Lloyds Banking Net Swings to Profit; BP Net Falls, UBS Net Surges

Nigel Thomas
28 Oct, 2014
New York City

BP net declined 63.2% to $1.32 billion. Lloyds Banking Group net swung to profit to

[R]4:00 PM Frankfurt – BP net declined 63.2% to $1.32 billion. Lloyds Banking Group net swung to profit to £693 million and lowered underlying profit outlook for the year. Standard Chartered plunged on impairment losses on loans and advances but net rose 8% to $78 million. UBS profit surged 32% to 762 million francs.[/R]

In London trading, FTSE 100 index increased 0.6% or 37.37 to 6,400.83 and in Frankfurt the DAX index climbed 1.5% or 137.73 to 9,040.34.

In Paris, CAC 40 index jumped 0.7% or 26.63 to 4,123.37.

BP Plc gained 0.6% to 432.95 pence after the U.K.-based oil and gas reported total revenue in the third-quarter ending in September dropped 3.5% to $94.77 billion form $98.20 billion a year ago period.

Net income in the quarter declined 63.2% from a year ago to $1.32 billion compared to $3.59 billion and diluted earnings per share dropped to 42 cents from $1.11.

BP reported underlying net income from Rosneft in the quarter tumbled to $110 million from $808 million a year ago period and total cumulative pre-tax charges for the Gulf of Mexico oil spill remained at $43 billion at the end of the quarter.

Lloyds Banking Group Plc declined 2.3% to 73.59 pence after the U.K.-based financial service provider reported total revenue in the third-quarter ending in September gained 2% to £4.65 billion from £4.55 billion a year ago period.

Net in the quarter swung to profit from a year ago to £693 million compared to a net loss of £1.30 billion and earnings per share swung to 9 pence from a loss of 1.8 pence.

The bank said full-year statutory profit will be significantly ahead of first-half.

The bank estimated underlying profits in the second-half will be lower than the same period a year ago partly due a higher UK bank levy, regulatory and restructuring costs.

Standard Chartered Plc plunged 9% to 996.50 pence after the U.K.-based financial service provider said revenues in the third-quarter ending in September rose 0.9% to $4.51 billion form $4.47 billion a year ago period.

Net income in the quarter climbed 8.3% from a year ago to $78 million compared to $72 million.

The bank said impairment losses on loans and advances and other credit risk provisions increased nearly doubled to $536 million from $288 million and total impairment for the year-to-date was $1.38 billion.

UBS AG climbed 4.7% to 16.15 francs after the Switzerland-based investment bank reported total revenue in the third-quarter ending in September soared 9.9% to 6.88 billion francs from 6.26 billion francs a year ago period.

Net profit in the quarter surged 32.1% from a year ago period to 762 million francs compared to 577 million francs and diluted earnings per share jumped to 0.20 francs from 0.15 francs.