Lloyds Banking Group Earnings Offer Few Surprises

0921 GMT - Lloyds Banking Group's second-quarter earnings offered little by way of surprises, Jefferies' Jonathan Pierce writes. Net interest income and pretax profits were ahead of expectations, though the 1 billion-pound expansion of the bank's share buyback program was below market consensus, the analyst writes. Investors might be disappointed at the group only targeting return on tangible equity--a key banking metric--of greater than 18% in 2028. Free capital generation targets--a measure of capital flexibility--might also be lower than hoped, Pierce says. The bank's targets could be factoring in a performance drag from its insurance operations, greater competition and a higher cost of growth, the analyst says. Shares rise 2.1%.