Economy Lloyds Bank beats forecasts with 1.8 billion pounds third quarter profit

Lloyds Bank beats forecasts with 1.8 billion pounds third quarter profit

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Lloyds Bank beats forecasts with 1.8 billion pounds third quarter profit

Britain’s Lloyds Banking Group (LLOY.L) on Thursday reported a pre-tax profit of 1.8 billion pounds in the third quarter, outperforming consensus analyst forecasts of 1.7 billion pounds.The bank’s pre-tax profit for the first nine months rose 10 percent year on year to 4.9 billion pounds, while costs fell 3 percent to 6.4 billion pounds. It reaffirmed all its guidance for 2018.

Lloyds, Britain’s biggest mortgage lender, also reported a common equity tier one capital ratio of 15.5 percent.

The bank also announced the planned retirement of Chief Financial Officer George Culmer, following its interim results in 2019.

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