LONDON -- Lloyds Banking Group has advanced 69% to 52.9 pence during the last 12 months, making the share one of the best performers in the FTSE 100.
The banking group, which employs more than 120,000 staff and owns brands such as Lloyds TSB, Halifax and Bank of Scotland, seems to have impressed investors with a series of resilient statements.
During July, Lloyds announced half-year results for 2012 that showed non-essential assets had been reduced by 23 billion pounds to 118 billion pounds, ahead of the bank's expectations. The results also showed core profits slip by 231 million pounds to 2.97 billion pounds. However, the group insisted the profit slip was mitigated by total operating costs falling 6%.
Also exceeding the bank's expectations was the group's impairment charge, which the interim figures revealed had been reduced by 42%.
During November, Lloyds' third-quarter results revealed underlying profits had increased by an impressive 148% to 1.9 billion pounds. The report also revealed the group had the lowest reported complaints of the major U.K. banks, at 1.4 complaints per 1,000 accounts.
Then in March, Lloyds revealed full-year results that showed total costs had fallen by 8% to 9.2 billion pounds and profits had remained stable at 6.2 billion pounds. The annual results also praised the group's success in surpassing its non-core asset reduction target by more than 17 billion pounds.
António Horta-Osório, Lloyds' chief executive, said at the time:
The substantial progress we made in 2012 means that we are now ahead of our plan to transform the Group, and this was reflected in our stronger underlying financial performance in the year. Since setting out our strategy in June 2011, we have significantly strengthened the balance sheet, and substantially improved efficiency and focus, while continuing to work through legacy issues.
Sr Horta-Osório also referred to the group's plans to pursue investment in a "simple, lower-risk, customer-focused U.K. retail and commercial banking model."
Lloyds' first-quarter update will be published on 30 April, which may reveal further positive news that can impress investors.
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The article Why Lloyds Banking Is Up 69% During the Last 12 Months originally appeared on Fool.com.
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