Menu
Close

LLOYDS is going to FLY

lse:lloy

#2238

800,000 outstanding claims received up to 31/08/2019

Add the back log of around 4,200,000 General enquiries outstanding, Many asking the likes, did I have PPI with you Lloyds ? and many Fraudulent Claims where people that have already been paid out but trying to claim again … Cheeky…

So a big post bag still for Lloyds to sort … last Provision tomorrow ( Top up ) needed IMHO

But at least there is a line in the sand now

Roll on 2020 Quarterly DIVIDENDS I SHOUT now PPI finally is leaving the building ( even tho its doesn’t feel like it today )

STAY FIRM !!!

If ANOTHER big drop tomorrow I still got £21k to buy back :slight_smile:

Sol Man good to see you now got Internet connection again :wink:


#2239

Lloyds only announced a big provision last month so that should already be factored into the SP. Falls at the moment are in line (or better than) its peers (RBS, CYBG). Clearly, a month is a long time in PPI claims so they may have calculated a new number. Brexit/GE is having the biggest impact on the SP.

I’m expecting LLOY to hold firm tomorrow but volatile first thing.


#2240

LLOY down over 2% so far today. Looks like a poor report in the pipeline?

Frog in a tree


#2241

There is indeed.
Fairly obvious.
I already have the level to which it will drop tomorrow in mind.

soi


#2242

And the magic number is ?


#2243

Been indicating levels here for ages, not a word of thanks.

I will keep it to myself and just trade it.

GL

soi


#2244

Hi All, Financials getting a drubbing today !. Question for me is how far are we going to drop back towards where we were before BJ got his Brexit deal ?. I have got what for me are largish holdings in AV and LGEN which like LLOY have rallied a lot. If we are going back down significantly I should sell half (at least) and buyback lower.

Any views ?. No results or trading updates due (unlike LLOY)…

ATB

Pref


#2245

Lloy recovered some of its loss this afternoon. It will only be a blip.

Cheers,

Frog


#2246

Frog

Hopefully just a blip as shorted at 57.5p

Guess profits tomorrow will take another hit but with stable ongoing profits.

White rose


#2247

Hi All, Done a quick scan of the results this morning and they look to be better than some of the predictions I’ve seen in the last few days:-

  • income and Underlying Profit both down slightly on 2018
  • ~2.5Bn hit for PPI, other impairments up ~£250K to ~1Bn
  • ~2Bn profit still though, ~4Bn in 2018
  • NAV down 1p to 52p

That’s my reading of it anyway. Couid have missed something significant in my skim, but I don’t think so.

How will the market take it - well that’s anyone’s guess. Sometimes good results go down badly and vice-versa so just have to wait till the open. My guess is that it may be positive given that many prior expectations that I saw were much worse than this…

ATB

Pref


#2248

Looks poor to me.

soi


#2249

Lloyds said that pre-tax profit fell 97% for Q3, to £50 million,

Oh Dear

soi


#2250

Down near 3 %.
Appalling results.

soi


#2251

Hi @soi, But thats a rather selective way of looking at the Q3 profit isnt it ?. They made over £1850M in underlying profit in Q3 (admittedly ~£200M less than in Q3 2018) but then they took £1800M as the PPI provision reducing the actual profit to £50M. Personally I dont really see that as a 97% reduction in their profit, as its not going to be repeated.

But anyway clearly the market agrees with you and LLOY is down at ~56.5p now (closed at 57.6p yesterday) so about 1.1p down. Could have been worse - and still might be, the day isnt over yet.

ATB

Pref


#2252

The sp fell, the underlying profit is just numbers, only net profit counts.

smoke and mirrors

soi


#2253

Reminds me of Boeing… yep, everything’s fine now… no chance of more payouts and litigation for sure anymore.
Wait for the next set of misselling to turn up.


#2254

At least the PPI impact should reduce going forward. LLOY is not in a terminal condition. What we see in the report is the dying surge in the number of claims and these should dramatically tail off now that the claims deadline has passed. That is not to say that there is no other negative info in the report.

Frog in a tree


#2255

Well seems to me that their actual declared profit for 9 months ending 30 Sep 2019 was almost $2Bn, that’s half of the 2018 figure but given the PPI provision not that bad.

Anyway none of this is any way material to me as I don’t hold any. If they drop to 50p I might buy some though…

ATB

Pref


#2256

Maybe, maybe not. The FCA were keen to protect the Banks but it won’t stop exceptional cases nor those who choose direct litigation.
There are a number of potential PPI equivalents out there from forced hedging of interest rate risk to forced fees for packaged bank accounts.
Better set some provision aside each year ongoing.

Then there’s the competition aspect … the many clients that they got with zero competition due to the financial crisis… one day someone’s going to want compensation for that.


#2257

It is not just PPI

Many flaws and problems, the out dated business model, the weak financials, fundamentals, macro climate and also TA.

Pointless trying to post reality here though.

Cracking short.

soi