last 24 hours
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It is likely to have been a strong quarter in capital markets
Rates are expected to remain negative in Europe until 2026 but the BoE might hike much sooner
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It's old Mother Hubbard day in the stock market on Friday so thank heavens for the Halifax house price index, which will give traders something to chew on
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Record savings inflows continue and asset quality remains benign
The investment bank said that while Lloyds had underperformed the most within the pure-play domestic UK banks over the last year, most of the concerns around the stock were now “in consensus expectations” and that higher front book rates ar
Lloyds Banking chief executive, António Horta-Osório, has some sorting out to do when he becomes chairman of Credit Suisse. Closer to home, the Greensill collapse is a headache for Liberty Steel.
There were upgrades for Barclays, NatWest and HSBC, while StanChart was downgraded
Barclays has an ‘overweight’ rating on Lloyds, with a new CEO also possibly instigating strategic action to boost returns.
The pledge is being coordinated by Institutional Investors Group on Climate Change, which has laid out a framework to help investors align their portfolios in a manner to achieve net zero emissions
Builders and building materials
Mortgage borrowers who can only put up a 5% deposit will have the rest guaranteed by the government.
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Having announced plans to hike corporation tax, the UK's finance minister said the government planned to review whether to rescind or amend the surcharge on banks' profits
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The bank’s guidance “is consistent with greater earnings headwinds beyond 2021”
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However, small caps are expected to fall behind as only 20% of AIM UK 50 directors are women
Profits fell 72% over the year to £1.27bn due to bad debts and another charge for PPI
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Cost of risk is expected to fall leading to profit upgrades
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Also in the diary for mid-week is Dettol maker Reckitt Benckiser, which will be reporting its full-year figures to the market
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Brent crude was up 89 cents at US$63.80 a barrel. BP and Shell rose in sympathy.
Other banks, retailers and healthcare companies were also picked as good UK bounce-back investments
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The Doncaster housebuilder, which specialises in new builds for first-time buyers, has done well during the coronavirus pandemic
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A two-minute explainer on what to expect as Barclays and NatWest report this week, with HSBC, Lloyds and StanChart the week after
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London's blue chips were outdone by domestically focused mid-caps, including pubs and travel companies
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Tom Blomfield first changed his role last May but decided to leave altogether after the pandemic exacerbated his state
Analysts at Barclays and Deutsche Bank lifted their sights, following bullish moves from others last week
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A look at some of the major movers in London on Tuesday
The BoE's Prudential Regulation Authority arm said payouts should be “prudent”, noting that there are still high levels of economic uncertainty as a result of the coronavirus pandemic
Deutsche Bank said achieving the sort of cost savings envisaged will be “very challenging” for some banks
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Lloyds' chief financial officer William Chalmers will step in as interim CEO, which could be for almost seven months if new boss Charlie Nunn’s current employers, HSBC hold him to his contract
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Nunn's current contract may prevent him from starting for another 12 months
Expectations of a historic decline in economic growth in 2020 alongside a surge in unemployment may spell bad news for the UK's largest lenders
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“Even in the absence of a vaccine, we think the blanket ban will likely be dropped in 2021,” Credit Suisse analysts reckon
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Elsewhere, analysts at Bank of America Merrill Lynch upgraded their rating on Lloyds shares to 'neutral’ from ‘underperform’
Pre-pandemic forecasts estimated the sector would pay out nearly £14bn in dividends on their 2020 earnings
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The capital position was also much strengthened, with the CET1 ratio rising to 15.2%
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In terms of sprint finishes, it's not exactly "Wattle the Throttle" but the Footsie has gently put its foot down on the accelerator
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Emerging markets lender Standard Chartered PLC, advertising giant WPP Group, and orthopaedics firm Smith & Nephew are also on the slate of blue-chip results
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The lender's new CEO has been chief financial officer for the past two years
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With investor interest in UK banks at an all-time low, analysts at Citigroup said they believe “this presents an opportunity” for investors
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Data from the latest Lloyds Bank Financial Institutions Sentiment Survey showed that 89% of wealth and asset managers planned to maintain flexible working patterns while 85% expected to use digital platforms to liaise with clients
Defaults are likely to rise markedly, suggests Goldman.
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Deutsche Bank prefers Barclays, but Citi said it was most at risk of additional charges
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One bank had only fully refunded 1% of victims while another had given 59% of victims all of their money back.
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New court rulings could potentially open the floodgates for millions of new claims, which have already cost the UK's banking giants billions in compensation
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With 50% upside potential and decent prospects for returning to paying dividends, it is still a buy says the broker.
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Analysts at Shore Capital, however, encouraged investors to look through this disappointing set of results and “reflect on the strength of the balance sheet and scope for profits to improve materially in future as the economy recovers”
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To prepare for potential credit losses, the lender hiked its impairment charge to £3.8bn
Analysts at Credit Suisse also upgraded Standard Chartered but left their rating unchanged for Barclays
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Goldman Sachs cut its share price targets for the whole sector and Deutsche Bank flagged the ‘sell’ sign for RBS and HSBC
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Admission only of Pensana Rare Earths (LON:PRE) to the Main Market (standard), which is bringing into production one of the world’s largest and higher grade rare earth projects. Located adjacent to the $1.8 billion refurbished Benguela rail
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António Horta-Osório is looking to complete ten years in the CEO role, while Lord Blackwell will be replaced as chairman by Robin Budenberg
Wealth and insurance contributed £1.1bn of underlying profit last year, around 15% of the bank's total
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“The company has a competitive moat around costs,” the analysts said, but “no moat around revenue”
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"The proposals provide an expected minimum level of financial support for consumers who remain in, or enter, temporary financial difficulty due to coronavirus"
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“In some cases, customers were treated unfairly, including vulnerable customers.”
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The bank also admitted its mistakes over the HBOS Reading branch fraud
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The government is reportedly looking at preventing companies that have taken loans from paying dividends
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Barclays analysts left their share price target unchanged for Lloyds, cut their targets on HSBC and Standard Chartered, and lifted the target for RBS
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JPMorgan analysts said Barclays was their top pick, followed by RBS
The “good news” is that the UK’s top lenders losses were nowhere near the amount absorbed by their US cousins, one analyst said
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Chief operating officer Juan Colombás is a long-time colleague of boss Antonio Horta-Osório
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Britain’s biggest lender took an impairment charge of £1.4bn
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Bank shares have been some of the worst blue chip performers this year, with the FTSE bank index down 40% versus a 23% decline for the FTSE 100
There might there be less cash available to pay dividends, from business, regulatory or tax reasons, but societal pressures might change
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With equities tanking around the world, some investors are hitting the bottle, but not in the way you may expect...
The five banks account for around 12.5% of the UK's dividends
The Bank also asked for bonuses paid to staff to be curbed.
Combined, the big four banks announced £15.3bn in dividends in 2019 with around half of that due to be paid before the end of May.
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Analysts expect no dividends to be paid this year by the UK banks, apart from HSBC
Share prices targets were cut for Barclays, HSBC, Lloyds, RBS and StanChart
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Last year’s stress tests of seven banks indicated the banking system was in a position to withstand an economic shock more severe than the global financial crisis
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Analysts at RBC Capital Markets on Tuesday slashed their banking sector forecasts for 2020 and 2021 by 30% and 20%
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The UK’s High Street lenders were put on notice by the Prudential Regulation Authority, which told them not to waste cash on boosting dividends and bonuses
RBC ran its own stress tests to analyse potential market scenarios from the growing Covid-19 outbreak
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Italy’s government also said on Tuesday that payments on residential mortgages will be suspended for the whole country
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The bank will sack 780 workers while the insurance company will reach 800 cuts
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“Despite a spike in bad loans in 2019, the bank doesn’t expect conditions to get worse next year”
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A final dividend of 2.25p per share was declared, meaning the total ordinary dividend for the year was up 5% to 3.37p
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The Footsie finished down around 20 points, or 0.27% at 7,436 on Thursday
Thursday's City agenda also includes results from Anglo American, BAE Systems and Hays
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At the close, the UK blue-chip index had gained 24.12 points at 7,433.25, almost mid-way between the peak of 7,449.95 and low of 7,409.13
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Research shows investors and companies seem to need to accept a “growth sacrifice” and perhaps a “sustainability sacrifice” to access the highest returns
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The high street lender wrote to 191 fraud victims this week announcing the change following the recommendation of an independent review
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Analysts at Berenberg said Lloyd's and RBS will benefit from positive UK news, while HSBC's exposure to Hong Kong poses headwinds
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The FTSE 100 lender will also be pumping in £20mln to help boost the salaries of its other 65,000 staff
Lloyds, Santander, and Unicredit were picked as winners, after impressing Morgan Stanley with their profitability, cost efficiency, and clear capital plans
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The High Court of Justice rejected the injunction that claimed investors were misled
Analysts upped share price targets on Barclays 20% to 205p, Lloyds 17% to 62p and RBS by 9% to 235p
