Lloyds (LLOY LN) Q1 2026 (GBP): Statutory Pretax Profit 2.03bln (exp. 1.78bln), NII 3.56bln (prev. 3.29bln Y/Y), EPS 2.4p (prev. 1.7p Y/Y); reiterated guidance
Guidance:
- "We are confident in our delivery for the year ahead and reiterate our guidance for 2026. We look forward to presenting our new strategy alongside the half-year results".
Impairment:
- The underlying impairment charge was GBP 295mln (prev. GBP 309mln Y/Y), resulting in an asset quality ratio of 25 basis points.
- The MES charge reflects a £151 million impact from the deterioration in economic outlook as a result of the Middle East conflict.
Context
Lloyds Banking Group's Q1 2026 earnings surpassed expectations with a statutory pretax profit of GBP 2.03 billion, indicating strong operational performance. The positive results, particularly the increase in net interest income and EPS, suggest resilience in their business model despite the ongoing economic challenges, including the impact of geopolitical factors. Their commitment to reiterating guidance for 2026 and a new strategic approach positions them well for future growth, which could bolster investor confidence.
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