REG - Lloyds Bank Plc Lloyds Banking Group - 2023 Q1 Interim Management Statement
03/05/2023 12:30
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230503:nRSC2676Ya&default-theme=true
RNS Number : 2676Y Lloyds Bank PLC 03 May 2023
Lloyds Bank plc
Q1 2023 Interim Management Statement
3 May 2023
Member of the Lloyds Banking Group
FINANCIAL REVIEW
Income statement
The Group's statutory profit before tax for the first three months of 2023 was
£2,068 million, £611 million higher than the same period in 2022. Higher
total income was partly offset by higher operating expenses and the impact of
an increased impairment charge. Profit for the period was £1,513 million
(three months ended 31 March 2022: £1,050 million).
Total income for the first three months was £4,629 million, an increase of 21
per cent on 2022, primarily reflecting higher net interest income in the
quarter.
Net interest income of £3,542 million was up 21 per cent on the prior year,
driven by stronger margins and higher average interest-earning banking assets.
Relative to the prior year, the net interest margin benefitted from the higher
interest rate environment. Average interest-earning banking assets were higher
compared to the first three months of 2022, supported by growth in the open
mortgage book and Retail unsecured.
Other income was £199 million higher at £1,087 million in the three months
ended 31 March 2023 compared to £888 million in the same period last year.
Net fee and commission income increased to £322 million, compared to
£301 million in the first quarter of 2022 due to higher card and other
transaction-based income streams, reflecting improved levels of customer
activity. Net trading income was £51 million higher at £142 million in the
three months ended 31 March 2023, in part reflecting the change in fair value
of interest rate derivatives and foreign exchange contracts in the banking
book not mitigated through hedge accounting. Other operating income increased
to £623 million compared to £496 million in the three months ended 31 March
2022 as a result of higher gains on the disposal of financial assets at fair
value through other comprehensive income.
Total operating expenses of £2,315 million were 6 per cent higher than in the
prior year. This reflects higher planned strategic investment, new business
costs and inflationary effects. In the first three months of 2023 the Group
recognised remediation costs of £17 million in relation to pre-existing
programmes (three months ended 31 March 2022: £33 million). There have been
no further charges relating to HBOS Reading since the year end and the
provision held continues to reflect the Group's best estimate of its full
liability, albeit uncertainties remain. Following the FCA's Motor Market
review, the Group continues to receive complaints and is engaging with the
Financial Ombudsman Service in respect of historical motor commission
arrangements. The remediation and financial impact, if any, is uncertain.
Impairment was a net charge of £246 million (three months ended 31 March
2022: £178 million). There was a pre-updated multiple economic scenarios
(MES) charge of £324 million in the period (three months ended 31 March 2022:
£151 million), reflecting the expected credit loss (ECL) allowance build from
Stage 1 loans rolling forward into a more adverse economic outlook, as well as
increased flows to default primarily driven by legacy UK mortgage portfolios
and charges on existing Stage 3 clients in Commercial Banking. The Group also
recognised a net £78 million MES credit (three months ended 31 March 2022:
£27 million charge) as a result of the slightly improved economic outlook in
the first quarter.
Modest observed deterioration has translated to a small underlying net
increase in Stage 3 balances within UK mortgages (when excluding the impact
from the exit of £2.5 billion of legacy Retail mortgage loans). Unsecured
flow to default rates are essentially flat. Stage 2 loans and advances to
customers decreased to £56 billion (31 December 2022: £60 billion) largely
as a result of the updated economic outlook, with 94 per cent up to date (31
December 2022: 94 per cent). Stage 3 assets were £8 billion as at 31 March
2023 (31 December 2022: £8 billion).
The Group recognised a tax expense of £555 million in the period compared to
£407 million in the first three months of 2022.
FINANCIAL REVIEW (continued)
Balance sheet
Total assets were £740 million higher at £617,668 million at 31 March 2023
compared to £616,928 million at 31 December 2022. Cash and balances at
central banks rose by £6,628 million to £78,633 million reflecting increased
liquidity holdings. Financial assets at amortised cost were £7,925 million
lower at £483,471 million compared to £491,396 million at 31 December 2022
with debt securities £2,001 million higher, offset by a reduction in reverse
repurchase agreements of £7,960 million and loans and advances to customers
of £2,663 million to £432,964 million. The reduction in loans and advances
to customers largely resulted from the exit of £2.5 billion of legacy Retail
mortgage loans (including £2.1 billion in the closed mortgage book), an
additional reduction of £0.6 billion in the open mortgage book and
repayments of government-backed lending in Commercial Banking, partly offset
by £1.2 billion growth in other Retail lending, principally unsecured.
Financial asset at fair value through other comprehensive income decreased
£919 million as a result of asset sales during the quarter. Other assets
increased £3,007 million, reflecting higher settlement balances and
retirement benefit assets, partly offset by lower deferred tax assets.
Total liabilities were £2,607 million lower at £575,262 million compared to
£577,869 million at 31 December 2022. Customer deposits at £441,729 million
decreased by £4,443 million since the end of 2022 including a decrease in
Retail current account balances of £3.5 billion from seasonal customer
outflows, including tax payments, higher spend and a more competitive market,
including from UK Government National Savings and Investments offers and the
Group's own savings rates. Retail savings increased slightly during the
quarter, capturing some of the movements from elsewhere in the deposit base.
In addition, there were decreases in deposits from banks of £1,749 million
and repurchase agreements at amortised cost of £1,254 million. Offsetting
these reductions, debt securities in issue increased by £3,279 million
following issuances during the quarter and other liabilities increased £1,234
million as a result of higher settlement balances.
Total equity increased from £39,059 million at 31 December 2022 to £42,406
million at 31 March 2023, as a result of the profit for the period, positive
movements in the cash flow hedging reserve, pension scheme remeasurements, and
issuances of other equity instruments.
Capital
The Group's common equity tier 1 (CET1) capital ratio increased from 14.8 per
cent at 31 December 2022 to 15.0 per cent at 31 March 2023. The increase
largely reflected profits for the first three months of the year, partly
offset by accelerated pension deficit contributions made to the Group's three
main defined benefit pension schemes, phased reductions in IFRS 9 transitional
relief and the acquisition of Hamsard 3352 Limited ("Tusker").
The Group's total capital ratio increased from 20.5 per cent at 31 December
2022 to 21.2 per cent at 31 March 2023 reflecting the increase in CET1
capital, the issuance of a new AT1 capital instrument and an increase in
eligible provisions recognised through Tier 2 capital.
Risk-weighted assets have remained flat at £174.9 billion at 31 March 2023,
largely reflecting capital efficient securitisation activity and other
optimisation, offset by the growth in Retail unsecured lending and other
movements. CRD IV model changes reflecting the revised regulatory standards
introduced in 2022 remain subject to approval by the PRA with the resultant
risk-weighted asset outcome dependent upon this. Further clarification is
expected later this year. The Group expects an increase in risk-weighted
assets from this clarification.
The Group's UK leverage ratio increased from 5.4 per cent at 31 December 2022
to 5.7 per cent at 31 March 2023 reflecting the increase in total tier 1
capital and a reduction in the leverage exposure measure principally related
to a decrease in securities financing transactions.
CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Three Three
months months
ended ended
31 Mar 31 Mar
2023 2022
£m £m
Net interest income 3,542 2,922
Other income 1,087 888
Total income 4,629 3,810
Operating expenses (2,315) (2,175)
Impairment (246) (178)
Profit before tax 2,068 1,457
Tax expense (555) (407)
Profit for the period 1,513 1,050
Profit attributable to ordinary shareholders 1,430 986
Profit attributable to other equity holders 78 55
Profit attributable to equity holders 1,508 1,041
Profit attributable to non-controlling interests 5 9
Profit for the period 1,513 1,050
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
At 31 Mar 2023 At 31 Dec 2022
£m £m
Assets
Cash and balances at central banks 78,633 72,005
Financial assets at fair value through profit or loss 1,481 1,371
Derivative financial instruments 3,696 3,857
Loans and advances to banks 8,722 8,363
Loans and advances to customers 432,964 435,627
Reverse repurchase agreements 31,299 39,259
Debt securities 9,332 7,331
Due from fellow Lloyds Banking Group undertakings 1,154 816
Financial assets at amortised cost 483,471 491,396
Financial assets at fair value through other comprehensive income 21,927 22,846
Other assets 28,460 25,453
Total assets 617,668 616,928
Liabilities
Deposits from banks 2,909 4,658
Customer deposits 441,729 446,172
Repurchase agreements at amortised cost 47,336 48,590
Due to fellow Lloyds Banking Group undertakings 3,148 2,539
Financial liabilities at fair value through profit or loss 5,124 5,159
Derivative financial instruments 5,578 5,891
Debt securities in issue 52,335 49,056
Other liabilities 10,445 9,211
Subordinated liabilities 6,658 6,593
Total liabilities 575,262 577,869
Equity
Share capital 1,574 1,574
Share premium account 600 600
Other reserves 1,307 743
Retained profits 33,833 31,792
Ordinary shareholders' equity 37,314 34,709
Other equity instruments 5,018 4,268
Non-controlling interests 74 82
Total equity 42,406 39,059
Total equity and liabilities 617,668 616,928
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 2023.
Accounting policies
The accounting policies are consistent with those applied by the Group in its
2022 Annual Report and Accounts.
2. Capital
The Group's Q1 2023 Interim Pillar 3 Report can be found at:
www.lloydsbankinggroup.com/investors/financial-downloads.html.
3. UK economic assumptions
Base case and MES economic assumptions
The Group's updated base case scenario has three conditioning assumptions:
first, the war in Ukraine remains contained within its borders; second, the
financial stress emerging from some weak bank/insurer business models in the
context of rising bond yields does not become systemic; and third, the Bank of
England accommodates above-target inflation in the medium term, recognising
the economic costs and financial stability risks that might arise from a rapid
return to the two per cent target.
Based on these assumptions and incorporating the economic data published in
the first quarter for 2023, the Group's base case scenario is for a mild
contraction in economic activity and a modest rise in the unemployment rate
alongside declines in residential and commercial property prices, following
increases in UK Bank Rate in response to persistent inflationary pressures.
Risks around this base case economic view lie in both directions and are
largely captured by the generation of alternative economic scenarios.
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 2023 First Second Third Fourth First Second Third Fourth
quarter quarter quarter quarter quarter quarter quarter quarter
2023 2023 2023 2023 2024 2024 2024 2024
% % % % % % % %
Gross domestic product (0.2) (0.2) (0.3) 0.1 0.3 0.5 0.4 0.4
Unemployment rate 3.9 4.2 4.4 4.7 4.9 4.9 5.0 5.0
House price growth 0.4 (5.1) (7.5) (5.3) (6.8) (5.4) (3.1) (1.2)
Commercial real estate price growth (19.3) (21.9) (17.8) (2.8) (1.3) (0.8) (0.7) (0.3)
UK Bank Rate 4.25 4.25 4.25 4.25 4.00 3.75 3.50 3.50
CPI inflation 10.0 7.2 5.3 3.2 3.0 2.8 3.3 3.2
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 Consumer Price Index (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 2023 2023 2024 2025 2026 2027 2023-2027
% % % % % average
%
Upside
Gross domestic product 0.6 1.8 1.9 1.8 1.7 1.5
Unemployment rate 3.0 2.8 2.9 2.9 3.0 2.9
House price growth (3.1) 4.9 7.1 5.9 4.8 3.8
Commercial real estate price growth 6.9 3.3 2.4 3.2 3.2 3.8
UK Bank Rate 4.88 5.36 5.11 5.15 5.16 5.13
CPI inflation 6.5 3.4 3.4 3.3 4.0 4.1
Base case
Gross domestic product (0.6) 0.8 1.8 1.8 1.7 1.1
Unemployment rate 4.3 4.9 5.0 4.7 4.6 4.7
House price growth (5.3) (1.2) 1.0 2.0 2.8 (0.2)
Commercial real estate price growth (2.8) (0.3) 1.4 2.7 3.2 0.8
UK Bank Rate 4.25 3.69 3.25 3.25 3.25 3.54
CPI inflation 6.4 3.1 2.6 2.1 2.5 3.3
Downside
Gross domestic product (1.8) (0.6) 1.6 1.8 1.7 0.5
Unemployment rate 5.6 7.3 7.3 6.9 6.6 6.7
House price growth (7.2) (7.2) (5.8) (2.5) 0.4 (4.5)
Commercial real estate price growth (11.6) (6.1) (1.2) 0.6 2.3 (3.3)
UK Bank Rate 3.60 1.84 1.18 1.13 1.11 1.77
CPI inflation 6.5 2.9 1.8 0.8 0.9 2.6
Severe downside
Gross domestic product (3.4) (1.8) 1.2 1.6 1.7 (0.2)
Unemployment rate 7.6 10.4 10.3 9.7 9.1 9.4
House price growth (9.6) (15.4) (14.7) (8.8) (3.0) (10.4)
Commercial real estate price growth (24.1) (14.4) (8.8) (2.1) 2.6 (9.9)
UK Bank Rate - modelled 2.63 0.21 0.04 0.03 0.02 0.59
UK Bank Rate - adjusted(1) 5.94 6.25 3.81 3.25 3.25 4.50
CPI inflation - modelled 6.4 2.4 0.6 (1.0) (1.2) 1.4
CPI inflation - adjusted(1) 11.7 9.5 5.2 4.5 4.0 7.0
Probability-weighted
Gross domestic product (0.9) 0.4 1.7 1.8 1.7 0.9
Unemployment rate 4.6 5.6 5.6 5.3 5.2 5.2
House price growth (5.6) (2.6) (0.8) 0.7 2.1 (1.3)
Commercial real estate price growth (4.7) (2.4) (0.1) 1.8 2.9 (0.5)
UK Bank Rate - modelled 4.08 3.29 2.86 2.86 2.86 3.19
UK Bank Rate - adjusted(1) 4.41 3.89 3.24 3.18 3.18 3.58
CPI inflation - modelled 6.5 3.1 2.4 1.8 2.1 3.2
CPI inflation - adjusted(1) 7.0 3.8 2.8 2.3 2.6 3.7
(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 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 257,368 39,264 3,486 8,603 308,721 12.7 1.1
Credit cards 11,457 3,301 302 - 15,060 21.9 2.0
Loans and overdrafts 8,524 1,776 254 - 10,554 16.8 2.4
UK Motor Finance 12,213 2,585 148 - 14,946 17.3 1.0
Other 14,407 618 156 - 15,181 4.1 1.0
Retail 303,969 47,544 4,346 8,603 364,462 13.0 1.2
Small and Medium Businesses 30,261 5,059 1,619 - 36,939 13.7 4.4
Corporate and Institutional Banking 33,759 3,386 1,697 - 38,842 8.7 4.4
Commercial Banking 64,020 8,445 3,316 - 75,781 11.1 4.4
Other(1) (2,771) - - - (2,771)
Total gross lending 365,218 55,989 7,662 8,603 437,472 12.8 1.8
ECL allowance on drawn balances (752) (1,695) (1,836) (225) (4,508)
Net balance sheet carrying value 364,466 54,294 5,826 8,378 432,964
Customer related ECL allowance (drawn and undrawn)
UK mortgages 142 497 328 225 1,192
Credit cards 182 454 121 - 757
Loans and overdrafts 191 350 130 - 671
UK Motor Finance(2) 94 83 78 - 255
Other 18 18 52 - 88
Retail 627 1,402 709 225 2,963
Small and Medium Businesses 126 267 153 - 546
Corporate and Institutional Banking 124 197 978 - 1,299
Commercial Banking 250 464 1,131 - 1,845
Other - - - - -
Total 877 1,866 1,840 225 4,808
Customer related ECL allowance (drawn and undrawn) as a percentage of loans
and advances to customers(3)
UK mortgages 0.1 1.3 9.4 2.6 0.4
Credit cards 1.6 13.8 51.9 - 5.0
Loans and overdrafts 2.2 19.7 64.7 - 6.4
UK Motor Finance 0.8 3.2 52.7 - 1.7
Other 0.1 2.9 33.3 - 0.6
Retail 0.2 2.9 16.8 2.6 0.8
Small and Medium Businesses 0.4 5.3 15.1 - 1.5
Corporate and Institutional Banking 0.4 5.8 57.7 - 3.3
Commercial Banking 0.4 5.5 41.8 - 2.4
Other - - -
Total 0.2 3.3 26.5 2.6 1.1
(1) Contains centralised fair value hedge accounting adjustments.
(2) UK Motor Finance for Stages 1 and 2 include £94 million relating to
provisions against residual values of vehicles subject to finance leasing
agreements. These provisions are included within the calculation of coverage
ratios.
(3) Total and Stage 3 ECL allowances as a percentage of drawn balances
exclude loans in recoveries in Credit cards of £69 million, Loans and
overdrafts of £53 million, Small and Medium Businesses of £608 million and
in Corporate and Institutional Banking of £1 million.
ADDITIONAL FINANCIAL INFORMATION (continued)
4. Loans and advances to customers and expected credit loss allowance
(continued)
At 31 December 2022 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 257,517 41,783 3,416 9,622 312,338 13.4 1.1
Credit cards 11,416 3,287 289 - 14,992 21.9 1.9
Loans and overdrafts 8,357 1,713 247 - 10,317 16.6 2.4
UK Motor Finance 12,174 2,245 154 - 14,573 15.4 1.1
Other 13,990 643 157 - 14,790 4.3 1.1
Retail 303,454 49,671 4,263 9,622 367,010 13.5 1.2
Small and Medium Businesses 30,781 5,654 1,760 - 38,195 14.8 4.6
Corporate and Institutional Banking 31,729 4,778 1,588 - 38,095 12.5 4.2
Commercial Banking 62,510 10,432 3,348 - 76,290 13.7 4.4
Other(1) (3,198) - - - (3,198)
Total gross lending 362,766 60,103 7,611 9,622 440,102 13.7 1.7
ECL allowance on drawn balances (678) (1,792) (1,752) (253) (4,475)
Net balance sheet carrying value 362,088 58,311 5,859 9,369 435,627
Customer related ECL allowance (drawn and undrawn)
UK mortgages 92 553 311 253 1,209
Credit cards 173 477 113 - 763
Loans and overdrafts 185 367 126 - 678
UK Motor Finance(2) 95 76 81 - 252
Other 16 18 52 - 86
Retail 561 1,491 683 253 2,988
Small and Medium Businesses 129 271 149 - 549
Corporate and Institutional Banking 110 208 924 - 1,242
Commercial Banking 239 479 1,073 - 1,791
Other - - - - -
Total 800 1,970 1,756 253 4,779
Customer related ECL allowance (drawn and undrawn) as a percentage of loans
and advances to customers(3)
UK mortgages - 1.3 9.1 2.6 0.4
Credit cards 1.5 14.5 50.9 - 5.1
Loans and overdrafts 2.2 21.4 64.6 - 6.6
UK Motor Finance 0.8 3.4 52.6 - 1.7
Other 0.1 2.8 33.1 - 0.6
Retail 0.2 3.0 16.5 2.6 0.8
Small and Medium Businesses 0.4 4.8 12.9 - 1.5
Corporate and Institutional Banking 0.3 4.4 58.2 - 3.3
Commercial Banking 0.4 4.6 39.2 - 2.4
Other - - -
Total 0.2 3.3 25.5 2.6 1.1
(1) Contains centralised fair value hedge accounting adjustments.
(2) UK Motor Finance for Stages 1 and 2 include £92 million relating to
provisions against residual values of vehicles subject to finance leasing
agreements. These provisions are included within the calculation of coverage
ratios.
(3) Total and Stage 3 ECL allowances as a percentage of drawn balances
exclude loans in recoveries in Credit cards of £67 million, Loans and
overdrafts of £52 million, Small and Medium Businesses of £607 million and
in Corporate and Institutional Banking of £1 million.
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;
expectations about the impact of COVID-19; 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, 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; political instability including as a result of any
UK general election and any further possible referendum on Scottish
independence; acts of hostility or terrorism and responses to those acts, or
other such events; geopolitical unpredictability; the war between Russia and
Ukraine; the tensions between China and Taiwan; market related risks, trends
and developments; exposure to counterparty risk; instability in the global
financial markets, including within the Eurozone, and as a result of the exit
by the UK from the European Union (EU) and the effects of the EU-UK Trade and
Cooperation Agreement; 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 (including but not limited to the COVID-19
pandemic) and other disasters; risks concerning borrower and counterparty
credit quality; longevity risks affecting defined benefit pension schemes;
risks related to the uncertainty surrounding the integrity and continued
existence of reference rates; 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; 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), 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
Edward Sands
Director of Investor Relations
020 7356 1585
edward.sands@lloydsbanking.com
Nora Thoden
Director of Investor Relations - ESG
020 7356 2334
nora.thoden@lloydsbanking.com
CORPORATE AFFAIRS
Grant Ringshaw
External Relations Director
020 7356 2362
grant.ringshaw@lloydsbanking.com
Matt Smith
Head of Media Relations
020 7356 3522
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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END QRFUOOWRORUVRRRRecent news on Lloyds Banking
See all newsREG - Lloyds Banking Group - Transaction in Own Shares
AnnouncementREG - General Accident PLC - Cancellation and de-listing of preference shares
AnnouncementREG - Lloyds Banking Group - Transaction in Own Shares
AnnouncementREG - Lloyds Banking Group - Transaction in Own Shares
AnnouncementREG - Lloyds Banking Group - Board Change
Announcement