|Bid||27.50 x 0|
|Ask||32.00 x 0|
|Day's range||27.60 - 28.86|
|52-week range||25.67 - 73.66|
|Beta (5Y monthly)||1.10|
|PE ratio (TTM)||12.23|
|Earnings date||31 Jul 2019|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||16 Apr 2020|
|1y target est||75.37|
The significant opposition came after influential shareholder advisory group ISS recommended investors block Lloyds' executive pay policy over concerns about a switch to more certain long-term bonuses. Like some other blue chip companies including BT, Lloyds is switching to a restricted share incentive scheme for top bosses.
Best known as Britain's biggest financial crisis failure, some investors and analysts view majority state-owned Royal Bank of Scotland as the lender likely to emerge strongest from the coronavirus downturn. RBS had built the largest capital surplus of any major British bank before the pandemic struck, some 14 billion pounds ($17 billion) above the regulatory minimum, and had hoped to use much of this to buy back the government's 62% stake. Now investors are betting this capital cushion, which will help it absorb loan losses resulting from the economic crunch, will help RBS gain greater market share and potentially restore a dividend ahead of rivals.
Twenty Lloyds Banking Group employees shared facilities with Nike staff at an event in Edinburgh which had an outbreak of COVID-19, Sky News has learned. Lloyds wasn't informed by the Scottish Government of the outbreak among Nike delegates and only learned of it through media reports. Lloyds Banking Group has closed four of its buildings in Edinburgh in recent weeks for deep cleaning following cases of COVID-19.
£32bn has been lent to businesses under the state-backed schemes CBIL, Bounce Back loans, CLBILs, and CCFF. The chancellor had promised £330bn of loans.
Many of the City of London's bankers and traders will be working from their kitchens or bedrooms for at least a year under some scenarios being planned by finance companies in Britain. Banks, insurance companies and asset managers have had to work remotely since the country locked down in March to fight the coronavirus pandemic. The radical shift from trading floors to people's homes has been deemed a big success in coping with record breaking volatility across financial markets.
Standard Life Aberdeen reported estimated total assets of 490 billion pounds at end-April, after outflows of 24 billion pounds linked to the withdrawal of a large mandate by Lloyds Banking Group. Stripping the Lloyds assets out, the British asset manager said it had seen estimated net inflows of 1 billion pounds over the first four months of 2020. As uncertainty related to COVID-19 continues to grip markets, Standard Life Aberdeen said it was making progress towards its cost savings targets but that the "external environment may impact phasing of some of our activities over this year".
British banks' lending to firms hit by the coronavirus under the government's main loan guarantee scheme for small and medium-sized firms has risen to 5.5 billion pounds ($6.8 billion) from 4.1 billion pounds last week, industry data showed on Thursday. Regulators and politicians have criticised banks for the slow pace of lending under the Coronavirus Business Interruption Loan Scheme (CBIL), which is 80% guaranteed by the taxpayer. UK Finance, the trade body for lenders, said its members had approved 33,812 of the 62,674 completed loan applications they had received as of May 6.
(Bloomberg) -- The U.K.’s banking industry has the financial strength to withstand the coronavirus pandemic, even though the central bank projects credit losses of about 80 billion pounds ($99 billion) in its latest stress test.The Bank of England said lenders could suffer impairments worth 3.5% of their loans to households and businesses by the end of 2021, if the economy deteriorates sharply. However, it emphasized that Britain’s banking system “is in a stronger position due to the regulatory reforms implemented after the 2008 financial crisis,” with enough capital to absorb losses and extra state support introduced during the pandemic to help borrowers and the economy.The BOE and regulators around the world have raced to help banks withstand the financial strains of the virus outbreak by reducing capital requirements, delaying new rules and making it easier for employees to work from home while complying with rules.Under the BOE’s stress test model published Thursday, corporate defaults could account for 19 billion pounds of losses despite a swath of government support programs, while consumer credit losses could spike and a 4 billion-pound hit from mortgage losses would be tempered by the payment holidays introduced in March.Trading desks could face 7 billion pounds of losses under this stress scenario, although the BOE noted that banks’ trading books are much smaller now than they were in the 2008 crisis.British lenders have already begun to brace themselves for the pandemic’s effects, last week setting aside billions of pounds to cover soured loans as the lockdown sends the U.K. economy into steep recession. They also warned of tough times ahead as the pandemic and its aftershocks cripple corporate clients in entire industries.The test included Barclays Plc, HSBC Holdings Plc, Lloyds Banking Group Plc, Nationwide, Royal Bank of Scotland Group Plc, Santander UK and Standard Chartered Plc.The central bank offered further relief on Thursday, announcing that it was cutting the capital requirement known as Pillar 2A to a “nominal amount” as volatility was making estimates difficult.(Adds detail on test and background from third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
A slew of Britain's mid-sized banks on Wednesday reported steady deposits and demand in the face of the COVID-19 pandemic, but warned it was too early to assess the long-term damage of the outbreak to their businesses. Virgin Money made a first-half pretax loss after booking a 232 million pound ($289 million) provision for bad loans and likely defaults due to the pandemic, but reported a higher than expected capital buffer of 13% that steadied investor nerves. Smaller rival OneSavings Bank said its net loans and retail deposits held firm in the first quarter, as did its 2.66% net interest margin - a key measure of underlying profitability - despite the tough market conditions.
The increase in loss coverage was based on modelling of 'severe' multi-year downturn in the UK that sees GDP fall by 10% and unemployment peak at 9.7%.
Lloyds Banking Group said it lent more than 1 billion pounds ($1.24 billion) to small businesses on Monday, when a new 100% state-guaranteed loan scheme opened to help the smallest firms weather the economic impact of the coronavirus. "More than 32,000 of our small business customers applied for a bounce back loan on Monday and received the money on Tuesday," Lloyds' managing director for business banking, Gareth Oakley, said.
Today we're going to take a look at the well-established Lloyds Banking Group plc (LON:LLOY). The company's stock saw...
The Bank of England said it will allow banks to exclude state-backed small company loans made under Britain's new emergency coronavirus Bounce Back credit scheme from leverage rules, removing a possible disincentive for banks to lend. "The PRA (Prudential Regulation Authority) is offering a modification by consent for banks subject to the UK Leverage Ratio Part of the PRA Rulebook to exclude loans under this scheme from the leverage ratio total exposure measure, if they choose to do so," the BoE said in a statement.
Barclays received 200 applications in the first minute of opening and Lloyds had 5,000 applications by 10am on Monday.
Delays in offering full state guarantees on COVID-19 relief lending hampered the ability of banks to provide fast financial aid to companies in the first phase of the coronavirus pandemic, senior British bankers told lawmakers on Monday. Banks have come under fire from the Bank of England and the general public for not providing loans to companies fast enough as a national lockdown shutters swathes of an economy heading for deep recession. The chief executives of commercial banking at domestic lenders Lloyds Banking Group and Royal Bank of Scotland said the primary reason relief lending was faster in countries like Germany and Switzerland was due to 100% state guarantees offered from the onset of the crisis.
British chocolatier Hotel Chocolat has increased its banking facilities to help get it through the coronavirus crisis, it said on Monday. The firm said it had agreed a 35 million pounds ($43.5) million) revolving credit facility with Lloyds Bank, replacing a 10 million pounds overdraft. Hotel Chocolat closed all its stores on March 23 in line with the UK lockdown.
UK bank shares have been hit hard in the stock market crash. In light of current economic uncertainty, are they buys today?The post UK bank shares: buy, sell or hold? appeared first on The Motley Fool UK.