Lloyds Posts Loss but Stresses Surge in Underlying Profit, Strong Earnings for Airbus
May 1, 2015 7:31 am
Lloyd’s Banking Group has posted a £446 million loss for Q1 2015 after taking a £660 million hit due to its forced sale of TSB, with reports indicating that the cost of taking TSB off of Lloyd’s computer servers will run into the hundreds of millions. However, the bank was unsurprisingly keen to stress the positives, emphasising a 21% surge in underlying profit. Lloyd’s share price is currently up by around 3%, while the FTSE 100 Index as a whole is currently trading roughly even after being down by 0.3% earlier. Many European markets, including the DAX 30 and CAC 40 are closed today for the May Day holiday.
Over in mainland Europe, Airbus had some good news to report, with a bright start to 2015 showing a significant y-o-y increase in earnings for the first quarter. A slight decline in sales was somewhat tempered by expectations of a sales surge later in the year. Airbus stock closed up by 2.34% yesterday. It will be interesting to note how this stock will perform when the CAC 40 reopens on Monday; the news coming in this morning is that the aerospace firm is planning to file a complaint with the German authorities, citing industrial espionage. A report in Der Spiegel recently stated that Germany’s BND Intelligence Service had helped the US to spy on a number of European companies for more than a decade.
Lloyd’s Banking Group has posted a £446 million loss for Q1 2015 after taking a £660 million hit due to its forced sale of TSB, with reports indicating that the cost of taking TSB off of Lloyd’s computer servers will run into the hundreds of millions. However, the bank was unsurprisingly keen to stress the positives, emphasising a 21% surge in underlying profit. Lloyd’s share price is currently up by around 3%, while the FTSE 100 Index as a whole is currently trading roughly even after being down by 0.3% earlier. Many European markets, including the DAX 30 and CAC 40 are closed today for the May Day holiday.
Over in mainland Europe, Airbus had some good news to report, with a bright start to 2015 showing a significant y-o-y increase in earnings for the first quarter. A slight decline in sales was somewhat tempered by expectations of a sales surge later in the year. Airbus stock closed up by 2.34% yesterday. It will be interesting to note how this stock will perform when the CAC 40 reopens on Monday; the news coming in this morning is that the aerospace firm is planning to file a complaint with the German authorities, citing industrial espionage. A report in Der Spiegel recently stated that Germany’s BND Intelligence Service had helped the US to spy on a number of European companies for more than a decade.
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