David Herro Comments on Lloyds Banking Group PLC

Jul 09, 2015

Lloyds Banking Group (LSE:LLOY, LYG), the dominant retail bank in the U.K., was the top contributor for the quarter, returning 16%. The company’s underlying core asset profitability remained strong while better than expected trends in its non-core operations resulted in robust free capital generation. We believe Lloyds’ highly profitable bank operations’ cash flow generation will continue to increase as non-core operations moderate. Lloyds’ balance sheet health has also improved significantly in our view, especially in terms of asset quality and capital ratios.

From David Herro (Trades, Portfolio)'s Oakmark International Fund Second Quarter 2015 Commentary.

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