Lloyds expects to beat lending profitability target
Q1 pre-tax profit before one-time items rises 21% to £2.2b
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LLOYDS Banking Group plc, Britain's biggest mortgage lender, said it will exceed its lending profitability target after first-quarter earnings beat analyst estimates. The shares jumped the most in a year.
Pre-tax profit before one-time items rose 21 per cent to £2.2 billion (S$4.5 billion) from the year-earlier period, surpassing the £2 billion average estimate of six analysts in a Bloomberg survey. The bank said on Friday it expects its net interest margin to exceed its 2.55 per cent annual target.
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