1157 GMT - Lloyds Banking Group is among the most mentioned companies across news items over the past six hours, according to Factiva data, after the British lender backed its net interest margin for 2023 alongside third-quarter results. It posted a 3.08% margin for the three months ended Sept. 30--against expectations of 3.10% and a result of 3.14% in the second quarter--and said a similar quarterly decline is expected for the fourth quarter, reflecting how the benefit from higher interest rates is tapering off as they filter through to customers' deposits. After choppy early trading--which AJ Bell attributes to lingering scepticism on the 3.10% margin guidance amid the quarterly miss against consensus--shares gain 1.85% to 41.33 pence, paring back losses after readacross from peer Barclays's disappointing update on Tuesday. Bank of America analysts say Lloyds's performance was "reassuringly consistent", supporting the bank's strong profitability and capital distribution outlook. "On capital return, the stronger starting CET1 ratio, plus the pension triennial review, seem to suggest the company could announce larger dividends and buybacks than consensus expects with FY 2023 results," Citi analysts write. Dow Jones & Co. owns Factiva. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

October 25, 2023 08:13 ET (12:13 GMT)

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