Lloyds Banking Posts Q3 Profit, Plans To Lower 9,000 Jobs

Lloyds Banking Group Plc

posted a profit in the third quarter. Its statutory profit before tax came in at 751 million pounds, versus a year-ago loss of 440 million pounds. The company posted a quarterly profit of 693 million pounds, versus a year-ago loss of 1.3 billion pounds. EPS came in at 0.9 pence, versus a loss per share of 1.8 pence. The latest quarter results including £900 million for PPI. Group underlying profit climbed 41% to 2.2 billion pounds, from 1.5 billion pounds. On an underlying basis, Lloyds Banking's net interest income rose 10% to 3.0 billion pounds compared to 2.8 billion pounds. Total income gained 2% to 4.65 billion pounds versus 4.56 billion pounds. Customer deposits came in at £445.4 billion at 30 September 2014, a 2% rise since 31 December 2013. At 30 September 2014, total loans and advances to customers were £486.3 billion, 2 % per lower than at 31 December 2013. The company also announced its plans to lower 9,000 jobs by the end of 2017. It also announced its plans to cut its branch network by about 6%. Lloyds Banking shares fell 2.23% to close at $4.83 yesterday.