REG - Lloyds Banking Group - 2024 Q1 Interim Management Statement
24/04/2024 07:00
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RNS Number : 7701L Lloyds Banking Group PLC 24 April 2024
Lloyds Banking Group plc
Q1 2024 Interim Management Statement
24 April 2024
RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2024
"The Group is continuing to deliver in line with expectations in the first
quarter of 2024, with solid net income, cost discipline and strong asset
quality. Our performance provides us with further confidence around our
strategic ambitions and 2024 and 2026 guidance.
Guided by our purpose, we are continuing to support customers and successfully
execute against our strategic outcomes, as highlighted in the third of our
strategic seminars last month. This underpins our ambition of higher, more
sustainable returns that will deliver for all of our stakeholders as we
continue to Help Britain Prosper."
Charlie Nunn, Group Chief Executive
Financial performance in line with expectations(1)
• Statutory profit after tax of £1.2 billion (three months to 31 March
2023: £1.6 billion) with net income down 9 per cent on the prior year and
operating costs up 11 per cent, partly offset by the benefit of a lower
impairment charge
• Return on tangible equity of 13.3 per cent (three months to 31 March
2023: 19.1 per cent)
• Underlying net interest income of £3.2 billion down 10 per cent, with a
lower banking net interest margin, as expected, of 2.95 per cent and average
interest-earning banking assets of £449.1 billion
• Underlying other income of £1.3 billion, 7 per cent higher, driven by
continued recovery in customer and market activity and the benefits of
strategic initiatives
• Operating lease depreciation of £283 million, up on the prior year
reflecting a full quarter of depreciation from Tusker, alongside growth in
fleet size and declines in used car prices; the charge is lower than the
fourth quarter which included an additional c.£100 million residual value
provision to offset developments in used car prices
• Operating costs of £2.4 billion, up 11 per cent, including c.£0.1
billion relating to the sector-wide change in the charging approach for the
Bank of England levy (excluding this levy, operating costs were up 6 per cent)
and elevated severance charges (£0.1 billion higher year to date). The Bank
of England levy will have a broadly neutral impact on profit in 2024 with an
offsetting benefit recognised through net interest income over the course of
the year
• Remediation costs of £25 million (three months to 31 March 2023:
£19 million), in relation to pre-existing programmes
• Underlying impairment charge of £57 million and asset quality ratio of
6 basis points. Excluding the impact of improvements to the economic outlook,
the asset quality ratio was 23 basis points. The portfolio remains
well-positioned with stable credit trends and strong asset quality
• Loans and advances to customers reduced during the quarter to £448.5
billion, primarily due to expected reductions in UK mortgage balances, given
the refinancing of the higher maturities in the fourth quarter of 2023
• Customer deposits of £469.2 billion decreased by £2.2 billion, with
growth in Retail deposits of £1.3 billion more than offset by a reduction in
Commercial Banking of £3.5 billion
• Strong capital generation of 40 basis points, after regulatory
headwinds of 6 basis points. CET1 ratio of 13.9 per cent, ahead of ongoing
target of c.13.0 per cent
• Risk-weighted assets of £222.8 billion up £3.7 billion in the quarter,
including a c.£1.5 billion temporary increase that is expected to reverse in
the second quarter
• Tangible net assets per share of 51.2 pence, up from 50.8 pence on 31
December 2023, driven by profit for the period, partly offset by the effects
of increased longer-term rates on the cash flow hedge reserve and pension
surplus
• During the quarter, the Group agreed the sale of its in-force bulk
annuity portfolio to Rothesay Life plc, enabling the Insurance, Pensions and
Investments division to focus on growing strategically important lines of
business
2024 guidance reaffirmed
Based on our current macroeconomic assumptions, for 2024 the Group continues
to expect:
• Banking net interest margin of greater than 290 basis points
• Operating costs of c.£9.3 billion plus the c.£0.1 billion Bank of
England levy
• Asset quality ratio of less than 30 basis points
• Return on tangible equity of c.13 per cent
• Capital generation of c.175 basis points(2)
• Risk-weighted assets at between £220 billion and £225 billion
• To pay down to a CET1 ratio of c.13.5 per cent
(1) See the basis of presentation on page 15.
(2) Excluding capital distributions. Inclusive of ordinary dividends
received from the Insurance business in February of the following year.
INCOME STATEMENT (UNDERLYING BASIS)(A) AND KEY BALANCE SHEET METRICS
Three months ended Three months ended Change Three Change
31 Mar 2024
£m 31 Mar 2023 % months %
£m ended
31 Dec
2023
£m
Underlying net interest income 3,184 3,535 (10) 3,317 (4)
Underlying other income 1,340 1,257 7 1,286 4
Operating lease depreciation (283) (140) (371) 24
Net income 4,241 4,652 (9) 4,232
Operating costs (2,402) (2,170) (11) (2,486) 3
Remediation (25) (19) (32) (541) 95
Total costs (2,427) (2,189) (11) (3,027) 20
Underlying profit before impairment 1,814 2,463 (26) 1,205 51
Underlying impairment (charge) credit (57) (243) 77 541
Underlying profit 1,757 2,220 (21) 1,746 1
Restructuring (12) (12) (85) 86
Volatility and other items (117) 52 114
Statutory profit before tax 1,628 2,260 (28) 1,775 (8)
Tax expense (413) (619) 33 (541) 24
Statutory profit after tax 1,215 1,641 (26) 1,234 (2)
Earnings per share 1.7p 2.3p (0.6)p 1.7p
Banking net interest margin(A) 2.95% 3.22% (27)bp 2.98% (3)bp
Average interest-earning banking assets(A) £449.1bn £454.2bn (1) £452.8bn (1)
Cost:income ratio(A) 57.2% 47.1% 10.1pp 71.5% (14.3)pp
Asset quality ratio(A) 0.06% 0.22% (16)bp (0.47)%
Return on tangible equity(A) 13.3% 19.1% (5.8)pp 13.9% (0.6)pp
At 31 Mar At 31 Mar Change At 31 Dec At Change
2024
2023
2023
% %
Loans and advances to customers £448.5bn £452.3bn (1) £449.7bn
Customer deposits £469.2bn £473.1bn (1) £471.4bn
Loan to deposit ratio(A) 96% 96% 95% 1pp
CET1 ratio 13.9% 14.1% (0.2)pp 14.6% (0.7)pp
Pro forma CET1 ratio(A,1) 13.9% 14.1% (0.2)pp 13.7% 0.2pp
Total capital ratio 19.0% 19.9% (0.9)pp 19.8% (0.8)pp
MREL ratio 32.0% 32.1% (0.1)pp 31.9% 0.1pp
UK leverage ratio 5.6% 5.6% 5.8% (0.2)pp
Risk-weighted assets £222.8bn £210.9bn 6 £219.1bn 2
Wholesale funding £99.9bn £101.1bn (1) £98.7bn 1
Liquidity coverage ratio(2) 143% 143% 142% 1pp
Net stable funding ratio(3) 130% 129% 1pp 130%
Tangible net assets per share(A) 51.2p 49.6p 1.6p 50.8p 0.4p
(A) See page 14.
(1 ) 31 December 2023 reflects both the full impact of the share buyback
announced in respect of 2023 and the ordinary dividend received from the
Insurance business in February 2024, but excludes the impact of the phased
unwind of IFRS 9 relief on 1 January 2024.
(2) The liquidity coverage ratio is calculated as a monthly rolling simple
average over the previous 12 months.
(3) Net stable funding ratio is based on an average of the four previous
quarters.
(
)
QUARTERLY INFORMATION(A)
Quarter Quarter Quarter Quarter Quarter
ended ended ended ended ended
31 Mar 31 Dec 30 Sep 30 Jun 31 Mar
2024 2023 2023 2023 2023
£m £m £m £m £m
Underlying net interest income 3,184 3,317 3,444 3,469 3,535
Underlying other income 1,340 1,286 1,299 1,281 1,257
Operating lease depreciation (283) (371) (229) (216) (140)
Net income 4,241 4,232 4,514 4,534 4,652
Operating costs (2,402) (2,486) (2,241) (2,243) (2,170)
Remediation (25) (541) (64) (51) (19)
Total costs (2,427) (3,027) (2,305) (2,294) (2,189)
Underlying profit before impairment 1,814 1,205 2,209 2,240 2,463
Underlying impairment (charge) credit (57) 541 (187) (419) (243)
Underlying profit 1,757 1,746 2,022 1,821 2,220
Restructuring (12) (85) (44) (13) (12)
Volatility and other items (117) 114 (120) (198) 52
Statutory profit before tax 1,628 1,775 1,858 1,610 2,260
Tax expense (413) (541) (438) (387) (619)
Statutory profit after tax 1,215 1,234 1,420 1,223 1,641
Earnings per share 1.7p 1.7p 2.0p 1.6p 2.3p
Banking net interest margin(A) 2.95% 2.98% 3.08% 3.14% 3.22%
Average interest-earning banking assets(A) £449.1bn £452.8bn £453.0bn £453.4bn £454.2bn
Cost:income ratio(A) 57.2% 71.5% 51.1% 50.6% 47.1%
Asset quality ratio(A) 0.06% (0.47)% 0.17% 0.36% 0.22%
Return on tangible equity(A) 13.3% 13.9% 16.9% 13.6% 19.1%
At 31 Mar 2024 At 31 Dec 2023 At 30 Sep 2023 At 30 Jun 2023 At 31 Mar 2023
Loans and advances to customers(1) £448.5bn £449.7bn £452.1bn £450.7bn £452.3bn
Customer deposits £469.2bn £471.4bn £470.3bn £469.8bn £473.1bn
Loan to deposit ratio(A) 96% 95% 96% 96% 96%
CET1 ratio 13.9% 14.6% 14.6% 14.2% 14.1%
Pro forma CET1 ratio(A,2) 13.9% 13.7% 14.6% 14.2% 14.1%
Total capital ratio 19.0% 19.8% 19.9% 19.7% 19.9%
MREL ratio 32.0% 31.9% 32.6% 31.0% 32.1%
UK leverage ratio 5.6% 5.8% 5.7% 5.7% 5.6%
Risk-weighted assets £222.8bn £219.1bn £217.7bn £215.3bn £210.9bn
Wholesale funding £99.9bn £98.7bn £108.5bn £103.5bn £101.1bn
Liquidity coverage ratio(3) 143% 142% 142% 142% 143%
Net stable funding ratio(4) 130% 130% 130% 130% 129%
Tangible net assets per share(A) 51.2p 50.8p 47.2p 45.7p 49.6p
(1) The reduction between 30 September 2023 and 31 December 2023 reflects
the impact of the securitisation of £2.7 billion of UK Retail unsecured loans
in the fourth quarter of 2023.
(2 ) 31 December 2023 reflects both the full impact of the share buyback
announced in respect of 2023 and the ordinary dividend received from the
Insurance business in February 2024, but excludes the impact of the phased
unwind of IFRS 9 relief on 1 January 2024.
(3) The liquidity coverage ratio is calculated as a monthly rolling simple
average over the previous 12 months.
(4) Net stable funding ratio is based on an average of the four previous
quarters.
BALANCE SHEET ANALYSIS
At 31 Mar 2024 At 31 Mar Change At 31 Dec Change
£bn
2023
2023
£bn %
£bn %
Loans and advances to customers
UK mortgages(1) 304.6 307.5 (1) 306.2 (1)
Credit cards 15.2 14.4 6 15.1 1
UK Retail unsecured loans(2) 7.6 9.0 (16) 6.9 10
UK Motor Finance 15.8 14.7 7 15.3 3
Overdrafts 1.0 1.0 1.1 (9)
Retail other(1,3) 16.9 15.1 12 16.6 2
Small and Medium Businesses 32.2 36.4 (12) 33.0 (2)
Corporate and Institutional Banking 55.6 56.7 (2) 55.6
Central Items(4) (0.4) (2.5) 84 (0.1)
Loans and advances to customers 448.5 452.3 (1) 449.7
Customer deposits
Retail current accounts 103.1 110.5 (7) 102.7
Retail savings accounts(5) 196.4 183.1 7 194.8 1
Wealth 10.2 12.9 (21) 10.9 (6)
Commercial Banking 159.3 166.5 (4) 162.8 (2)
Central Items 0.2 0.1 0.2
Customer deposits 469.2 473.1 (1) 471.4
Total assets 889.6 885.7 881.5 1
Total liabilities 841.8 837.8 834.1 1
Ordinary shareholders' equity 40.7 40.6 40.3 1
Other equity instruments 6.9 7.1 (3) 6.9
Non-controlling interests 0.2 0.2 0.2
Total equity 47.8 47.9 47.4 1
Ordinary shares in issue, excluding own shares 63,653m 66,396m (4) 63,508m
(1) Open mortgage book and closed mortgage book, previously presented
separately, are now reported together as UK mortgages; Wealth, previously
reported separately, is now included within Retail other. Comparatives have
been presented on a consistent basis.
(2) The reduction between 31 March 2023 and 31 December 2023 reflects the
impact of the securitisation of £2.7 billion of UK Retail unsecured loans in
the fourth quarter of 2023.
(3) Retail other includes the European and Wealth businesses.
(4) Central Items includes central fair value hedge accounting adjustments.
(5) Retail relationship savings accounts and Retail tactical savings
accounts, previously reported separately, are now reported together as Retail
savings accounts. Comparatives have been presented on a consistent basis.
GROUP RESULTS - STATUTORY BASIS
The results below are prepared in accordance with the recognition and
measurement principles of International Financial Reporting Standards (IFRS).
The underlying results are shown on page 2.
Summary income statement Three months ended Three months ended Change Three Change
31 Mar 2024 31 Mar 2023 % months %
£m £m ended
31 Dec
2023
£m
Net interest income 3,045 3,434 (11) 3,187 (4)
Other income 8,272 5,875 41 12,149 (32)
Total income 11,317 9,309 22 15,336 (26)
Net finance expense in respect of insurance and investment contracts (6,930) (4,501) (54) (10,609) 35
Total income, after net finance expense in respect of insurance and investment 4,387 4,808 (9) 4,727 (7)
contracts
Operating expenses (2,703) (2,306) (17) (3,492) 23
Impairment (charge) credit (56) (242) 77 540
Profit before tax 1,628 2,260 (28) 1,775 (8)
Tax expense (413) (619) 33 (541) 24
Profit for the period 1,215 1,641 (26) 1,234 (2)
Profit attributable to ordinary shareholders 1,069 1,510 (29) 1,093 (2)
Ordinary shares in issue (weighted-average - basic) 63,906m 66,972m (5) 63,502m 1
Basic earnings per share 1.7p 2.3p (0.6)p 1.7p
REVIEW OF PERFORMANCE(A)
The Group's statutory profit before tax for the first three months of 2024 was
£1,628 million, 28 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. Statutory profit after tax was £1,215 million (three
months to 31 March 2023: £1,641 million).
The Group's underlying profit was £1,757 million, a reduction of 21 per cent
compared to £2,220 million in the first quarter of 2023. Lower underlying net
interest income and higher operating costs were partly offset by growth in
underlying other income and a lower underlying impairment charge. Underlying
profit was up 1 per cent compared to the fourth quarter of 2023, with stable
net income and lower operating costs and remediation. There was also a modest
impairment charge, whereas the fourth quarter benefited from an impairment
credit resulting from a significant write-back.
Net income of £4,241 million was down 9 per cent on the first three months of
the prior year, driven by lower underlying net interest income and an
increased charge for operating lease depreciation. This was partly offset by
higher underlying other income. Net income was broadly in line with the fourth
quarter of 2023.
Underlying net interest income of £3,184 million was down 10 per cent on the
first three months of 2023, driven by a lower banking net interest margin of
2.95 per cent (three months to 31 March 2023: 3.22 per cent). 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 in the first quarter of 2024 at
£449.1 billion were 1 per cent lower compared to the first quarter of 2023,
significantly due to a modest reduction in the mortgage book, as expected and
continued repayments of government-backed lending in the Small and Medium
Businesses portfolio. Net interest income in the first three months included
non-banking interest expense of £105 million (three months to 31 March
2023: £76 million), which increased as a result of higher funding costs and
growth in the Group's non-banking businesses. Further gradual
quarter-on-quarter increases are expected during 2024.
Underlying net interest income was lower than the fourth quarter of 2023
(three months to 31 December 2023: 2.98 per cent) from asset margin
compression mainly within UK mortgages, deposit mix headwinds and lower
Commercial Banking deposits, partly mitigated by structural hedge earnings.
The Group still expects the banking net interest margin for 2024 to be greater
than 290 basis points and average interest-earning banking assets to be
greater than £450 billion.
The Group manages the risk to earnings and capital from movements in interest
rates by hedging the net liabilities which are stable or less sensitive to
movements in rates. The notional balance of the sterling structural hedge was
£244 billion (31 December 2023: £247 billion) with a weighted average
duration of approximately three and a half years (31 December 2023:
approximately three and a half years). The Group continues to expect a modest
reduction in the notional balance during 2024, inclusive of the reduction in
the first quarter, with balances stabilising over the course of the year. The
Group generated c.£1.0 billion of total income from sterling structural hedge
balances in the first three months of 2024, representing material growth over
the prior year (three months to 31 March 2023: £0.8 billion). The Group
continues to expect sterling structural hedge earnings in 2024 to be c.£0.7
billion higher than in 2023.
Underlying other income in the first quarter of 2024 of £1,340 million was 7
per cent higher compared to £1,257 million in the first three months of
2023, reflecting growth within Retail and Commercial Banking. Retail was up 17
per cent versus the first three months of 2023, primarily due to improved UK
Motor Finance performance, including growth from the acquisition of Tusker.
Within Commercial Banking, c.4 per cent growth reflected strong capital
markets performance. Insurance, Pensions and Investments underlying other
income was broadly stable compared to the first three months of 2023, with
favourable market returns offset by the effects of the agreed sale (subject to
regulatory approval) of the in-force bulk annuity portfolio with associated
income and costs for the quarter recognised within volatility and other items.
Versus the fourth quarter of 2023, underlying other income was 4 per cent
higher, primarily driven by Commercial Banking.
The Group delivered positive, organic growth in Insurance, Pensions and
Investments and Wealth (reported within Retail) assets under administration
(AuA), with combined £1.4 billion net new money in open book AuA over the
period. In total, open book AuA now stand at c.£188 billion.
Operating lease depreciation of £283 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 charge is significantly lower than the fourth
quarter of 2023 which included a c.£100 million increase in the residual
value provision to offset developments in used car prices.
REVIEW OF PERFORMANCE (continued)
Total costs including remediation of £2,427 million and operating costs of
£2,402 million were 11 per cent higher than prior year. This includes a new
sector-wide Bank of England levy, replacing the former charging structure
(excluding this levy, operating costs were up 6 per cent) and expected
elevated severance charges taken early in the year (£0.1 billion higher year
to date). The annual levy of c.£0.1 billion was charged through operating
costs 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. The Group's cost:income ratio, including
remediation, for the first quarter was 57.2 per cent (54.4 per cent excluding
remediation and the Bank of England levy), compared to 47.1 per cent in the
prior year. Operating costs in 2024 are still expected to be c.£9.3 billion,
now plus c.£0.1 billion for the new Bank of England levy.
The Group recognised remediation costs of £25 million in the first three
months (three months to 31 March 2023: £19 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.
Asset quality remains strong with credit performance across portfolios stable
in the quarter and remaining broadly at, or favourable to pre-pandemic
experience. In UK mortgages, an improvement in new to arrears and flows to
default has been observed in the first quarter, following an increase last
year primarily driven by legacy variable rate customers. Unsecured Retail
portfolios continue to exhibit stable new to arrears and default trends.
Alongside, credit quality remains resilient in Commercial Banking.
Underlying impairment was a charge of £57 million (three months to 31 March
2023: £243 million), resulting in an asset quality ratio of 6 basis points.
The charge is after a £192 million multiple economic scenarios (MES) credit
(three months to 31 March 2023: £79 million credit), as a result of the
improved economic outlook in the first quarter, notably in HPI. Impairment
also reflects a pre-updated MES charge of £249 million (three months to 31
March 2023: £322 million), equivalent to an asset quality ratio of 23 basis
points. Compared to the prior year and quarter, the pre-MES charge has
remained stable in Retail. Commercial Banking has benefited from a one-off
release from loss rates used in the model, while observing a low charge on new
and existing Stage 3 clients.
The underlying expected credit loss (ECL) allowance reduced slightly to £4.1
billion in the quarter given releases following updates to the economic
outlook and the benefit from loss rates used in the Commercial Banking model
(31 December 2023: £4.3 billion). Like for like this is higher than reported
pre-pandemic levels (31 December 2019: £4.2 billion) given it includes a
material increase as a result of a weaker economic outlook versus 2019, offset
by a £0.6 billion decrease on individually assessed Stage 3 cases, the most
significant of which exited the portfolio in the fourth quarter of 2023. The
uplift from the base case to the probability-weighted ECL continues to be
£0.6 billion, including the adjusted severe downside scenario to incorporate
higher CPI inflation and UK Bank Rate profiles.
Stage 3 assets at £10.6 billion are up slightly in the first quarter in
both UK mortgages and Commercial Banking portfolios (31 December 2023:
£10.1 billion). Write-offs remain low. Stage 2 assets have reduced in the
first quarter to £50.2 billion (31 December 2023: £56.5 billion), with
90.7 per cent of Stage 2 loans up to date (31 December 2023: 91.3 per
cent). The Group continues to expect the asset quality ratio to be less than
30 basis points in 2024.
Restructuring costs for the first three months of 2024 were £12 million
(three months to 31 March 2023: £12 million) and include costs relating to
the integration of Embark and Tusker. Volatility and other items were a net
loss of £117 million for the first three months (three months to 31 March
2023: net gain of £52 million). This comprised £71 million negative market
volatility, £20 million for the amortisation of purchased intangibles (three
months to 31 March 2023: £18 million) and £26 million relating to fair
value unwind (three months to 31 March 2023: £22 million). Market volatility
was substantially driven by rate rises in the quarter causing negative
insurance volatility, partly offset by positive impacts from banking
volatility.
The return on tangible equity for the first quarter was 13.3 per cent (three
months to 31 March 2023: 19.1 per cent). The Group continues to expect the
return on tangible equity for 2024 to be c.13 per cent. Tangible net assets
per share as at 31 March 2024 were 51.2 pence, up from 50.8 pence at
31 December 2023. The increase was driven by accumulated profit, partly
offset by increased longer-term rates impacting the cash flow hedge reserve
and pension surplus.
The Group has commenced the share buyback programme announced in February
2024, with c.0.5 billion shares repurchased as at 31 March 2024.
REVIEW OF PERFORMANCE (continued)
Balance sheet
Loans and advances to customers reduced in the first quarter of 2024 to
£448.5 billion with 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.
Customer deposits stood at £469.2 billion at the end of the first quarter, a
decrease of £2.2 billion. 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 £3.5 billion, largely due to Small and Medium Businesses balance
reductions.
The Group has a large, high quality liquid asset portfolio held mainly in cash
and government bonds, with all assets hedged for interest rate risk. The
Group's liquid assets continue to significantly exceed regulatory requirements
and internal risk appetite, with a strong, stable liquidity coverage ratio of
143 per cent (31 December 2023: 142 per cent) and a strong net stable funding
ratio of 130 per cent (31 December 2023: 130 per cent). The loan to deposit
ratio of 96 per cent, essentially stable compared to 31 December 2023,
continues to reflect a robust funding and liquidity position.
Capital
The Group's CET1 capital ratio at 31 March 2024 was 13.9 per cent (31 December
2023: 13.7 per cent pro forma). Capital generation before regulatory headwinds
during the first three months was 46 basis points, reflecting robust banking
build in the quarter, partially offset by risk-weighted asset increases. The
risk-weighted asset increases reflect underlying lending, but also include a
temporary increase of c.£1.5 billion (equivalent to c.9 basis points) that is
expected to reverse in the second quarter. Regulatory headwinds of 6 basis
points reflect the reduction in the transitional factor applied to IFRS 9
dynamic relief on 1 January 2024 and an adjustment for part of the impact of
the Retail secured CRD IV models. Capital generation after the impact of
these regulatory headwinds was 40 basis points. The Group has accrued a
foreseeable ordinary dividend of 22 basis points, based upon a pro-rated
amount of the 2023 full year dividend. The Group continues to expect capital
generation in 2024 to be c.175 basis points.
Risk-weighted assets increased by £3.7 billion to £222.8 billion at
31 March 2024 (31 December 2023: £219.1 billion). This largely reflected
the impact of Retail lending and the temporary increase noted above. The
impact from credit and model calibrations was minimal.
In relation to the Retail secured CRD IV models, it is estimated that a
£5 billion risk-weighted asset increase will be required over 2024 to 2026,
noting that this will be subject to final model outcomes. The Group's
risk-weighted assets guidance for 2024 remains unchanged at between
£220 billion and £225 billion.
The Group's total regulatory CET1 capital requirement remains at around
12 per cent. The Board's view of the ongoing level of CET1 capital required
to grow the business, meet current and future regulatory requirements and
cover economic and business uncertainties is c.13.0 per cent. This includes a
management buffer of around 1 per cent. In order to manage risks and
distributions in an orderly way, the Board expects to pay down to the previous
target of c.13.5 per cent by the end of 2024 before progressing towards paying
down to the current capital target of c.13.0 per cent by the end of 2026.
ADDITIONAL INFORMATION
CAPITAL GENERATION
Pro forma CET1 ratio as at 31 December 2023(1) 13.7%
Banking build (including impairment charge) (bps) 57
Risk-weighted assets (bps) (24)
Other movements(2) (bps) 13
Capital generation (bps) 46
Retail secured CRD IV model updates and phased unwind of IFRS 9 transitional (6)
relief (bps)
Capital generation (post CRD IV and transitional headwinds) (bps) 40
Ordinary dividend (bps) (22)
CET1 ratio as at 31 March 2024 13.9%
(1) 31 December 2023 reflects both the full impact of the share buyback
announced in respect of 2023 and the ordinary dividend received from the
Insurance business in February 2024, but excludes the impact of the phased
unwind of IFRS 9 relief on 1 January 2024.
(2) Includes share-based payments and market volatility.
IMPAIRMENT DETAIL
Three months ended Three months ended Change Three Change
31 Mar 2024
£m 31 Mar 2023 % months %
£m ended
31 Dec
2023
£m
Charges (credits) pre-updated MES(1)
Retail 303 271 (12) 277 (9)
Commercial Banking (49) 53 (626) (92)
Other (5) (2) (4) 25
249 322 23 (353)
Updated economic outlook
Retail (196) (66) (203) (3)
Commercial Banking 4 (13) 15 73
(192) (79) (188) 2
Underlying impairment charge (credit)(A) 57 243 77 (541)
Asset quality ratio(A) 0.06% 0.22% (16)bp (0.47)%
Total underlying expected credit loss allowance (at end of period)(A) 4,126 5,221 (21) 4,337 (5)
(1) Impairment charges excluding the impact from updated economic outlook
taken each quarter.
(
)
ADDITIONAL INFORMATION (continued)
IMPAIRMENT DETAIL (continued)
Loans and advances to customers and expected credit loss allowance (underlying
basis)(A)
At 31 March 2024 Stage 1 Stage 2 Stage 3 Total Stage 2 Stage 3
£m £m £m £m as % of as % of
total total
Loans and advances to customers
UK mortgages 261,828 36,476 7,608 305,912 11.9 2.5
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(1) 312,299 43,216 8,378 363,893 11.9 2.3
Small and Medium Businesses 27,115 4,087 1,465 32,667 12.5 4.5
Corporate and Institutional Banking 52,382 2,875 777 56,034 5.1 1.4
Commercial Banking 79,497 6,962 2,242 88,701 7.8 2.5
Equity Investments and Central Items(2) (323) - 6 (317)
Total gross lending 391,473 50,178 10,626 452,277 11.1 2.3
ECL allowance on drawn balances (864) (1,374) (1,541) (3,779)
Net balance sheet carrying value 390,609 48,804 9,085 448,498
Customer related ECL allowance (drawn and undrawn)
UK mortgages 134 406 752 1,292
Credit cards 231 405 144 780
UK unsecured loans and overdrafts 161 233 118 512
UK Motor Finance(3) 187 95 67 349
Other 19 21 46 86
Retail(1) 732 1,160 1,127 3,019
Small and Medium Businesses 141 222 170 533
Corporate and Institutional Banking 155 138 242 535
Commercial Banking 296 360 412 1,068
Equity Investments and Central Items - - 4 4
Total 1,028 1,520 1,543 4,091
Customer related ECL allowance (drawn and undrawn) as a percentage of loans
and advances to customers(4)
UK mortgages 0.1 1.1 9.9 0.4
Credit cards 1.8 14.0 50.3 4.9
UK unsecured loans and overdrafts 2.1 19.3 65.9 5.7
UK Motor Finance 1.3 4.4 56.8 2.2
Other 0.1 4.1 30.9 0.5
Retail(1) 0.2 2.7 13.5 0.8
Small and Medium Businesses 0.5 5.4 15.4 1.6
Corporate and Institutional Banking 0.3 4.8 31.2 1.0
Commercial Banking 0.4 5.2 21.9 1.2
Equity Investments and Central Items - 66.7
Total 0.3 3.0 15.1 0.9
(1 ) Retail balances exclude the impact of the HBOS
acquisition-related adjustments.
(2 ) Contains centralised fair value hedge accounting adjustments.
(3 ) 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.
(4 ) Total and Stage 3 ECL allowances as a percentage of drawn balances
exclude loans in recoveries in Credit cards of £22 million, UK unsecured
loans and overdrafts of £16 million, Small and Medium Businesses of £360
million and Corporate and Institutional Banking of £1 million.
ADDITIONAL INFORMATION (continued)
IMPAIRMENT DETAIL (continued)
Loans and advances to customers and expected credit loss allowance (underlying
basis)(A) (continued)
At 31 December 2023 Stage 1 Stage 2 Stage 3 Total Stage 2 Stage 3
£m £m £m £m as % of as % of
total total
Loans and advances to customers
UK mortgages 258,362 41,911 7,300 307,573 13.6 2.4
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(1) 307,529 48,558 8,036 364,123 13.3 2.2
Small and Medium Businesses 27,525 4,458 1,530 33,513 13.3 4.6
Corporate and Institutional Banking 52,049 3,529 538 56,116 6.3 1.0
Commercial Banking 79,574 7,987 2,068 89,629 8.9 2.3
Equity Investments and Central Items(2) (43) - 6 (37)
Total gross lending 387,060 56,545 10,110 453,715 12.5 2.2
ECL allowance on drawn balances (901) (1,532) (1,537) (3,970)
Net balance sheet carrying value 386,159 55,013 8,573 449,745
Customer related ECL allowance (drawn and undrawn)
UK mortgages 170 441 757 1,368
Credit cards 234 446 130 810
UK unsecured loans and overdrafts 153 244 118 515
UK Motor Finance(3) 188 91 63 342
Other 20 21 47 88
Retail(1) 765 1,243 1,115 3,123
Small and Medium Businesses 140 231 167 538
Corporate and Institutional Banking 156 218 253 627
Commercial Banking 296 449 420 1,165
Equity Investments and Central Items - - 4 4
Total 1,061 1,692 1,539 4,292
Customer related ECL allowance (drawn and undrawn) as a percentage of loans
and advances to customers(4)
UK mortgages 0.1 1.1 10.4 0.4
Credit cards 1.9 15.3 49.4 5.1
UK unsecured loans and overdrafts 2.2 20.6 65.6 6.1
UK Motor Finance 1.4 4.5 56.3 2.2
Other 0.1 4.0 32.6 0.5
Retail(1) 0.2 2.6 13.9 0.9
Small and Medium Businesses 0.5 5.2 13.9 1.6
Corporate and Institutional Banking 0.3 6.2 47.0 1.1
Commercial Banking 0.4 5.6 24.1 1.3
Equity Investments and Central Items - 66.7
Total 0.3 3.0 15.8 0.9
(1 ) Retail balances exclude the impact of the HBOS acquisition-related
adjustments.
(2 ) Contains centralised fair value hedge accounting adjustments.
(3 ) 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.
(4) Total and Stage 3 ECL allowances as a percentage of drawn balances
exclude loans in recoveries in Credit cards of £21 million, UK unsecured
loans and overdrafts of £16 million and Small and Medium Businesses of £327
million.
(
)
ADDITIONAL INFORMATION (continued)
IMPAIRMENT DETAIL (continued)
Total ECL allowance by scenario (underlying basis)(A)
The table below shows the Group's ECL for the probability-weighted, upside,
base case, downside and severe downside scenarios, the severe downside
scenario incorporating adjustments made to Consumer Price Index (CPI)
inflation and UK Bank Rate paths.
Underlying basis(A) Probability- Upside Base case Downside Severe
weighted £m £m £m downside
£m £m
At 31 March 2024 4,126 2,837 3,512 4,504 8,702
At 31 December 2023 4,337 2,925 3,666 4,714 9,455
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 24 to
the financial statements for the year ended 31 December 2023.
UK economic assumptions - 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
UK economic assumptions - 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.
ADDITIONAL INFORMATION (continued)
IMPAIRMENT DETAIL (continued)
Base case and MES economic assumptions (continued)
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.
ALTERNATIVE PERFORMANCE MEASURES
The statutory results are supplemented with a number of metrics that are used
throughout the banking and insurance industries on an underlying basis. A
description of these measures and their calculation, which remain unchanged
since the year-end, is set out on pages 27 to 32 of the Group's 2023 Full Year
Results News Release.
Three months ended Three months ended
31 Mar 2024 31 Mar 2023
Banking net interest margin(A)
Underlying net interest income (£m) 3,184 3,535
Remove non-banking underlying net interest expense (£m) 105 76
Banking underlying net interest income (£m) 3,289 3,611
Loans and advances to customers (£bn) 448.5 452.3
Add back:
Expected credit loss allowance (drawn) (£bn) 3.6 4.5
Acquisition related fair value adjustments (£bn) 0.2 0.3
Underlying gross loans and advances to customers (£bn) 452.3 457.1
Adjustment for non-banking and other items:
Fee-based loans and advances (£bn) (9.7) (7.8)
Other (£bn) 6.8 5.7
Interest-earning banking assets (£bn) 449.4 455.0
Averaging (£bn) (0.3) (0.8)
Average interest-earning banking assets(A) (£bn) 449.1 454.2
Banking net interest margin(A) 2.95% 3.22%
Three months ended Three months ended
31 Mar 2024 31 Mar 2023
Return on tangible equity(A)
Profit attributable to ordinary shareholders (£m) 1,069 1,510
Average ordinary shareholders' equity (£bn) 40.4 39.5
Remove average goodwill and other intangible assets (£bn) (8.0) (7.5)
Average tangible equity (£bn) 32.4 32.0
Return on tangible equity(A) 13.3% 19.1%
KEY DATES
Final date for joining or leaving the final 2023 dividend reinvestment plan 29 April 2024
Annual general meeting 16 May 2024
Final 2023 dividend paid 21 May 2024
Group strategy update: Business & Commercial Banking 27 June 2024
2024 Half-year results 25 July 2024
Q3 2024 Interim Management Statement 23 October 2024
BASIS OF PRESENTATION
This release covers the results of Lloyds Banking Group plc together with its
subsidiaries (the Group) for the three months ended 31 March 2024. Unless
otherwise stated, income statement commentaries throughout this document
compare the three months ended 31 March 2024 to the three months ended 31
March 2023 and the balance sheet analysis compares the Group balance sheet as
at 31 March 2024 to the Group balance sheet as at 31 December 2023. The Group
uses a number of alternative performance measures, including underlying
profit, in the discussion of its business performance and financial position.
These measures are labelled with a superscript 'A' throughout this document.
Further information on these measures is set out on page 14. Unless otherwise
stated, commentary on page 1 are given on an underlying basis. The Group's Q1
2024 Interim Pillar 3 disclosures can be found at:
www.lloydsbankinggroup.com/investors/financial-downloads.html.
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 Banking Group plc together
with its subsidiaries (the Group) and its current goals and expectations.
Statements that are not historical or current facts, including statements
about the 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 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 Group's
future financial performance; the level and extent of future impairments and
write-downs; the Group's ESG targets and/or commitments; statements of plans,
objectives or goals of the 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 Group's credit ratings; fluctuations in interest
rates, inflation, exchange rates, stock markets and currencies; volatility in
credit markets; volatility in the price of the Group's securities; tightening
of monetary policy in jurisdictions in which the Group operates; natural
pandemic and other disasters; risks concerning borrower and counterparty
credit quality; risks affecting insurance business and 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 Group; risks associated with the 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 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 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; assumptions and estimates
that form the basis of the Group's financial statements; and potential changes
in dividend policy. A number of these influences and factors are beyond the
Group's control. Please refer to the latest Annual Report on Form 20-F filed
by Lloyds Banking Group 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 Banking Group 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 Banking Group 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 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 News Release 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 Banking Group plc, The Mound, Edinburgh, EH1 1YZ
Registered in Scotland No. SC095000
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