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Premarket London: Lloyds Swings to Q3 Loss on Final PPI

Published 10/31/2019, 03:13 PM
Updated 10/31/2019, 03:18 PM
© Reuters.
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Investing.com -- Here's a roundup of regulatory news releases from the London Stock Exchange on Thursday, 31st October. Please refresh for updates.

  • Lloyds Banking Group (LON:LLOY) swung to a net loss of 238 million pounds ($xxx million after taking a 1.8 billion charge for PPI mis-selling which – as with its major rivals – ought to draw a line under a decade-long problem

  • Revenue fell 2% on the year against a backdrop of lower interest rates but costs fell 5%, and it now expects its cost-income ratio to fall from last year’s level.

  • The bank warned that continued economic uncertainty could further hurt the outlook, but pointed to the fact that even in the current weak conditions, it had generated 75 basis points of capital in the quarter before the PPI hit.

  • Separately, it announced that chief operating officer Juan Colombas will retire in July 2020.

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