LYG - Lloyds Banking GAAP EPS of 7.50p; plans buyback and fresh strategy

Lloyds Banking press release (NYSE:LYG): FY GAAP EPS of 7.50p. Underlying profit £8.04B vs. £2.19B Y/Y Statutory pretax profit £6.90B vs. £1.23B Y/Y Net interest income of £9.37B (-13% Y/Y) Total income of £37.44B (+28% Y/Y) Net interest margin 2.54% vs. 2.52% Y/Y CET1 ratio 17.3% vs. 16.2% Y/Y. The Board has also announced its intention to implement an ordinary share buyback of up to £2.0 billion which will commence as soon as is practicable and is expected to be completed by 31 December 2022. Chief Executive Officer Charlie Nunn said, "The bank will focus on catering to “mass affluent” customers, expand digital services for small business clients and grow selectively in its corporate business. Lloyds will invest 4 billion pounds over five years on these goals." Outlook FY22: Banking net interest margin above 260 basis points; Operating costs of £8.8B on the new basis, with the increase from the 2021

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Lloyds Banking GAAP EPS of 7.50p; plans buyback and fresh strategy