Reaffirms FY guidance (Il Sole 24 Ore Radiocor) - London, 24 Apr - The UK lender Lloyds Banking Group said that in the first quarter of 2024 its net profit fell 26% to 1.215 billion pounds from 1.641 billion a year earlier as net income dropped 9% to 4.241 billion pounds from 4.652 billion.

The underlying profit fell 21% to 1.757 billion pounds.

The bank reaffirmed its 2024 guidance.

For the full year, it expects banking net interest margin of greater than 290 basis points, operating costs of about 9.3 billion pounds plus about 0.1 billion Bank of England levy.

The return on tangible equity is seen at around 13% and a common equity tier one ratio of about 13.5%.

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(RADIOCOR) 24-04-24 08:48:45 (0189) 5 NNNN