October 25, 2018 / 6:04 AM / in 24 days

Britain's Lloyds Bank beats forecasts with $2.32 bln third quarter profit

LONDON, Oct 25(Reuters) - Britain’s Lloyds Banking Group on Thursday reported a pre-tax profit of 1.8 billion pounds ($2.32 billion) in the third quarter, outperforming consensus analyst forecasts of 1.7 billion pounds.

The bank’s pre-tax profit for the first nine months rose 10 percent year on year to 4.9 billion pounds, while costs fell 3 percent to 6.4 billion pounds. It reaffirmed all its guidance for 2018.

Lloyds, Britain’s biggest mortgage lender, also reported a common equity tier one capital ratio of 15.5 percent.

The bank also announced the planned retirement of Chief Financial Officer George Culmer, following its interim results in 2019. ($1 = 0.7762 pounds) (Reporting by Emma Rumney and Lawrence White; editing by Sinead Cruise)

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