LONDON (dpa-AFX) - Lloyds Banking Group plc. (LLOY.L, LYG) reported that its third-quarter profit after tax was 688 million ponds, compared to a loss of 238 million pounds last year, largely due to a reduced impairment charge reflecting the relative economic stability and impact of support measures.
The charge of 301 million pounds taken in the third quarter was broadly in line with pre-crisis levels and reflected the relative economic stability in the quarter.
'Although our performance has clearly been impacted by the pandemic and the associated challenging economic environment, I am pleased that we are now seeing an encouraging business recovery and, with impairments significantly lower, a return to profitability in the third quarter,' Chief Executive officer António Horta-Osório said in a statement.
Statutory profit before tax for the third-quarter surged to 1.04 billion pounds from 50 million pounds in the previous year.
Net income for the quarter declined to 3.40 billion pounds from last year's 4.19 billion pounds, reflecting lower interest rates and lower other income.
The company said that Lord Blackwell will step down as Chairman and resign from the Lloyds Banking Group Board on January 1st 2021, following the appointment of Robin Budenberg to the Board of Lloyds Banking Group on October 1st.
The company confirmed that Robin Budenberg will succeed Lord Blackwell as Chair of Lloyds Banking Group and as Chair of its Nomination and Governance Committee with effect from that date.
Copyright RTT News/dpa-AFX