Lloyds Banking Group plc (NYSE:LYG) Q3 2024 Earnings Conference Call October 23, 2024 4:30 AM ET
Company Participants
William Chalmers – Executive Director & CFO
Conference Call Participants
Aman Rakkar – Barclays
Jonathan Pierce – Jefferies
Benjamin Toms – RBC
Jason Napier – UBS
Edward Firth – KBW
Guy Stebbings – Exane BNP Paribas
Amit Goel – Mediobanca
Ben Caven Roberts – Goldman Sachs
Operator
Welcome to the Lloyds Banking Group 2024 Interim Management Statement Call. [Operator Instructions]. I will now hand over to William Chalmers. Please go ahead.
William Chalmers
Thank you, operator and good morning everybody. Thank you for joining our Q3 results call. As usual, I’ll run through the group’s financial performance before we then open the line for Q&A. Let me start with an overview on slide 2, in Q3 we continue to make good progress on our strategic transformation to the benefit of all stakeholders. We are building momentum across our business, delivering for customers and driving higher, more sustainable returns. In the third quarter, the group again delivered a robust financial performance in line with our expectations. This includes income growth alongside cost discipline and strong asset quality, our performance, as well as the strength of the group’s franchise, allows us to reaffirm our 2024 guidance and gives us increasing confidence in our 2026 commitments.
Let me turn to a summary of the financials on slide 3, as mentioned, Lloyd’s Banking Group delivered a robust financial performance, both in Q3 and in the year to date. Statutory profit after tax for the first nine months of the year was 3.8 billion. The return on tangible equity of 14%, net income was 12.7 billion year to date, pleasingly, Q3 has seen growth and income versus the prior quarter, including net interest income up 2% this was supported by a quarterly net interest margin of 2.95% up
