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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Lloyds Banking Group    LLOY   GB0008706128

LLOYDS BANKING GROUP (LLOY)
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Lloyds Banking : RBS announces first profit in a decade

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02/24/2018 | 11:27am CET

Royal Bank of Scotland (RBS) has reported a bottom line profit for the first time in a decade, but warned that a pending settlement with the US Department of Justice could hit 2018 results.

The lender swung out of the red to report a £752 million profit for 2017, marking a major improvement on the £6.95 billion loss which the lender reported a year ago - which was one of the biggest since its Government bailout in 2008.

Analysts had been pencilling in a full-year attributable loss of £592 million for 2017.

Friday's figures take into account conduct and litigation costs of £1.29bn, including £175m in provisions to cover costs surrounding mis-selling of payment protection insurance (PPI).

Those costs will also deal with claims that it mis-sold mortgage-backed securities in the run-up to the financial crisis.

However, the lender, which is 72 per cent owned by the taxpayer, has yet to reach what is expected to be a multibillion-dollar settlement with the US Department of Justice (DOJ) over those mortgage-backed securities sales.

Chief executive Ross McEwan told reporters on Friday that the figures for 2018 are likely to hinge on a decision by the DOJ - the timing of which the bank stressed 'is not in our control'.

"Our results in 2018 are somewhat dependent upon the settlement with the DOJ, which we hope will happen," Mr McEwan said. "When it does come, you know, it will have a major impact on our numbers depending its size. But if you have a look at the underlying profitability of this bank, it is very good," he assured.

However, it was not enough to bolster shares, which fell as much as 4.5 per cent.

RBS has charged ahead with its cost-cutting drive and restructuring plan, having cut expenses by £810m last year - exceeding its £750m target.

Mr McEwan said the bank will see a rise in restructuring costs - totalling around £2.5bn across 2018 and 2019.

© Copyright © 2018 Shropshire Star, All rights reserved., source Newspapers

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Financials ( GBP)
Sales 2018 18 561 M
EBIT 2018 8 936 M
Net income 2018 4 851 M
Debt 2018 -
Yield 2018 6,33%
P/E ratio 2018 10,80
P/E ratio 2019 10,13
Capi. / Sales 2018 2,69x
Capi. / Sales 2019 2,69x
Capitalization 49 858 M
Chart LLOYDS BANKING GROUP
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Lloyds Banking Group Technical Analysis Chart | LLOY | GB0008706128 | 4-Traders
Technical analysis trends LLOYDS BANKING GROUP
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 0,75  GBP
Spread / Average Target 8,5%
EPS Revisions
Managers
NameTitle
António Horta-Osório Group Chief Executive Officer & Executive Director
Norman Roy Blackwell Chairman
Juan Calafat Colombás Chief Operating Officer & Executive Director
George Mark Culmer Chief Financial Officer & Executive Director
Morteza Mahjour Group Chief Information Officer
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