Lloyds Banking Group plc (NYSE:LYG) Q3 2024 Earnings Convention Name October 23, 2024 4:30 AM ET
Firm Individuals
William Chalmers – Government Director & CFO
Convention Name Individuals
Aman Rakkar – BarclaysJonathan Pierce – JefferiesBenjamin Toms – RBCJason Napier – UBSEdward Firth – KBWGuy Stebbings – Exane BNP Paribas Amit Goel – MediobancaBen Caven Roberts – Goldman Sachs
Operator
Welcome to the Lloyds Banking Group 2024 Interim Administration Assertion Name. [Operator Instructions]. I’ll now hand over to William Chalmers. Please go forward.
William Chalmers
Thanks, operator and good morning everyone. Thanks for becoming a member of our Q3 outcomes name. As common, I am going to run via the group’s monetary efficiency earlier than we then open the road for Q&A. Let me begin with an outline on slide 2, in Q3 we proceed to make good progress on our strategic transformation to the good thing about all stakeholders. We’re constructing momentum throughout our enterprise, delivering for patrons and driving increased, extra sustainable returns. Within the third quarter, the group once more delivered a sturdy monetary efficiency consistent with our expectations. This contains revenue development alongside value self-discipline and powerful asset high quality, our efficiency, in addition to the power of the group’s franchise, permits us to reaffirm our 2024 steerage and offers us growing confidence in our 2026 commitments.
Let me flip to a abstract of the financials on slide 3, as talked about, Lloyd’s Banking Group delivered a sturdy monetary efficiency, each in Q3 and within the yr thus far. Statutory revenue after tax for the primary 9 months of the yr was 3.8 billion. The return on tangible fairness of 14%, internet revenue was 12.7 billion yr thus far, pleasingly, Q3 has seen development and revenue versus the prior quarter, together with internet curiosity revenue up 2% this was supported by a quarterly internet curiosity margin of two.95% up
