Trending: Lloyds Banking Books Provision for Regulator's Motor Finance Review Alongside Bumper Profits
1056 GMT - Lloyds Banking Group is among the most mentioned companies across news items over the past four hours, according to Factiva data. Despite a soft fourth-quarter, the British lender reported GBP7.5 billion pounds in pretax profit for 2023 boosted by higher interest rates and intends to return GBP2 billion pounds to shareholders via a buyback program. The results included what AJ Bell called "a nasty detail which may be provoking some nervousness among investors": a GBP450 million provision to deal with potential redress costs. This relates to the financial regulator's review of historical motor-finance industry arrangements, to which it is exposed via its Black Horse brand--the largest provider in the U.K. sector. The lender admitted that there is considerable uncertainty on the extent and timing of potential costs, somewhat overshadowing the positive aspects of the earnings and roughly in-line outlook. Shares, which fell around 2% in morning exchanges, pared losses and reversed course to trade up 1.4% at 43.9 pence at 1054 GMT while the FTSE 100 index edged up 0.09%. Dow Jones & Co. owns Factiva. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
February 22, 2024 06:11 ET (11:11 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations