Lloyds sees underlying profits soar as costs reduce - UPDATE
1st Mar 2013 07:17
UK banking group Lloyds saw underlying profits soar in 2012 but was forced to take further provisions for Payment Protection Insurance (PPI) redress in the fourth quarter. Underlying profit increased from £638m to £2.61bn last year, as costs reduced by 5.0% to £10.1bn. This cost reduction was in li
Read moreFriday preview: Lloyds Banking Group releases annual results
28th Feb 2013 15:49
Lloyds Banking Group releases its annual results Friday - a day after the Royal Bank of Scotland (RBS) unveiled a loss in its 2012 financial statement. Investec analysts have warned investors to steer well clear as it expects the company to report an underlying profit before tax of £2.4bn for 2012
Read moreSector movers: UK banks gain despite FSA plan to increase competition
27th Feb 2013 15:46
Banking stocks in London were performing well on Wednesday afternoon, rebounding slightly after a political impasse in Italy hammered markets (especially cyclical stocks) the day before. RBS, Lloyds, Barclays and HSBC were in positive territory despite the news that the Financial Services Authority
Read moreLondon close: Stocks tank on political instability in Italy
26th Feb 2013 16:38
Upbeat economic data from the States wasn't enough to give markets a boost on Tuesday as a political impasse in Italy dampened the demand for cyclical stocks, such as banks. The centre-left party led by Pier Luigi Bersani appears to have won the lower house by a narrow margin though the there was a
Read moreSector movers: GKN lifts autos; RBS leads banks lower
26th Feb 2013 16:16
Engineering giant GKN gave the automobile sector a lift on Tuesday afternoon following its well-received full-year results, while banks were leading the downside as cyclical stocks were hammered in the wake of the Italian elections. GKN, which makes technologies and products for vehicles and aircra
Read moreFTSE 100 movers: GKN rises after strong results and broker comment
26th Feb 2013 15:18
GKN got a boost after Jefferies said that company has a sound platform for solid growth after the engineering group's pre-tax profit came in ahead of its predictions. Chemicals group Croda was also a bright spot after saying that it has made an encouraging start to the new year. The company said t
Read moreLondon midday: FTSE 100 sinks on Italian political impasse
26th Feb 2013 11:37
The Footsie lost over one per cent on Tuesday morning in the aftermath of the Italian national elections, as financial markets reacted to the political uncertainty unravelling in the Eurozone's third-largest economy. The centre-left party led by Pier Luigi Bersani appears to have won the lower hous
Read moreLondon open: Political uncertainty in Italy hammers stocks
26th Feb 2013 08:25
Election results in Italy prompted in a sell-off across European stock markets on Tuesday morning after the country was thrown into a political deadlock. The centre-left party led by Pier Luigi Bersani appears to have won the lower house by a narrow margin though the there was an inconclusive vote
Read moreBroker tips: Barclays, Lloyds, Chariot Oil&Gas
22nd Feb 2013 12:38
Investec analysts on Friday retained a 'sell' recommendation for Lloyds Banking Group shares but upgraded Barclays to 'buy.' However, they received two very different reviews from Investec on Friday. Investec told investors to "get back on it" and buy stocks in Barclays as the bank undergoes a mas
Read moreBroker snap: Investec gives differing outlooks on Barclays and Lloyds
22nd Feb 2013 11:05
Investec analysts on Friday retained a 'sell' recommendation for Lloyds Banking Group stocks, but upgraded Barclays to 'buy'. The two UK banks have been making headlines in recent months for alleged financial wrongdoings. Barclays was hit by a string of scandals in relation to LIBOR rigging, whil
Read moreAndrew Bailey named head of BoE's new Prudential Regulatory Authority
19th Feb 2013 13:01
Andrew Bailey was on Tuesday named Chief Executive of the new Prudential Regulatory Authority (PRA) and Deputy Governor of the Bank of England. Bailey, who joined the Bank of England in 1985, will begin as the boss of PRA on April 1st when it replaces the Financial Services Authority (FSA) as Brita
Read moreLloyds Banking Group fined for PPI delays
19th Feb 2013 10:54
The Financial Services Authority (FSA) has fined Lloyds Banking Group (LBG) 4.3m pounds for delaying payment protection insurance (PPI) compensation to up to 140,000 customers. Firms owned by LBG - Lloyds TSB Bank, Lloyds TSB Scotland and Bank of Scotland - were penalised by the financial regulator
Read moreLondon close: Barclays leads stocks higher as risk appetite increases
12th Feb 2013 17:00
Strong gains in the banking sector helped push the FTSE 100 one per cent higher on Tuesday afternoon, as markets welcomed news of a turnaround plan at UK lender Barclays. "European stock markets picked up some pace in Tuesday's session as traders upped their exposure to risk following recent weakne
Read moreFTSE 100 movers: Barclays leaps after results
12th Feb 2013 15:16
UK banking group Barclays was performing well today after releasing the details of its strategic review, which includes 3,700 jobs cuts. Meanwhile, the company said that adjusted profits before tax grew 26% to £7.05bn in 2012, helped by a 46% improvement in Corporate and Investment Banking and 52%
Read moreLondon midday: Banks pull Footsie into positive territory
12th Feb 2013 11:47
Stocks had pulled into positive territory by Tuesday lunchtime helped by strength in the banking sector as full-year results and the outcome of a strategic review at Barclays were well-received by the markets. Providing some support this morning was the news that credit ratings agency Standard & Po
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