<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/07/image-2025-07-24T140435.541.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1152" height="720" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/07/image-2025-07-24T140435.541.png"/></p>
<p>尽管劳埃德银行报告的利润好于预期，但其股价在周四小幅下跌，因为该行选择维持全年业绩指引不变。</p>
<p>截至上午 9:21，股价下跌了 0.41%。</p>
<p>劳埃德银行的股价今年迄今已上涨 40%，这意味着投资者可能在期待一个异常强劲的半年业绩以证明进一步上涨的合理性。</p>
<p>劳埃德银行集团报告称，2025 年上半年法定税前利润增长 5%，尽管面临严峻的经济背景和加剧的监管风险，仍超出分析师的预期。</p>
<p>这家英国银行在截至 6 月 30 日的六个月内实现了 35 亿英镑（47.5 亿美元）的利润，略高于分析师预测的 32 亿英镑的平均值。</p>
<p>这一增长是在总收入增长 6% 至 94 亿英镑的背景下实现的，得益于车队增长和汽车金融业务租金价值的提高。</p>
<p>根据 Hargreaves Lansdown 的 Matt Britzman 的说法，劳埃德银行集团的基本业绩看起来强劲，因为减值持续推动超出预期的利润，违约率保持低位，借款人表现出韧性。</p>
<p>“尽管数字表现良好，但由于缺乏指引升级，市场反应可能会稍显平淡，” 他在一份报告中写道。</p>
<h2>尽管数据乐观，劳埃德承认前景恶化</h2>
<p>股东将获得每股 1.22 便士的中期股息，总额为 7.31 亿英镑，比去年增加 15%。</p>
<p>劳埃德首席执行官 Charlie Nunn 将这一稳健表现归因于收入增长、成本控制和强劲的资产质量的结合。</p>
<p>“我们在 2025 年上半年展现了持续的财务表现强劲，” Nunn 说。</p>
<p>“这推动了强劲的资本生成和增加的股东分配。”</p>
<p>尽管数据乐观，这家银行承认经济前景恶化。</p>
<p>它计提了 4.42 亿英镑的减值准备，高于去年同期的 1.01 亿英镑，原因是某个未披露行业中少数公司的违约。</p>
<p>劳埃德表示，这一准备反映了对失业率可能达到更高峰值的预期，尽管改善的房价预测部分抵消了这一影响。</p>
<h2>汽车金融案件的法律威胁悬而未决</h2>
<p>该银行的季度业绩可能会受到即将到来的英国最高法院在一起具有里程碑意义的汽车金融案件裁决的影响。</p>
<p>这一裁决预计很快会公布，可能对劳埃德及其他主要贷款机构产生广泛影响，分析师警告称，行业整体成本可能高达 300 亿英镑。</p>
<p>该案件涉及银行是否未能适当披露过去汽车金融交易的佣金，这一问题引起了监管机构的审查和集体诉讼。</p>
<p>劳埃德在这一负面裁决中受到的影响最大，已为潜在责任预留了 12 亿英镑。</p>
<p>然而，该银行表示在本季度没有额外计提准备，这一决定可能反映了对结果的信心。</p>
<p>Britzman 指出，缺乏进一步的准备计提可以被解读为管理层的信心投票。</p>
<h2>劳埃德在指引上保持稳定，前景取决于宏观经济稳定性</h2>
<p>劳埃德维持其全年业绩目标，强调管理层对银行运营韧性的信心。</p>
<p>它仍然是英国最大的抵押贷款贷款机构，即使在利率上升、信贷条件收紧和监管审查加剧的情况下，也成功捍卫了这一地位。</p>
<p>分析师表示，广泛的宏观经济环境可能是劳埃德未来股价表现的关键决定因素，因为英国经济出现早期疲软迹象。</p>
<p>“我们的专家建议，未来的业绩与英国经济密切相关，因此如果英国经济表现良好，劳埃德也应该表现良好，” Third Bridge 的分析师 Max Harper 说。</p>
<p>“英格兰银行当前稳定的利率政策不太可能对劳埃德的动态对冲策略产生重大影响，银行面临的主要风险是滞胀，” 他说。</p>
<p>“经济放缓和持续高通胀的结合将产生双刃剑效应，同时减少新贷款的需求，而旨在遏制通胀的加息可能会使银行的对冲变成财务损失的来源。”</p>
<p>劳埃德股价因利润超出预期但银行维持指引而下跌的文章首次出现在 Invezz 上。</p>

劳埃德银行

<p>尽管报告的利润好于预期并维持全年指引，劳埃德银行的股价仍下跌了 0.41%。该银行公布了 2025 年上半年的 35 亿英镑利润，超出预期，收入增长了 6%。中期股息增加了 15%。尽管表现强劲，劳埃德银行面临恶化的经济前景以及即将到来的英国最高法院关于汽车融资案件的裁决。分析师指出，宏观经济稳定对未来股价表现至关重要，滞涨的担忧影响了该银行的战略</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/07/image-2025-07-24T140435.541.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/07/image-2025-07-24T140435.541.png"/></p>
<p>Lloyds shares edged down on Thursday despite the bank reporting better-than-expected profits, as it opted to leave its full-year guidance unchanged.</p>
<div class="lb-trans"><p>尽管劳埃德银行报告的利润好于预期，但其股价在周四小幅下跌，因为该行选择维持全年业绩指引不变。</p>
</div><p>Share price was down by 0.41% at 9:21 am.</p>
<div class="lb-trans"><p>截至上午 9:21，股价下跌了 0.41%。</p>
</div><p>Lloyds shares have already climbed 40% year-to-date, meaning investors were likely looking for an exceptionally strong half-year performance to justify further gains.</p>
<div class="lb-trans"><p>劳埃德银行的股价今年迄今已上涨 40%，这意味着投资者可能在期待一个异常强劲的半年业绩以证明进一步上涨的合理性。</p>
</div><p>Lloyds Banking Group reported a 5% rise in statutory profit before tax for the first half of 2025, outperforming analysts’ expectations despite a challenging economic backdrop and heightened regulatory risks.</p>
<div class="lb-trans"><p>劳埃德银行集团报告称，2025 年上半年法定税前利润增长 5%，尽管面临严峻的经济背景和加剧的监管风险，仍超出分析师的预期。</p>
</div><p>The British lender posted a profit of £3.5 billion ($4.75 billion) for the six months ended June 30, just above the £3.2 billion average forecast by analysts.</p>
<div class="lb-trans"><p>这家英国银行在截至 6 月 30 日的六个月内实现了 35 亿英镑（47.5 亿美元）的利润，略高于分析师预测的 32 亿英镑的平均值。</p>
</div><p>The increase came amid a 6% rise in total income to £9.4 billion, supported by fleet growth and higher rental values in the motor finance business.</p>
<div class="lb-trans"><p>这一增长是在总收入增长 6% 至 94 亿英镑的背景下实现的，得益于车队增长和汽车金融业务租金价值的提高。</p>
</div><p>Lloyds Banking Group’s underlying performance looks strong, as impairments continue to fuel better-than-projected profits, default rates remain low, and borrowers remain resilient, according to Hargreaves Lansdown’s Matt Britzman.</p>
<div class="lb-trans"><p>根据 Hargreaves Lansdown 的 Matt Britzman 的说法，劳埃德银行集团的基本业绩看起来强劲，因为减值持续推动超出预期的利润，违约率保持低位，借款人表现出韧性。</p>
</div><p>“The [market] reaction might be a little muted, though, given the lack of guidance upgrade off the back of a good set of numbers,” he wrote in a note.</p>
<div class="lb-trans"><p>“尽管数字表现良好，但由于缺乏指引升级，市场反应可能会稍显平淡，” 他在一份报告中写道。</p>
</div><h2>Lloyds acknowledges deteriorating outlook despite upbeat numbers</h2>
<div class="lb-trans"><h2>尽管数据乐观，劳埃德承认前景恶化</h2>
</div><p>Shareholders will receive an interim dividend of 1.22 pence per share, amounting to £731 million—a 15% increase from the prior year.</p>
<div class="lb-trans"><p>股东将获得每股 1.22 便士的中期股息，总额为 7.31 亿英镑，比去年增加 15%。</p>
</div><p>Lloyds CEO Charlie Nunn attributed the solid performance to a combination of income growth, cost discipline, and robust asset quality.</p>
<div class="lb-trans"><p>劳埃德首席执行官 Charlie Nunn 将这一稳健表现归因于收入增长、成本控制和强劲的资产质量的结合。</p>
</div><p>“We have shown sustained strength in our financial performance in the first half of 2025,” Nunn said.</p>
<div class="lb-trans"><p>“我们在 2025 年上半年展现了持续的财务表现强劲，” Nunn 说。</p>
</div><p>“This has driven strong capital generation and increased shareholder distributions.”</p>
<div class="lb-trans"><p>“这推动了强劲的资本生成和增加的股东分配。”</p>
</div><p>Despite the upbeat numbers, the lender acknowledged a deteriorating economic outlook.</p>
<div class="lb-trans"><p>尽管数据乐观，这家银行承认经济前景恶化。</p>
</div><p>It took an impairment charge of £442 million, up from £101 million a year earlier, citing defaults among a small number of companies in one unnamed sector.</p>
<div class="lb-trans"><p>它计提了 4.42 亿英镑的减值准备，高于去年同期的 1.01 亿英镑，原因是某个未披露行业中少数公司的违约。</p>
</div><p>Lloyds said the provisioning reflected expectations of a higher unemployment peak, although improved house price forecasts partially offset this.</p>
<div class="lb-trans"><p>劳埃德表示，这一准备反映了对失业率可能达到更高峰值的预期，尽管改善的房价预测部分抵消了这一影响。</p>
</div><h2>Legal threat from motor finance case looms large</h2>
<div class="lb-trans"><h2>汽车金融案件的法律威胁悬而未决</h2>
</div><p>The bank’s quarterly results may be overshadowed by a pending UK Supreme Court ruling in a landmark motor finance case.</p>
<div class="lb-trans"><p>该银行的季度业绩可能会受到即将到来的英国最高法院在一起具有里程碑意义的汽车金融案件裁决的影响。</p>
</div><p>The ruling, expected soon, could have wide-ranging consequences for Lloyds and other major lenders, with analysts warning of potential industry-wide costs of up to £30 billion.</p>
<div class="lb-trans"><p>这一裁决预计很快会公布，可能对劳埃德及其他主要贷款机构产生广泛影响，分析师警告称，行业整体成本可能高达 300 亿英镑。</p>
</div><p>The case concerns whether banks failed to properly disclose commissions on past car finance deals, an issue that has prompted scrutiny from regulators and class-action lawsuits.</p>
<div class="lb-trans"><p>该案件涉及银行是否未能适当披露过去汽车金融交易的佣金，这一问题引起了监管机构的审查和集体诉讼。</p>
</div><p>Lloyds is among the most exposed to a negative ruling, having already set aside £1.2 billion for potential liabilities.</p>
<div class="lb-trans"><p>劳埃德在这一负面裁决中受到的影响最大，已为潜在责任预留了 12 亿英镑。</p>
</div><p>However, the bank said it made no additional provisions in this quarter, a decision that may reflect confidence in the outcome.</p>
<div class="lb-trans"><p>然而，该银行表示在本季度没有额外计提准备，这一决定可能反映了对结果的信心。</p>
</div><p>Britzman noted that the lack of further provisioning could be interpreted as a vote of confidence by management.</p>
<div class="lb-trans"><p>Britzman 指出，缺乏进一步的准备计提可以被解读为管理层的信心投票。</p>
</div><h2>Outlook hinges on macroeconomic stability as Lloyds holds steady on guidance</h2>
<div class="lb-trans"><h2>劳埃德在指引上保持稳定，前景取决于宏观经济稳定性</h2>
</div><p>Lloyds maintained its full-year performance targets, underscoring management’s belief in the bank’s operational resilience.</p>
<div class="lb-trans"><p>劳埃德维持其全年业绩目标，强调管理层对银行运营韧性的信心。</p>
</div><p>It remains the UK’s largest mortgage lender, a position it has defended successfully even amid rising interest rates, tighter credit conditions, and regulatory scrutiny.</p>
<div class="lb-trans"><p>它仍然是英国最大的抵押贷款贷款机构，即使在利率上升、信贷条件收紧和监管审查加剧的情况下，也成功捍卫了这一地位。</p>
</div><p>Analysts say the broader macroeconomic environment will likely be the key determinant of Lloyds’ future share price performance, as early signs of economic strain emerge in the UK.</p>
<div class="lb-trans"><p>分析师表示，广泛的宏观经济环境可能是劳埃德未来股价表现的关键决定因素，因为英国经济出现早期疲软迹象。</p>
</div><p>“Our experts suggest that future results are strongly linked to the British economy, so if the British economy does well, Lloyds should do well,” said Max Harper, Analyst at Third Bridge.</p>
<div class="lb-trans"><p>“我们的专家建议，未来的业绩与英国经济密切相关，因此如果英国经济表现良好，劳埃德也应该表现良好，” Third Bridge 的分析师 Max Harper 说。</p>
</div><p>“The Bank of England’s current stable interest rate policy is unlikely to significantly impact Lloyds’ dynamic hedging strategy, the primary risk for the bank is stagflation,” he said.</p>
<div class="lb-trans"><p>“英格兰银行当前稳定的利率政策不太可能对劳埃德的动态对冲策略产生重大影响，银行面临的主要风险是滞胀，” 他说。</p>
</div><p>“A combination of a slowing economy and persistently high inflation would create a double-edged sword effect, simultaneously reducing appetite for new lending while interest rate hikes aimed at curbing inflation could turn the bank’s hedge into a source of financial loss.”</p>
<div class="lb-trans"><p>“经济放缓和持续高通胀的结合将产生双刃剑效应，同时减少新贷款的需求，而旨在遏制通胀的加息可能会使银行的对冲变成财务损失的来源。”</p>
</div><p>The post Lloyds share price dips as profits beat forecasts but bank holds guidance appeared first on Invezz</p>
<div class="lb-trans"><p>劳埃德股价因利润超出预期但银行维持指引而下跌的文章首次出现在 Invezz 上。</p>
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劳埃德银行的股价下跌，尽管利润超出预期，但银行维持了业绩指引