Lloyds Turns To Profit In H1 - Quick Facts

(RTTNews) - Lloyds Banking Group Plc (LYG, LLOY.L) reported a turnaround to profit in its first half, reflecting higher trading income and lower costs and impairments.

For the first half, the British banking major posted a profit before tax of 2.13 billion pounds, compared to a loss of 456 million pounds in the previous year.

Earnings per share were 2.2 pence, in comparison with a loss of 1.0 pence per share a year ago. The firm said it has restated its prior-year results to reflect implementation of IAS 19R and IFRS 10..

Underlying profit improved 1.86 billion pounds to 2.90 billion pounds.

Total income climbed to 22.07 billion pounds from 16.26 billion pounds last year. Meanwhile, net interest income declined to 3.27 billion pounds from 4.26 billion pounds in the preceding year.

Core net interest income was 5.03 billion pounds, higher than 4.92 billion pounds last year. The Group noted that its net interest margin increased to 2.01 per cent, ahead of guidance.

Looking ahead, the company now expects full year 2013 net interest margin of close to 2.10 percent.