Lloyds' shares dip after Q2 results miss consensus expectations
** Shares in UK's Lloyds LLOY.L fall 2% to 58.48p after it reported a 14% drop in its pre-tax profit for the first half of the year on Tuesday
** JP Morgan says Q2 results are below company-compiled consensus expectations, driven by a charge related to electric vehicle values in the leasing book
** It expects low single-digit downgrades to consensus with higher operating lease depreciation and lower NII partly offset by lower impairments
** Jefferies expects the market to focus on operating lease depreciation costs miss and lack of NIM upgrade
** Hargreaves Lansdown points out it's long been expected that performance will lag the record levels seen over 2023
** Adds that broader banking trends continue to look "encouraging", with a mainly positive read across for other UK-focused names, such as NatWest NWG.L, as auto leasing business struggling with lower EV prices is a Lloyds-specific issue
** Up to the previous session's close, shares were up 25% YTD
Reporting by Marta Serafinko
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