Lloyds Banking Group Upgrades 2021 Guidance Following Strong 1Q Performance

   By Adriano Marchese

Lloyds Banking Group PLC said Thursday that it has increased its guidance for 2021 following a solid financial performance in the first quarter of the year.

The U.K. bank said it expects net interest margin to be in excess of 245 basis points, while net asset quality ratio is now expected to be below 25 basis points.

The company also said that statutory return on tangible equity for the group is expected to be between 8% and 10%, which excludes a 2.5% benefit from changes in the corporate tax rate, which it expects.

"While we still have a lot to do to keep supporting the U.K. recovery, the first quarter shows positive progress against our plans and represents a solid start to 2021," the company said.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

May 13, 2021 13:05 ET (17:05 GMT)

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