Lloyds to continue flow of bank results on Wednesday

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The mid-point of the week will see the flow of banking results continue with numbers from Lloyds, while investors will also be keeping an eye on Dettol and Durex maker Reckitt Benckiser and oilfield services group Petrofac.

The Black Horse heads to market

The UK’s largest lender, Lloyds Banking Group PLC (LON:LLOY) will report on Wednesday, having returned to profit in its previous quarterly results and then promptly deciding to cut 1,070 more staff.

These final results will be the last under chief executive Antonio Horta-Osorio, who is stepping down at the end of April, as well as the first under new chairman Robin Budenberg, who started last month.

Analysts are forecasting the Spaniard will have to bow out with a rather meagre dividend of 1p a share, due to the PRA’s caution despite impairment charges against expected bad loans falling from GBP3.8bn in the first half dropping to GBP300mln in the third quarter.

As Lloyds’ incoming CEO Charlie Nunn, currently HSBC‘s head of executive, wealth and personal banking, will not be joining in the summer, analysts at UBS expect “some uncertainty to remain over potential longer-term strategy beyond results”.

“But, with costs under good control and a low comparative base for revenues set in 2020 we think the firm has the potential to offer attractively valued gearing to a recovering UK post COVID 19”.

Significant announcements for Wednesday February 24:

Finals: Lloyds Banking Group PLC (LON:LLOY), Reckitt Benckiser Group PLC (LON:RB.), Petrofac Ltd (LON:PFC), Telecom Egypt SAE (LON:TEEG)

Interims: Haydale Graphene Industries PLC (LON:HAYD), Netcall PLC (LON:NET), Town Centre Securities PLC (LON:TOWN)

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