Friday preview: Lloyds reports first quarterly results since full TSB split

30th Jul 2015 17:11

(ShareCast News) - Lloyds Banking Group on Friday reports its first quarterly results since it cut ties with TSB completely.UBS said it expects the second quarter results to show underlying trends remained broadly stable.Net interest margin excluding TSB in the first quarter was 260 basis points which the company said was likely to exceed the previous guidance of 255bps, UBS noted."Fee income remains under pressure in UK retail banking in general, but this should be offset by a continuation of cyclically low impairments," said UBS analyst Ivan Jevremovic."Below the line, we expect to see increased charges vs Q1. In particular, there were no PPI charges in Q1, so we would expect to see an element of catch-up in Q2, especially given incoming changes to tax deductibility of compensation payments."He said UBS also expected to hear more from the company on how it is looking at capital distribution for 2015 and beyond, following the announcement of its inaugural dividend at the 2014 results earlier this year.A day ahead of Friday's interims, Lloyds said it had sold a major portfolio of unprofitable Irish commercial loans for £827m.The loans - a mix of commercial assets given out by HBOS before Lloyds bought the bank in a controversial deal at the height of the financial crisis in 2008 - were sold to a consortium of investors including a Goldman Sachs affiliate and Bank of Ireland.Lloyds floated TSB on the stock market in 2014 before Spain's Sabadell took over the bank. The sale was a condition under the European Commission for its bailout in 2009.Friday 31 July INTERIMS Berendsen, COLT Group SA, IMI, International Consolidated Airlines Group SA (CDI), Lloyds Banking Group, UBM INTERIM DIVIDEND PAYMENT DATE Inland Homes QUARTERLY PAYMENT DATE Ediston Property Investment Company, JP Morgan Chase & Co, Mercantile Investment Trust (The), Middlefield Canadian Income PCC, Schroder Income Growth Fund, Torchmark Corp., TwentyFour Select Monthly Income Fund Limited INTERNATIONAL ECONOMIC ANNOUNCEMENTS Chicago PMI (US) (14:45) International Reserves (EU) (11:00) Unemployment Rate (EU) (10:00) GMS Berkeley Resources Ltd. (DI), Independent Oil & Gas ANNUAL REPORT Mercia Technologies SPECIAL DIVIDEND PAYMENT DATE 3i Infrastructure, Schroder UK Growth Fund AGMS 3Legs Resources, Albion Venture Capital Trust, Charles Stanley Group, KCOM Group, Montanaro UK Smaller Companies Inv Trust, Ormonde Mining, Securities Trust of Scotland, Vitesse Media, Walker Crips Group TRADING ANNOUNCEMENTS Kirkland Lake Gold Inc., Sophos Group UK ECONOMIC ANNOUNCEMENTS Consumer Confidence (09:30) GFK Consumer Confidence (00:05) FINAL DIVIDEND PAYMENT DATE Acal, Anpario, Bisichi Mining, Braemar Shipping Services, Brown (N.) Group, Burberry Group, Crawshaw Group, Edinburgh Inv Trust, Grafenia , GTS Chemical Holdings , Helical Bar, Impellam Group, Octopus Apollo VCT, Palace Capital , Panther Securities, ProVen Growth & Income VCT, ProVen VCT, Royal Mail, Shanks Group, Tate & Lyle