UK’s Lloyds Banking Group reported statutory pre-tax profits of £1.2bn ($1.7bn) down ~72% YoY for 2020. Net income was at £14.4bn ($20.4bn) down 16% YoY and net profits at £1.4bn ($1.97bn) down 54% YoY, reflecting lower interest rates and reduced levels of customer activity. Lloyd’s also had impairment charges of £4.25bn ($5.95bn) vs £1.29bn ($1.8bn) in 2019. The CET1 ratio stood at 16.2% ending Dec 2020 vs 15.2% in Sep 2020 and 13.8% end 2019. The bank said it would pay a dividend of 0.57 pence per share, the maximum allowed by the BoE. “Despite the challenge of a global pandemic, our customer-focused business model enabled us to deliver a profit for 2020. Our results demonstrate the strength of our customer brands, our balance sheet and our strategy” said António Horta-Osório, the CEO. Lloyds’ USD 6.75% Perp was down 0.3 cents to 114, yielding 3.8%.

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