Lloyds (LON:LLOY) has produced an impressive set of numbers, even as its past sins continue to blemish the bottom line.
Profit has beaten market expectations and the bank has upped its annual guidance, despite having to put another £460m aside to compensate customers for mis-sold personal protection insurance.
The HBOS Reading fraud scandal also threatens to cost the bank more, amid criticism from politicians this week that it hasn't done enough to compensate victims.
But putting the compensation payouts aside, its net interest margins look in great shape, considering the pressure they're under from competition and low interest rates.
With the Bank of England poised to perhaps raise rates again this week, Lloyds could get more wriggle room to meet its margin targets. Should rates rise though, it will come under more pressure to offer deposit customers a better deal.
Charges for bad debts are also starting to come down again, indicating Lloyds hasn't been tempted to lend too generously to compete more aggressively.
Smurfit Kappa shares outperform despite takeover bid withdrawal
It's not very often that a company's shares continue to out-perform immediately after a takeover bid has been withdrawn, but that's exactly what Smurfit Kappa (LON:SKG) shares have done.
Purveyors of cardboard boxes are in a sweet spot right now, as the e-commerce revolution drives demand for innovative packaging solutions, while plastic falls out of favor due to environmental concerns.
There was always a risk that Smurfit Kappa might overpay for acquisitions to defend itself from predators, but so far the integration of Reparenco and a host of other targets appears to be progressing smoothly.
The overall business is chugging along nicely, as higher input prices are successfully passed on to customers without hurting volume growth.
Man Group defy choppy market
It's been a tough year for hedge funds, as market volatility stoked by trade war rhetoric weighs on returns and saps performance fee revenue.
Investors have nevertheless stuck with Man Group (LON:EMG) in the first half, helping it to defy choppy markets with a solid rise in profits.
Net inflows of $8.3bn are a slight improvement on the previous year and have boosted management fees, helping to offset a fall in performance fees.
Investors are clearly still hungry for innovative investment strategies that they think can beat the market, as they seek to weather an expected round of interest-rate rises by the world's central banks.
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