Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Lloyds Banking Group
There’s a Q1 interim statement out from Lloyds Banking Group [LON:LLOY] this morning, showing an 8% increase in underlying profits, driven by rising income and lower costs. PPI provisions are down significantly from where they were the previous quarter and the integration of MBNA’s credit business appears to be progressing well, too. Longer term guidance has been reaffirmed, too.
Paddy Power Betfair
Despite a run of what it calls ‘customer friendly’ sports results in the UK in recent months, Paddy Power Betfair [LON:FLTR] has published an upbeat Q1 statement this morning. Revenues are up 17% with operations in Australia and the US driving much of the upside here. Full year guidance remains in line with expectations, with the business presumably confident that the run of success seen by its UK customers on horse racing in February won’t prove to be a recurring theme.
Royal Dutch Shell
There’s a lengthy Q1 set of results out from Royal Dutch Shell [LON:RDSA] this morning and despite a modest dip in profits to $5.32 billion, it’s still comfortably above expectations which were said to be in the region of $4.5 billion.