Lloyds results disappoint markets

The price of shares in FTSE 100 financial services firm Lloyds (LON:LLOY) slipped 8.05% to 26.08p (as of 12:30 BST) after the firm reported a 16% drop in net income for the half year ended 30th June. The company booked a statutory pre-tax loss for the period of £602 million due to both the decline in income and impairment charges linked for the economic outlook. There have been signs of recovery in core markets but the overall outlook remains highly uncertain.

CEO António Horta-Osório commented: “The impact of the coronavirus pandemic in the first half of 2020 has been profound on the way we live our lives and on the global economy. We remain fully focused on helping our customers and the UK economy recover, in collaboration with Government and our regulators.

“I want to express my sincere gratitude to all my colleagues across the Group for their dedication and persistence which have allowed us to deliver vital banking services to our customers effectively throughout the pandemic.

“Although the outlook is uncertain, the Group’s financial strength and business model allow us to help Britain recover and play our part in returning our country to prosperity. Our customer focused strategic plan remains fully aligned with the Group’s long term strategic objectives, the position of our franchise and the interests of shareholders“.