(Bloomberg) -- Lloyds Banking Group Plc, Britain’s biggest mortgage provider, said it will exceed its lending profitability target after first-quarter earnings beat analyst estimates. The shares jumped the most in a year.
Pretax profit before one-time items rose 21 percent to 2.2 billion pounds ($3.4 billion) from the year-earlier period, surpassing the 2 billion-pound average estimate of six analysts in a Bloomberg survey. The bank said on Friday it expects its net interest margin to exceed its 2.55 percent annual target.
The results bolster Chief Executive Officer Antonio Horta- Osorio’s efforts to return the bailed-out bank to full private ownership. Since taking over in 2011, he’s cut assets, shrunk the retail network and eliminated thousands of jobs, allowing the lender to post its first annual profit in five years in 2014 and resume paying dividends. The coalition government has pledged to cut its 21 percent stake after next week’s election by selling shares to individual investors.
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