Lloyds Banking Group PLC

LLOY: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 69.00	Zvqzkr	Tfwbtdp

Lloyds Earnings: Uneventful Quarter as Net Interest Income Outlook Remains Complex

Niklas Kammer

May 4, 2023

Narrow-moat Lloyds reported first-quarter underlying profits before impairment of GBP 2.463 billion, up 13% on a sequential basis. Returns on tangible equity of 19.1% stood out positively on an otherwise uneventful quarter. We maintain our GBX 77 per share fair value estimate.

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