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Lloyds Earnings Miss Forecasts
- Bank takes a hit from break fees payment to Standard Life
- Plans for any excess capital will be decided later this year
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Lloyds Banking Group Plc, Britain’s biggest mortgage lender, blamed the cost of compensating mis-sold insurance customers and moving its wealth business for a quarterly profit that missed forecasts.
The bank posted a pretax profit of 1.6 billion pounds ($2.1 billion) for the first quarter. This is lower than a consensus of 1.88 billion pounds compiled by the bank, which said it was due to one-time items including a break fee for moving some wealth funds out of Standard Life Aberdeen after a British tribunal ruled against the bank in March.