Lloyds Shares Fall Despite Profit Rise
Lloyds Banking Group reported a doubled third quarter profit of £2.3 billion in line with forecasts. However shares dropped six percent as investors were disappointed by unchanged performance targets and increased deposit market competition.
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Lloyds Banking Group PLC posted a profit before tax of £2.3 billion ($3.1 billion) for the July-September period, up from £1 billion a year ago. Shares fell 6% in early trading following the report. The decline mirrors investor disappointment at unchanged performance targets across the sector in the United Kingdom.
