By Sabela Ojea

 

Lloyds Banking Group PLC reported on Thursday a nearly doubled pretax profit for the third quarter of 2021, beating market views.

The FTSE 100 listed bank posted a pretax profit of 2.03 billion pounds ($2.79 billion) for the quarter, up from GBP1.04 billion for the same period a year earlier. Pretax profit was expected to reach GBP1.35 billion, according to the bank's compiled consensus.

Net income increased to GBP4.08 billion compared with GBP3.40 billion for the third quarter of 2020.It was anticipated to rise to GBP3.78 billion for the third quarter, taken from Lloyds' compiled consensus.

The bank ended the period with a common equity Tier 1 ratio--a key measure of balance-sheet strength--of 17.2% as at Sept. 30, up from 16.7% as at June 30. It was expected to reach 16.3%, according to the bank's compiled consensus.

The lender said that, given its stronger performance and the improved U.K. macroeconomic outlook, it now expects to book costs of around GBP7.6 billion. Its full-year return on tangible equity is also now expected to be more than 10%, Lloyds said.

 

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

 

(END) Dow Jones Newswires

October 28, 2021 02:37 ET (06:37 GMT)

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