Lloyds Banking Group Plc (LYG)

[mlkrborn]

Better earnings report:
MARKET TALK: Lloyds 1Q Results Better-Than-Expected - Shore
Last update: 4/30/2013 3:40:55 AM
0740 GMT [Dow Jones] Lloyds Banking Group's (LLOY.LN) 1Q results are much better-than-expected, says Shore Capital. Notes underlying pretax profit of GBP1.5B versus Shore's estimate of GBP0.9B and core pretax profit of GBP1.9B against Shore's GBP1.6B. Says the jump in underlying pretax profit appears to reflect the inclusion of the GBP0.4B gain on the sale of St. James's Place (STJ.LN), lower-than-anticipated costs and a further sharp reduction in impairments. Shore adds that the shares are closing in on fair value. The brokerage remains positive on the stock. Shares are 4.3% higher at 56p. ([e-mail])