• Good news about the black horse!

      1 comment

    Yesterday, I received some very good news. A friend’s daughter who is a charity worker in Calcutta has managed to make it back to the UK and they are safe and well, albeit in quarantine in a hotel near Heathrow airport. As you will appreciate we have been looking at what is going on in India with increasing concern.

    Today, I received some more good news – although a lot less important! Namely that Lloyds Banking Group posted solid Q1 results, with profits beating estimates, in summary, viz:
    > Lloyds Banking (LSE:LLOY): Q1 GAAP EPS of 1.8p.
    > Underlying profit £2.07B vs. £558M Y/Y
    > Statutory pretax profit £1.90B vs. £74M Y/Y, estimate £1.17B
    > Net interest income of £2.68B (-9.2% Y/Y) beats by £40M.
    > Net interest margin 2.49% vs. 2.79%Y/Y, estimate 2.48%.
    > CET1 ratio 16.7% vs. 16.2% Q/Q
    > Outlook: Net interest margin now expected to be in excess of 245 basis points.
    > Operating costs to reduce to c.£7.5B.
    > Net asset quality ratio now expected to be below 25 basis points.
    > Statutory return on tangible equity now expected to be between 8 and 10%, excluding c.2.5 pp benefit from tax rate changes.
    > Accruing dividends with intention to resume progressive and sustainable ordinary dividend policy.
    GOTO: https://www.lloydsbankinggroup.com/assets/pdfs/investors/financial-performance/lloyds-banking-group-plc/2021/q1/2021-lbg-q1-ims.pdf
    Yesterday’s good news helps puts news like the above into a better perspective.

    • Your friend must be relieved to have her daughter back in the country even though she has been discriminated against on her return.
      In quarantine in a hotel which she must pay for.
      How many illegal immigrants have washed up on our shores and not been made to quarantine and how many people have flown in from abroad these last few months with no-one checking on their health?

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