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<p>儘管勞埃德銀行報告的利潤好於預期，但其股價在週四小幅下跌，因為該行選擇維持全年業績指引不變。</p>
<p>截至上午 9:21，股價下跌了 0.41%。</p>
<p>勞埃德銀行的股價今年迄今已上漲 40%，這意味着投資者可能在期待一個異常強勁的半年業績以證明進一步上漲的合理性。</p>
<p>勞埃德銀行集團報告稱，2025 年上半年法定税前利潤增長 5%，儘管面臨嚴峻的經濟背景和加劇的監管風險，仍超出分析師的預期。</p>
<p>這家英國銀行在截至 6 月 30 日的六個月內實現了 35 億英鎊（47.5 億美元）的利潤，略高於分析師預測的 32 億英鎊的平均值。</p>
<p>這一增長是在總收入增長 6% 至 94 億英鎊的背景下實現的，得益於車隊增長和汽車金融業務租金價值的提高。</p>
<p>根據 Hargreaves Lansdown 的 Matt Britzman 的説法，勞埃德銀行集團的基本業績看起來強勁，因為減值持續推動超出預期的利潤，違約率保持低位，借款人表現出韌性。</p>
<p>“儘管數字表現良好，但由於缺乏指引升級，市場反應可能會稍顯平淡，” 他在一份報告中寫道。</p>
<h2>儘管數據樂觀，勞埃德承認前景惡化</h2>
<p>股東將獲得每股 1.22 便士的中期股息，總額為 7.31 億英鎊，比去年增加 15%。</p>
<p>勞埃德首席執行官 Charlie Nunn 將這一穩健表現歸因於收入增長、成本控制和強勁的資產質量的結合。</p>
<p>“我們在 2025 年上半年展現了持續的財務表現強勁，” Nunn 説。</p>
<p>“這推動了強勁的資本生成和增加的股東分配。”</p>
<p>儘管數據樂觀，這家銀行承認經濟前景惡化。</p>
<p>它計提了 4.42 億英鎊的減值準備，高於去年同期的 1.01 億英鎊，原因是某個未披露行業中少數公司的違約。</p>
<p>勞埃德表示，這一準備反映了對失業率可能達到更高峰值的預期，儘管改善的房價預測部分抵消了這一影響。</p>
<h2>汽車金融案件的法律威脅懸而未決</h2>
<p>該銀行的季度業績可能會受到即將到來的英國最高法院在一起具有里程碑意義的汽車金融案件裁決的影響。</p>
<p>這一裁決預計很快會公佈，可能對勞埃德及其他主要貸款機構產生廣泛影響，分析師警告稱，行業整體成本可能高達 300 億英鎊。</p>
<p>該案件涉及銀行是否未能適當披露過去汽車金融交易的佣金，這一問題引起了監管機構的審查和集體訴訟。</p>
<p>勞埃德在這一負面裁決中受到的影響最大，已為潛在責任預留了 12 億英鎊。</p>
<p>然而，該銀行表示在本季度沒有額外計提準備，這一決定可能反映了對結果的信心。</p>
<p>Britzman 指出，缺乏進一步的準備計提可以被解讀為管理層的信心投票。</p>
<h2>勞埃德在指引上保持穩定，前景取決於宏觀經濟穩定性</h2>
<p>勞埃德維持其全年業績目標，強調管理層對銀行運營韌性的信心。</p>
<p>它仍然是英國最大的抵押貸款貸款機構，即使在利率上升、信貸條件收緊和監管審查加劇的情況下，也成功捍衞了這一地位。</p>
<p>分析師表示，廣泛的宏觀經濟環境可能是勞埃德未來股價表現的關鍵決定因素，因為英國經濟出現早期疲軟跡象。</p>
<p>“我們的專家建議，未來的業績與英國經濟密切相關，因此如果英國經濟表現良好，勞埃德也應該表現良好，” Third Bridge 的分析師 Max Harper 説。</p>
<p>“英格蘭銀行當前穩定的利率政策不太可能對勞埃德的動態對沖策略產生重大影響，銀行面臨的主要風險是滯脹，” 他説。</p>
<p>“經濟放緩和持續高通脹的結合將產生雙刃劍效應，同時減少新貸款的需求，而旨在遏制通脹的加息可能會使銀行的對沖變成財務損失的來源。”</p>
<p>勞埃德股價因利潤超出預期但銀行維持指引而下跌的文章首次出現在 Invezz 上。</p>

勞埃德銀行

<p>儘管報告的利潤好於預期並維持全年指引，勞埃德銀行的股價仍下跌了 0.41%。該銀行公佈了 2025 年上半年的 35 億英鎊利潤，超出預期，收入增長了 6%。中期股息增加了 15%。儘管表現強勁，勞埃德銀行面臨惡化的經濟前景以及即將到來的英國最高法院關於汽車融資案件的裁決。分析師指出，宏觀經濟穩定對未來股價表現至關重要，滯漲的擔憂影響了該銀行的戰略</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>儘管勞埃德銀行報告的利潤好於預期，但其股價在週四小幅下跌，因為該行選擇維持全年業績指引不變。</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，股價下跌了 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>勞埃德銀行的股價今年迄今已上漲 40%，這意味着投資者可能在期待一個異常強勁的半年業績以證明進一步上漲的合理性。</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>勞埃德銀行集團報告稱，2025 年上半年法定税前利潤增長 5%，儘管面臨嚴峻的經濟背景和加劇的監管風險，仍超出分析師的預期。</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>這家英國銀行在截至 6 月 30 日的六個月內實現了 35 億英鎊（47.5 億美元）的利潤，略高於分析師預測的 32 億英鎊的平均值。</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>這一增長是在總收入增長 6% 至 94 億英鎊的背景下實現的，得益於車隊增長和汽車金融業務租金價值的提高。</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>根據 Hargreaves Lansdown 的 Matt Britzman 的説法，勞埃德銀行集團的基本業績看起來強勁，因為減值持續推動超出預期的利潤，違約率保持低位，借款人表現出韌性。</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>“儘管數字表現良好，但由於缺乏指引升級，市場反應可能會稍顯平淡，” 他在一份報告中寫道。</p>
</div><h2>Lloyds acknowledges deteriorating outlook despite upbeat numbers</h2>
<div class="lb-trans"><h2>儘管數據樂觀，勞埃德承認前景惡化</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>股東將獲得每股 1.22 便士的中期股息，總額為 7.31 億英鎊，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>勞埃德首席執行官 Charlie Nunn 將這一穩健表現歸因於收入增長、成本控制和強勁的資產質量的結合。</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>“我們在 2025 年上半年展現了持續的財務表現強勁，” Nunn 説。</p>
</div><p>“This has driven strong capital generation and increased shareholder distributions.”</p>
<div class="lb-trans"><p>“這推動了強勁的資本生成和增加的股東分配。”</p>
</div><p>Despite the upbeat numbers, the lender acknowledged a deteriorating economic outlook.</p>
<div class="lb-trans"><p>儘管數據樂觀，這家銀行承認經濟前景惡化。</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>它計提了 4.42 億英鎊的減值準備，高於去年同期的 1.01 億英鎊，原因是某個未披露行業中少數公司的違約。</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>勞埃德表示，這一準備反映了對失業率可能達到更高峰值的預期，儘管改善的房價預測部分抵消了這一影響。</p>
</div><h2>Legal threat from motor finance case looms large</h2>
<div class="lb-trans"><h2>汽車金融案件的法律威脅懸而未決</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>該銀行的季度業績可能會受到即將到來的英國最高法院在一起具有里程碑意義的汽車金融案件裁決的影響。</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>這一裁決預計很快會公佈，可能對勞埃德及其他主要貸款機構產生廣泛影響，分析師警告稱，行業整體成本可能高達 300 億英鎊。</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>該案件涉及銀行是否未能適當披露過去汽車金融交易的佣金，這一問題引起了監管機構的審查和集體訴訟。</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>勞埃德在這一負面裁決中受到的影響最大，已為潛在責任預留了 12 億英鎊。</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，該銀行表示在本季度沒有額外計提準備，這一決定可能反映了對結果的信心。</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，缺乏進一步的準備計提可以被解讀為管理層的信心投票。</p>
</div><h2>Outlook hinges on macroeconomic stability as Lloyds holds steady on guidance</h2>
<div class="lb-trans"><h2>勞埃德在指引上保持穩定，前景取決於宏觀經濟穩定性</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>勞埃德維持其全年業績目標，強調管理層對銀行運營韌性的信心。</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>它仍然是英國最大的抵押貸款貸款機構，即使在利率上升、信貸條件收緊和監管審查加劇的情況下，也成功捍衞了這一地位。</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>分析師表示，廣泛的宏觀經濟環境可能是勞埃德未來股價表現的關鍵決定因素，因為英國經濟出現早期疲軟跡象。</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>“我們的專家建議，未來的業績與英國經濟密切相關，因此如果英國經濟表現良好，勞埃德也應該表現良好，” Third Bridge 的分析師 Max Harper 説。</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>“英格蘭銀行當前穩定的利率政策不太可能對勞埃德的動態對沖策略產生重大影響，銀行面臨的主要風險是滯脹，” 他説。</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>“經濟放緩和持續高通脹的結合將產生雙刃劍效應，同時減少新貸款的需求，而旨在遏制通脹的加息可能會使銀行的對沖變成財務損失的來源。”</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>勞埃德股價因利潤超出預期但銀行維持指引而下跌的文章首次出現在 Invezz 上。</p>
</div>

勞埃德銀行的股價下跌，儘管利潤超出預期，但銀行維持了業績指引