Lloyds Banking Group Earnings Strong, not Eye-Popping
Dow Jones07-30
0909 GMT - Lloyds Banking Group's second-quarter earnings were strong and dependable, even if they didn't shoot out the lights, Interactive Investor's Richard Hunter writes. Given the close links between Lloyds's performance and the health of the U.K. economy, the bank's resilience is especially impressive, Hunter says. The bank's new "Accelerate 2030" strategy includes profit targets that are stretching but achievable, Hunter says. Meanwhile, the bank said its aim to save 2 billion pounds a year by 2030 will be helped by AI-driven savings and increasing productivity, the strategist notes. Investors' muted reaction to the earnings suggests they are digesting the new strategy, Hunter says. Shares rise 1.8%.
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