REG - Lloyds Bank Plc Lloyds Banking Group - 2024 Q1 Interim Management Statement
24/04/2024 11:15
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RNS Number : 8562L Lloyds Bank PLC 24 April 2024
Lloyds Bank plc
Q1 2024 Interim Management Statement
24 April 2024
Member of the Lloyds Banking Group
FINANCIAL REVIEW
Income statement
Lloyds Bank plc together with its subsidiaries' (the Group) statutory profit
before tax for the first three months of 2024 was £1,587 million, 23 per cent
lower than the same period in 2023. This was due to lower net interest income
and higher operating expenses, partly offset by a lower impairment charge.
Profit for the period was £1,159 million (three months ended 31 March 2023:
£1,513 million).
Total income for the first three months was £4,385 million, a decrease of 5
per cent on 2023, primarily reflecting lower net interest income in the
quarter.
Net interest income of £3,127 million was down 12 per cent from the same
period in 2023, primarily driven by a lower net interest income margin. The
lower margin reflects expected headwinds due to deposit churn and asset margin
compression, particularly in the mortgage book as it refinances in a lower
margin environment. These factors were partially offset by benefits from
higher structural hedge earnings in the higher rate environment. Average
interest-earning banking assets were lower compared to the first three months
of 2023, significantly due to a modest reduction in the mortgage book and
continued repayments of government-backed lending in the Small and Medium
Businesses portfolio.
Other income was £171 million higher at £1,258 million in the three months
ended 31 March 2024 compared to £1,087 million in the same period last year,
driven by improved UK Motor Finance performance including growth from the
acquisition of Tusker.
Total operating expenses of £2,728 million were 18 per cent higher than the
same period in 2023. This includes expected elevated severance charges taken
early in the year and a new sector-wide Bank of England levy, replacing the
former charging structure. This annual levy of c.£0.1 billion was charged
through operating expenses in the first quarter and will have a broadly
neutral impact on profit in 2024, with an offsetting benefit recognised in net
interest income over the course of the year. The Group continues to maintain
cost discipline and delivery of cost efficiencies, in the context of
inflationary pressures and ongoing strategic investment. Operating lease
depreciation of £290 million increased compared to the prior year (three
months to 31 March 2023: £140 million). This reflects a full quarter of
depreciation from Tusker, alongside growth in the fleet size and declines in
used car prices.
The Group recognised remediation costs of £20 million in the first three
months (three months ended 31 March 2023: £17 million), in relation to
pre-existing programmes. There have been no further charges relating to the
potential impact of the FCA review into historical motor finance commission
arrangements, with the FCA having indicated it will update in September.
Impairment was a charge of £70 million (three months ended 31 March 2023:
£246 million). This reflects a larger credit from improvements to the
Group's economic outlook in the first quarter compared to the prior year. The
decrease also includes a release in Commercial Banking from loss rates used in
the model, while observing a low charge on new and existing Stage 3 clients.
Asset quality remains strong with credit performance across portfolios stable
in the quarter and remaining broadly at, or favourable to pre-pandemic
experience.
The Group recognised a tax expense of £428 million in the period compared to
£555 million in the first three months of 2023 driven by lower profit in the
period.
FINANCIAL REVIEW (continued)
Balance sheet
Total assets were £632 million higher at £606,037 million at 31 March 2024
compared to £605,405 million at 31 December 2023. Cash and balances at
central banks reduced by £4,883 million to £53,026 reflecting a change in
the mix of liquidity holdings. Financial assets at amortised cost were £5,396
million higher at £493,467 million compared to £488,071 million at
31 December 2023 with reverse repurchase agreements £6,849 million higher,
offset by a reduction in loans and advances to customers of £1,046 million to
£432,078 million. The decrease in loans and advances to customers represented
a £1.6 billion reduction in the UK mortgages portfolio following the expected
refinancing of the higher maturities in the fourth quarter of 2023, as well as
a £0.8 billion reduction in Small and Medium Business lending, including
repayments of government-backed lending. This was partly offset by growth in
UK Retail unsecured loans of £0.7 billion, due to organic balance growth and
lower repayments following a securitisation in the fourth quarter of 2023,
alongside growth in UK Motor Finance and credit cards.
Total liabilities were £541 million higher at £565,515 million compared to
£564,974 million at 31 December 2023. Customer deposits stood at £440,021
million at the end of the first quarter, a decrease of £1,932 million. Retail
deposits were up £1.3 billion in the quarter with a combined increase of
£0.9 billion across Retail savings and Wealth, driven by inflows to limited
withdrawal and fixed products and a £0.4 billion increase in current account
balances, benefiting from seasonally lower spend and bank holiday timing
impacts (with the latter expected to reverse in the second quarter). This was
partly offset by seasonal tax payments and outflows to savings products,
including the Group's own savings offers. Growth in Retail was more than
offset by a reduction in Commercial Banking deposits of £3.1 billion,
largely due to Small and Medium Businesses balance reductions. Offsetting this
reduction, amounts due to fellow Lloyds Banking Group undertakings increased
£930 million, debt securities in issue increased £1,649 million following
issuances during the quarter and other liabilities increased £770 million
driven by increased amounts due for settlement as a result of the bank holiday
weekend.
Total equity increased from £40,431 million at 31 December 2023 to £40,522
million at 31 March 2024, as a result of profit for the period partly offset
by increased longer-term rates impacting the cash flow hedging reserve and
pension surplus, along with the dividend paid in the quarter.
Capital
The Group's common equity tier 1 (CET1) capital ratio reduced from 14.4 per
cent at 31 December 2023 to 14.2 per cent at 31 March 2024. Profit for the
first three months of the year was offset by the accrual for foreseeable
ordinary dividends and an increase in risk-weighted assets.
The Group's total capital ratio reduced from 20.5 per cent at 31 December 2023
to 20.1 per cent at 31 March 2024 reflecting the increase in risk-weighted
assets and the impact of both interest rates and a reduction in eligible
provisions on Tier 2 capital.
Risk-weighted assets have increased by £1,744 million during the quarter from
£182,560 million at 31 December 2023 to £184,304 million at 31 March 2024.
This largely reflected the impact of Retail lending. The impact from credit
and model calibrations was minimal.
The Group's UK leverage ratio reduced from 5.6 per cent at 31 December 2023 to
5.5 per cent at 31 March 2024 reflecting an increase in the leverage exposure
measure principally related to increases in securities financing transactions
and off-balance sheet items.
CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Three Three
months months
ended ended
31 Mar 31 Mar
2024 2023
£m £m
Net interest income 3,127 3,542
Other income 1,258 1,087
Total income 4,385 4,629
Operating expenses (2,728) (2,315)
Impairment (70) (246)
Profit before tax 1,587 2,068
Tax expense (428) (555)
Profit for the period 1,159 1,513
Profit attributable to ordinary shareholders 1,069 1,430
Profit attributable to other equity holders 86 78
Profit attributable to equity holders 1,155 1,508
Profit attributable to non-controlling interests 4 5
Profit for the period 1,159 1,513
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
At 31 Mar 2024 At 31 Dec 2023
£m £m
Assets
Cash and balances at central banks 53,026 57,909
Financial assets at fair value through profit or loss 1,793 1,862
Derivative financial instruments 2,867 3,165
Loans and advances to banks 8,381 8,810
Loans and advances to customers 432,078 433,124
Reverse repurchase agreements 39,600 32,751
Debt securities 12,818 12,546
Due from fellow Lloyds Banking Group undertakings 590 840
Financial assets at amortised cost 493,467 488,071
Financial assets at fair value through other comprehensive income 26,917 27,337
Other assets 27,967 27,061
Total assets 606,037 605,405
Liabilities
Deposits from banks 3,341 3,557
Customer deposits 440,021 441,953
Repurchase agreements 37,404 37,702
Due to fellow Lloyds Banking Group undertakings 3,862 2,932
Financial liabilities at fair value through profit or loss 5,008 5,255
Derivative financial instruments 4,313 4,307
Debt securities in issue at amortised cost 54,098 52,449
Other liabilities 10,654 9,884
Subordinated liabilities 6,814 6,935
Total liabilities 565,515 564,974
Equity
Share capital 1,574 1,574
Share premium account 600 600
Other reserves 2,176 2,395
Retained profits 31,092 30,786
Ordinary shareholders' equity 35,442 35,355
Other equity instruments 5,018 5,018
Non-controlling interests 62 58
Total equity 40,522 40,431
Total equity and liabilities 606,037 605,405
ADDITIONAL FINANCIAL INFORMATION
1. Basis of presentation
This release covers the results of Lloyds Bank plc together with its
subsidiaries (the Group) for the three months ended 31 March 2024.
Accounting policies
The accounting policies are consistent with those applied by the Group in its
2023 Annual Report and Accounts.
2. Capital
The Group's Q1 2024 Interim Pillar 3 Disclosures can be found at:
www.lloydsbankinggroup.com/investors/financial-downloads.html.
3. UK economic assumptions
Base case and MES economic assumptions
The Group's base case scenario is for a slow expansion in GDP and a rise in
the unemployment rate alongside modest changes in residential and commercial
property prices. Following a reduction in inflationary pressures, UK Bank Rate
is expected to be lowered during 2024. Risks around this base case economic
view lie in both directions and are largely captured by the generation of
alternative economic scenarios.
The Group has taken into account the latest available information at the
reporting date in defining its base case scenario and generating alternative
economic scenarios. The scenarios include forecasts for key variables as of
the first quarter of 2024. Actuals for this period, or restatements of past
data, may have since emerged prior to publication. The Group's approach to
generating alternative economic scenarios is set out in detail in note 19 to
the financial statements for the year ended 31 December 2023.
Base case scenario by quarter
Key quarterly assumptions made by the Group in the base case scenario are
shown below. Gross domestic product is presented quarter-on-quarter. House
price growth, commercial real estate price growth and CPI inflation are
presented year-on-year, i.e. from the equivalent quarter in the previous year.
Unemployment rate and UK Bank Rate are presented as at the end of each
quarter.
At 31 March 2024 First Second Third Fourth First Second Third Fourth
quarter quarter quarter quarter quarter quarter quarter quarter
2024 2024 2024 2024 2025 2025 2025 2025
% % % % % % % %
Gross domestic product 0.3 0.2 0.3 0.3 0.3 0.3 0.4 0.4
Unemployment rate 4.0 4.2 4.4 4.6 4.8 4.8 4.8 4.8
House price growth 1.5 2.1 4.6 1.5 (0.1) 0.1 0.4 0.8
Commercial real estate price growth (5.4) (5.3) (3.3) (0.5) 0.7 1.1 0.8 0.7
UK Bank Rate 5.25 5.00 4.75 4.50 4.25 4.00 4.00 3.75
CPI inflation 3.3 2.1 1.8 2.4 2.4 2.9 3.0 3.0
ADDITIONAL FINANCIAL INFORMATION (continued)
3. UK economic assumptions (continued)
Scenarios by year
Key annual assumptions made by the Group are shown below. Gross domestic
product and CPI inflation are presented as an annual change, house price
growth and commercial real estate price growth are presented as the growth in
the respective indices within the period. Unemployment rate and UK Bank Rate
are averages for the period.
At 31 March 2024 2024 2025 2026 2027 2028 2024-2028
% % % % % average
%
Upside
Gross domestic product 1.1 2.0 1.7 1.6 1.6 1.6
Unemployment rate 3.2 3.0 3.0 2.9 2.9 3.0
House price growth 3.7 6.7 6.5 5.3 4.9 5.4
Commercial real estate price growth 6.5 4.8 1.4 2.0 2.2 3.4
UK Bank Rate 5.40 5.44 5.25 5.00 5.07 5.23
CPI inflation 2.3 2.9 2.9 2.8 3.0 2.8
Base case
Gross domestic product 0.4 1.2 1.6 1.7 1.7 1.3
Unemployment rate 4.3 4.8 4.8 4.6 4.6 4.6
House price growth 1.5 0.8 0.9 1.6 2.8 1.5
Commercial real estate price growth (0.5) 0.7 (0.1) 1.6 2.1 0.7
UK Bank Rate 4.88 4.00 3.50 3.06 3.00 3.69
CPI inflation 2.4 2.8 2.4 2.1 2.2 2.4
Downside
Gross domestic product (0.8) (0.4) 1.2 1.7 1.7 0.7
Unemployment rate 5.5 7.4 7.7 7.4 7.2 7.1
House price growth 0.0 (5.2) (7.0) (4.8) (1.5) (3.7)
Commercial real estate price growth (8.1) (5.2) (2.9) (1.0) (0.2) (3.5)
UK Bank Rate 4.29 2.00 1.03 0.48 0.29 1.62
CPI inflation 2.4 2.7 1.8 1.0 1.0 1.8
Severe downside
Gross domestic product (1.8) (1.1) 1.1 1.4 1.5 0.2
Unemployment rate 7.2 10.1 10.3 9.9 9.7 9.4
House price growth (2.2) (12.3) (14.3) (10.9) (6.0) (9.2)
Commercial real estate price growth (18.0) (11.7) (8.5) (5.0) (2.4) (9.3)
UK Bank Rate - modelled 3.46 0.51 0.11 0.02 0.01 0.82
UK Bank Rate - adjusted(1) 6.19 4.56 3.63 3.13 3.00 4.10
CPI inflation - modelled 2.4 2.4 1.0 0.0 (0.1) 1.1
CPI inflation - adjusted(1) 7.5 3.5 1.3 1.0 1.8 3.0
Probability-weighted
Gross domestic product 0.0 0.7 1.5 1.6 1.6 1.1
Unemployment rate 4.6 5.6 5.7 5.5 5.4 5.3
House price growth 1.3 (0.6) (1.3) (0.5) 1.2 0.0
Commercial real estate price growth (2.4) (1.1) (1.3) 0.3 1.0 (0.7)
UK Bank Rate - modelled 4.71 3.48 2.94 2.56 2.51 3.24
UK Bank Rate - adjusted(1) 4.99 3.89 3.30 2.88 2.81 3.57
CPI inflation - modelled 2.4 2.8 2.3 1.8 1.9 2.2
CPI inflation - adjusted(1) 2.9 2.9 2.3 1.9 2.1 2.4
(1) The adjustment to UK Bank Rate and CPI inflation in the severe downside
is considered to better reflect the risks around the Group's base case view in
an economic environment where supply shocks are the principal concern.
ADDITIONAL FINANCIAL INFORMATION (continued)
4. Loans and advances to customers and expected credit loss allowance
At 31 March 2024 Stage 1 Stage 2 Stage 3 POCI Total Stage 2 Stage 3
£m £m £m £m £m as % of as % of
total total
Loans and advances to customers
UK mortgages 260,134 33,301 4,581 7,659 305,675 10.9 1.5
Credit cards 12,729 2,883 308 - 15,920 18.1 1.9
UK unsecured loans and overdrafts 7,667 1,210 195 - 9,072 13.3 2.1
UK Motor Finance 13,897 2,140 118 - 16,155 13.2 0.7
Other 16,178 507 149 - 16,834 3.0 0.9
Retail 310,605 40,041 5,351 7,659 363,656 11.0 1.5
Small and Medium Businesses 27,115 4,087 1,465 - 32,667 12.5 4.5
Corporate and Institutional Banking 36,475 2,710 751 - 39,936 6.8 1.9
Commercial Banking 63,590 6,797 2,216 - 72,603 9.4 3.1
Other(1) (656) - - - (656)
Total gross lending 373,539 46,838 7,567 7,659 435,603 10.8 1.7
ECL allowance on drawn balances (856) (1,316) (1,137) (216) (3,525)
Net balance sheet carrying value 372,683 45,522 6,430 7,443 432,078
Customer related ECL allowance (drawn and undrawn)
UK mortgages 135 351 353 216 1,055
Credit cards 231 405 144 - 780
UK unsecured loans and overdrafts 161 233 118 - 512
UK Motor Finance(2) 187 95 67 - 349
Other 19 21 46 - 86
Retail 733 1,105 728 216 2,782
Small and Medium Businesses 141 222 170 - 533
Corporate and Institutional Banking 140 134 241 - 515
Commercial Banking 281 356 411 - 1,048
Other - - - - -
Total 1,014 1,461 1,139 216 3,830
Customer related ECL allowance (drawn and undrawn) as a percentage of loans
and advances to customers(3)
UK mortgages 0.1 1.1 7.7 2.8 0.3
Credit cards 1.8 14.0 46.8 - 4.9
UK unsecured loans and overdrafts 2.1 19.3 60.5 - 5.6
UK Motor Finance 1.3 4.4 56.8 - 2.2
Other 0.1 4.1 30.9 - 0.5
Retail 0.2 2.8 13.6 2.8 0.8
Small and Medium Businesses 0.5 5.4 11.6 - 1.6
Corporate and Institutional Banking 0.4 4.9 32.1 - 1.3
Commercial Banking 0.4 5.2 18.5 - 1.4
Total 0.3 3.1 15.1 2.8 0.9
(1) Contains centralised fair value hedge accounting adjustments.
(2) UK Motor Finance for Stages 1 and 2 include £188 million relating to
provisions against residual values of vehicles subject to finance leasing
agreements for Black Horse. These provisions are included within the
calculation of coverage ratios.
(3 ) Allowance for expected credit losses on loans and advances to
customers as a percentage of gross loans and advances to customers including
loans in recoveries.
ADDITIONAL FINANCIAL INFORMATION (continued)
4. Loans and advances to customers and expected credit loss allowance
(continued)
At 31 December 2023 Stage 1 Stage 2 Stage 3 POCI Total Stage 2 Stage 3
£m £m £m £m £m as % of as % of
total total
Loans and advances to customers
UK mortgages 256,596 38,533 4,337 7,854 307,320 12.5 1.4
Credit cards 12,625 2,908 284 - 15,817 18.4 1.8
UK unsecured loans and overdrafts 7,103 1,187 196 - 8,486 14.0 2.3
UK Motor Finance 13,541 2,027 112 - 15,680 12.9 0.7
Other 15,898 525 144 - 16,567 3.2 0.9
Retail 305,763 45,180 5,073 7,854 363,870 12.4 1.4
Small and Medium Businesses 27,525 4,458 1,530 - 33,513 13.3 4.6
Corporate and Institutional Banking 35,872 3,335 528 - 39,735 8.4 1.3
Commercial Banking 63,397 7,793 2,058 - 73,248 10.6 2.8
Other(1) (301) - - - (301)
Total gross lending 368,859 52,973 7,131 7,854 436,817 12.1 1.6
ECL allowance on drawn balances (885) (1,462) (1,133) (213) (3,693)
Net balance sheet carrying value 367,974 51,511 5,998 7,641 433,124
Customer related ECL allowance (drawn and undrawn)
UK mortgages 169 376 357 213 1,115
Credit cards 234 446 130 - 810
UK unsecured loans and overdrafts 153 244 118 - 515
UK Motor Finance(2) 188 91 63 - 342
Other 20 21 47 - 88
Retail 764 1,178 715 213 2,870
Small and Medium Businesses 139 231 167 - 537
Corporate and Institutional Banking 135 212 253 - 600
Commercial Banking 274 443 420 - 1,137
Other - - - - -
Total 1,038 1,621 1,135 213 4,007
Customer related ECL allowance (drawn and undrawn) as a percentage of loans
and advances to customers(3)
UK mortgages 0.1 1.0 8.2 2.7 0.4
Credit cards 1.9 15.3 45.8 - 5.1
UK unsecured loans and overdrafts 2.2 20.6 60.2 - 6.1
UK Motor Finance 1.4 4.5 56.3 - 2.2
Other 0.1 4.0 32.6 - 0.5
Retail 0.2 2.6 14.1 2.7 0.8
Small and Medium Businesses 0.5 5.2 10.9 - 1.6
Corporate and Institutional Banking 0.4 6.4 47.9 - 1.5
Commercial Banking 0.4 5.7 20.4 - 1.6
Total 0.3 3.1 15.9 2.7 0.9
(1) Contains centralised fair value hedge accounting adjustments.
(2) UK Motor Finance for Stages 1 and 2 include £187 million relating to
provisions against residual values of vehicles subject to finance leasing
agreements for Black Horse. These provisions are included within the
calculation of coverage ratios.
(3 ) Allowance for expected credit losses on loans and advances to
customers as a percentage of gross loans and advances to customers including
loans in recoveries.
FORWARD-LOOKING STATEMENTS
This document contains certain forward-looking statements within the meaning
of Section 21E of the US Securities Exchange Act of 1934, as amended, and
section 27A of the US Securities Act of 1933, as amended, with respect to the
business, strategy, plans and/or results of Lloyds Bank plc together with its
subsidiaries (the Lloyds Bank Group) and its current goals and expectations.
Statements that are not historical or current facts, including statements
about the Lloyds Bank Group's or its directors' and/or management's beliefs
and expectations, are forward-looking statements. Words such as, without
limitation, 'believes', 'achieves', 'anticipates', 'estimates', 'expects',
'targets', 'should', 'intends', 'aims', 'projects', 'plans', 'potential',
'will', 'would', 'could', 'considered', 'likely', 'may', 'seek', 'estimate',
'probability', 'goal', 'objective', 'deliver', 'endeavour', 'prospects',
'optimistic' and similar expressions or variations on these expressions are
intended to identify forward-looking statements. These statements concern or
may affect future matters, including but not limited to: projections or
expectations of the Lloyds Bank Group's future financial position, including
profit attributable to shareholders, provisions, economic profit, dividends,
capital structure, portfolios, net interest margin, capital ratios, liquidity,
risk-weighted assets (RWAs), expenditures or any other financial items or
ratios; litigation, regulatory and governmental investigations; the Lloyds
Bank Group's future financial performance; the level and extent of future
impairments and write-downs; the Lloyds Bank Group's ESG targets and/or
commitments; statements of plans, objectives or goals of the Lloyds Bank Group
or its management and other statements that are not historical fact and
statements of assumptions underlying such statements. By their nature,
forward-looking statements involve risk and uncertainty because they relate to
events and depend upon circumstances that will or may occur in the future.
Factors that could cause actual business, strategy, targets, plans and/or
results (including but not limited to the payment of dividends) to differ
materially from forward-looking statements include, but are not limited to:
general economic and business conditions in the UK and internationally; acts
of hostility or terrorism and responses to those acts, or other such events;
geopolitical unpredictability; the war between Russia and Ukraine; the
conflicts in the Middle East; the tensions between China and Taiwan; political
instability including as a result of any UK general election; market related
risks, trends and developments; changes in client and consumer behaviour and
demand; exposure to counterparty risk; the ability to access sufficient
sources of capital, liquidity and funding when required; changes to the Lloyds
Bank Group's or Lloyds Banking Group plc's credit ratings; fluctuations in
interest rates, inflation, exchange rates, stock markets and currencies;
volatility in credit markets; volatility in the price of the Lloyds Bank
Group's securities; tightening of monetary policy in jurisdictions in which
the Lloyds Bank Group operates; natural pandemic and other disasters; risks
concerning borrower and counterparty credit quality; longevity risks affecting
defined benefit pension schemes; changes in laws, regulations, practices and
accounting standards or taxation; changes to regulatory capital or liquidity
requirements and similar contingencies; the policies and actions of
governmental or regulatory authorities or courts together with any resulting
impact on the future structure of the Lloyds Bank Group; risks associated with
the Lloyds Bank Group's compliance with a wide range of laws and regulations;
assessment related to resolution planning requirements; risks related to
regulatory actions which may be taken in the event of a bank or Lloyds Bank
Group or Lloyds Banking Group failure; exposure to legal, regulatory or
competition proceedings, investigations or complaints; failure to comply with
anti-money laundering, counter terrorist financing, anti-bribery and sanctions
regulations; failure to prevent or detect any illegal or improper activities;
operational risks including risks as a result of the failure of third party
suppliers; conduct risk; technological changes and risks to the security of IT
and operational infrastructure, systems, data and information resulting from
increased threat of cyber and other attacks; technological failure; inadequate
or failed internal or external processes or systems; risks relating to ESG
matters, such as climate change (and achieving climate change ambitions) and
decarbonisation, including the Lloyds Bank Group's or the Lloyds Banking
Group's ability along with the government and other stakeholders to measure,
manage and mitigate the impacts of climate change effectively, and human
rights issues; the impact of competitive conditions; failure to attract,
retain and develop high calibre talent; the ability to achieve strategic
objectives; the ability to derive cost savings and other benefits including,
but without limitation, as a result of any acquisitions, disposals and other
strategic transactions; inability to capture accurately the expected value
from acquisitions; and assumptions and estimates that form the basis of the
Lloyds Bank Group's financial statements. A number of these influences and
factors are beyond the Lloyds Bank Group's control. Please refer to the latest
Annual Report on Form 20-F filed by Lloyds Bank plc with the US Securities and
Exchange Commission (the SEC), which is available on the SEC's website at
www.sec.gov, for a discussion of certain factors and risks. Lloyds Bank plc
may also make or disclose written and/or oral forward-looking statements in
other written materials and in oral statements made by the directors, officers
or employees of Lloyds Bank plc to third parties, including financial
analysts. Except as required by any applicable law or regulation, the
forward-looking statements contained in this document are made as of today's
date, and the Lloyds Bank Group expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained in this document whether as a result of
new information, future events or otherwise. The information, statements and
opinions contained in this document do not constitute a public offer under any
applicable law or an offer to sell any securities or financial instruments or
any advice or recommendation with respect to such securities or financial
instruments.
CONTACTS
For further information please contact:
INVESTORS AND ANALYSTS
Douglas Radcliffe
Group Investor Relations Director
020 7356 1571
douglas.radcliffe@lloydsbanking.com
Nora Thoden
Director of Investor Relations - ESG
020 7356 2334
nora.thoden@lloydsbanking.com
Tom Grantham
Investor Relations Senior Manager
07851 440 091
thomas.grantham@lloydsbanking.com
Sarah Robson
Investor Relations Senior Manager
07494 513 983
sarah.robson2@lloydsbanking.com
CORPORATE AFFAIRS
Grant Ringshaw
External Relations Director
020 7356 2362
grant.ringshaw@lloydsbanking.com
Matt Smith
Head of Media Relations
07788 352 487
matt.smith@lloydsbanking.com
Copies of this Interim Management Statement may be obtained from:
Investor Relations, Lloyds Banking Group plc, 25 Gresham Street, London EC2V
7HN
The statement can also be found on the Group's website -
www.lloydsbankinggroup.com
Registered office: Lloyds Bank plc, 25 Gresham Street, London EC2V 7HN
Registered in England No. 2065
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