REG - Lloyds Bank Plc Lloyds Banking Group - 2023 Q3 Interim Management Statement
25/10/2023 12:00
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RNS Number : 2652R Lloyds Bank PLC 25 October 2023
Lloyds Bank plc
Q3 2023 Interim Management Statement
25 October 2023
Member of the Lloyds Banking Group
FINANCIAL REVIEW
Income statement
The Group's profit before tax for the first nine months of 2023 was £5,362
million, 20 per cent higher than the same period in 2022. Growth in net income
and a lower impairment charge was partly offset by higher operating expenses.
Profit after tax was £3,975 million (nine months to 30 September 2022:
£3,346 million).
Total income for the first nine months of 2023 was £13,700 million, an
increase of 13 per cent on the same period in 2022, primarily reflecting
higher net interest income in the period. Net interest income of £10,432
million was up 10 per cent on the prior year, driven by a stronger net
interest margin and higher average interest-earning banking assets.
Other income was £607 million higher at £3,268 million in the nine months to
30 September 2023 compared to £2,661 million in the same period in 2022. Net
trading income was £143 million higher at £231 million in the nine months
to 30 September 2023, in part reflecting the effects of the higher rate
environment on the Group's derivatives. Other operating income increased to
£2,029 million compared to £1,602 million in the nine months to
30 September 2022 including growth in Lex Autolease, the acquisition of
Tusker and increased recharges to fellow Lloyds Banking Group undertakings
reflecting higher strategic investment and inflationary impacts. Net fee and
commission income was £37 million higher at £1,008 million as a result of
higher credit and debit card fee income.
Total operating expenses of £7,457 million were 12 per cent higher than in
the prior year, with higher planned strategic investment, new business costs,
a higher operating lease depreciation charge and inflationary impacts,
partially mitigated by continued cost efficiency.
The Group recognised remediation costs of £127 million in the first nine
months of 2023, largely in relation to pre-existing programmes (nine months to
30 September 2022: £67 million). There have been no further charges relating
to HBOS Reading 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
claims and is engaging with the Financial Ombudsman Service in respect of past
motor commission arrangements. Discussions are continuing, with the
remediation and financial impact, if any, remaining uncertain.
The impairment charge was £881 million compared with a £1,010 million charge
in the nine months to 30 September 2022. The decrease reflects modest
revisions to the Group's economic outlook compared to the deterioration in
economic outlook captured last year, particularly in the third quarter of 2022
which recognised the elevated risks from a higher inflation and interest rate
environment. This decrease was partly offset by higher charges in the nine
months to 30 September 2023 reflecting a modest deterioration from a low
base, primarily in legacy variable rate UK mortgage portfolios and higher
charges on existing Stage 3 clients in Commercial Banking. It also includes
the impact of higher discount rates on future recoveries, as well as the
expected credit loss (ECL) allowance build from Stage 1 loans rolling forward
into a deteriorating economic outlook. Asset quality remains resilient with
credit performance across portfolios largely stable in the quarter and
remaining similar or favourable to pre-pandemic experience.
Balance sheet
Total assets were £2,899 million lower at £614,029 million at 30 September
2023 compared to £616,928 million at 31 December 2022. Cash and balances at
central banks decreased by £6,451 million to £65,554 million reflecting
decreased liquidity holdings. Financial assets at amortised cost were £1,880
million lower at £489,516 million compared to £491,396 million at
31 December 2022 with increases in debt securities of £2,635 million and
loans and advances to banks of £1,050 million, more than offset by a
reduction in reverse repurchase agreements of £2,863 million and loans and
advances to customers of £2,755 million to £432,872 million. The reduction
in loans and advances to customers was primarily as a result of the exit of
£2.5 billion of legacy Retail mortgage loans (including £2.1 billion in the
closed mortgage book) during the first quarter. Financial assets at fair value
through other comprehensive income increased £2,170 million as a result of
an increase in holdings of government bonds. Other assets increased £2,757
million, reflecting higher settlement balances and higher operating lease
assets following the Tusker acquisition.
FINANCIAL REVIEW (continued)
Total liabilities were £2,486 million lower at £575,383 million compared to
£577,869 million at 31 December 2022. Customer deposits at £439,055 million
have decreased by £7,117 million (2.0 per cent) since the end of 2022. This
includes decreases in Retail current account balances of £9.4 billion as a
result of tax payments, higher spend and a more competitive savings market,
including the Group's own savings offers. In Retail savings and Wealth,
balances have increased by a combined £5.2 billion, partly from transfers
from the Group's current account customer base. Commercial Banking deposits
decreased £2.2 billion during the first nine months of 2023. In addition,
there was a reduction in repurchase agreements at amortised cost of
£7,000 million. Partly offsetting these reductions, debt securities in issue
increased by £8,880 million following issuances of commercial paper, and
other liabilities increased £1,904 million as a result of higher settlement
balances and lease liabilities.
Total equity decreased from £39,059 million at 31 December 2022 to £38,646
million at 30 September 2023, as a result of profit for the period and
issuance of other equity instruments, being more than offset by dividends paid
in the period of £4.1 billion and a negative market movement impacting the
cash flow hedge reserve and movements in the pensions accounting surplus.
Capital
The Group's common equity tier 1 (CET1) capital ratio has reduced to 14.3 per
cent at 30 September 2023 (31 December 2022: 14.8 per cent). Profit for the
period was partially offset by risk-weighted asset increases (including CRD IV
model changes), the full year payment of fixed pension deficit contributions
made to the Group's three main defined benefit pension scheme and phased
reductions in IFRS 9 transitional relief. The capital ratio reduction also
reflects the impact of the interim ordinary dividend paid in September, the
foreseeable ordinary dividend accrual and the acquisition of Tusker.
Risk-weighted assets have increased by £5.4 billion during the first nine
months of the year to £180.3 billion at 30 September 2023 (31 December
2022: £174.9 billion). This includes an adjustment for part of the
anticipated impact of CRD IV model updates. Excluding this, lending growth, a
modest uplift from credit and model calibrations and other movements were
partly offset by capital efficient securitisation activity and other
optimisation activity. The CRD IV model updates reflect a further iteration
of model development. The models remain subject to further development and
final approval by the PRA. On that basis final impacts remain uncertain and
further increases are likely to be required.
The Group's total capital ratio remained flat at 20.5 per cent (31 December
2022: 20.5 per cent) and the UK leverage ratio increased to 5.5 per cent (31
December 2022: 5.4 per cent).
CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Nine Nine
months ended months ended
30 Sep 30 Sep
2023 2022
£m £m
Net interest income 10,432 9,458
Other income 3,268 2,661
Total income 13,700 12,119
Operating expenses (7,457) (6,629)
Impairment (881) (1,010)
Profit before tax 5,362 4,480
Tax expense (1,387) (1,134)
Profit for the period 3,975 3,346
Profit attributable to ordinary shareholders 3,708 3,143
Profit attributable to other equity holders 249 177
Profit attributable to equity holders 3,957 3,320
Profit attributable to non-controlling interests 18 26
Profit for the period 3,975 3,346
CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
At 30 Sep 2023 At 31 Dec 2022
£m £m
Assets
Cash and balances at central banks 65,554 72,005
Financial assets at fair value through profit or loss 1,573 1,371
Derivative financial instruments 4,160 3,857
Loans and advances to banks 9,413 8,363
Loans and advances to customers 432,872 435,627
Reverse repurchase agreements 36,396 39,259
Debt securities 9,966 7,331
Due from fellow Lloyds Banking Group undertakings 869 816
Financial assets at amortised cost 489,516 491,396
Financial assets at fair value through other comprehensive income 25,016 22,846
Other assets 28,210 25,453
Total assets 614,029 616,928
Liabilities
Deposits from banks 4,464 4,658
Customer deposits 439,055 446,172
Repurchase agreements at amortised cost 41,590 48,590
Due to fellow Lloyds Banking Group undertakings 3,626 2,539
Financial liabilities at fair value through profit or loss 4,827 5,159
Derivative financial instruments 6,067 5,891
Debt securities in issue 57,936 49,056
Other liabilities 11,115 9,211
Subordinated liabilities 6,703 6,593
Total liabilities 575,383 577,869
Equity
Share capital 1,574 1,574
Share premium account 600 600
Other reserves 693 743
Retained profits 30,699 31,792
Ordinary shareholders' equity 33,566 34,709
Other equity instruments 5,018 4,268
Non-controlling interests 62 82
Total equity 38,646 39,059
Total equity and liabilities 614,029 616,928
ADDITIONAL FINANCIAL INFORMATION
1. Basis of presentation
This release covers the results of Lloyds Bank plc together with its
subsidiaries (the Group) for the nine months ended 30 September 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 Q3 2023 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 slow gross domestic product growth
alongside a gradual rise in the unemployment rate. Past increases in UK Bank
Rate in response to persistent inflationary pressures result in further
declines in residential and commercial property prices. Risks around this base
case economic view lie in both directions and are largely captured by the
range 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 in the
third quarter of 2023. 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 16 to the financial statements for the year ended 31
December 2022. For September 2023, the Group continues to judge it appropriate
to include a non-modelled severe downside scenario for Group ECL calculations.
This adjusted scenario is considered to better reflect the risks around the
Group's base case view in an economic environment where past supply shocks
continue to unwind slowly, implying the prospect of more persistent inflation
and corresponding need for tighter monetary policy.
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 30 September 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 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.2
Unemployment rate 3.9 4.2 4.5 4.7 4.8 4.9 5.0 5.0
House price growth 1.6 (2.6) (5.8) (4.7) (8.5) (8.7) (5.7) (2.4)
Commercial real estate price growth (18.8) (21.2) (19.7) (4.2) (1.2) (2.2) 1.3 1.0
UK Bank Rate 4.25 5.00 5.25 5.25 5.25 5.25 5.25 5.00
CPI inflation 10.2 8.4 6.7 5.2 4.7 3.7 4.1 3.9
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 30 September 2023 2023 2024 2025 2026 2027 2023-2027 average
% % % % % %
Upside
Gross domestic product 0.8 2.0 1.5 1.8 2.1 1.6
Unemployment rate 3.9 2.9 2.8 3.1 3.1 3.1
House price growth (3.4) 1.4 9.5 9.7 7.6 4.8
Commercial real estate price growth (0.4) 9.5 3.2 2.3 2.0 3.3
UK Bank Rate 5.06 6.61 6.27 5.76 5.59 5.86
CPI inflation 7.6 4.2 3.4 3.2 3.6 4.4
Base case
Gross domestic product 0.4 0.5 1.0 1.7 2.1 1.2
Unemployment rate 4.3 4.9 5.1 5.1 5.0 4.9
House price growth (4.7) (2.4) 2.3 4.0 4.1 0.6
Commercial real estate price growth (4.2) 1.0 0.5 1.2 1.8 0.0
UK Bank Rate 4.94 5.19 4.38 3.75 3.50 4.35
CPI inflation 7.6 4.1 2.9 2.1 2.3 3.8
Downside
Gross domestic product 0.0 (1.4) 0.5 1.7 2.2 0.6
Unemployment rate 4.8 7.1 7.5 7.4 7.0 6.7
House price growth (5.7) (5.6) (4.5) (2.0) 0.2 (3.6)
Commercial real estate price growth (7.7) (7.7) (3.0) (1.1) 0.3 (3.9)
UK Bank Rate 4.83 3.69 2.34 1.61 1.27 2.75
CPI inflation 7.6 4.0 2.4 1.1 0.9 3.2
Severe downside
Gross domestic product (0.4) (3.1) 0.1 1.5 2.1 0.0
Unemployment rate 5.4 9.8 10.5 10.1 9.5 9.1
House price growth (7.4) (10.1) (12.9) (9.4) (5.4) (9.1)
Commercial real estate price growth (12.9) (19.3) (9.4) (5.6) (2.3) (10.1)
UK Bank Rate - modelled 4.66 1.87 0.42 0.13 0.05 1.42
UK Bank Rate - adjusted(1) 5.44 7.00 4.94 3.88 3.50 4.95
CPI inflation - modelled 7.6 3.8 1.6 (0.3) (0.9) 2.4
CPI inflation - adjusted(1) 8.1 6.3 5.4 4.2 3.9 5.6
Probability-weighted
Gross domestic product 0.4 0.0 0.9 1.7 2.1 1.0
Unemployment rate 4.4 5.5 5.7 5.7 5.5 5.3
House price growth (4.9) (3.0) 0.9 2.6 3.0 (0.3)
Commercial real estate price growth (5.0) (1.1) (0.7) 0.1 1.0 (1.2)
UK Bank Rate - modelled 4.91 4.83 3.94 3.35 3.11 4.03
UK Bank Rate - adjusted(1) 4.99 5.35 4.39 3.72 3.46 4.38
CPI inflation - modelled 7.6 4.1 2.8 1.9 2.0 3.7
CPI inflation - adjusted(1) 7.7 4.3 3.2 2.3 2.4 4.0
(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 30 September 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 252,954 42,634 4,034 8,079 307,701 13.9 1.3
Credit cards 12,154 3,277 308 - 15,739 20.8 2.0
Loans and overdrafts 9,172 1,729 240 - 11,141 15.5 2.2
UK Motor Finance 12,985 2,246 113 - 15,344 14.6 0.7
Other 15,460 525 146 - 16,131 3.3 0.9
Retail 302,725 50,411 4,841 8,079 366,056 13.8 1.3
Small and Medium Businesses 28,543 4,705 1,475 - 34,723 13.6 4.2
Corporate and Institutional Banking 34,094 3,784 1,735 - 39,613 9.6 4.4
Commercial Banking 62,637 8,489 3,210 - 74,336 11.4 4.3
Other(1) (2,807) - - - (2,807)
Total gross lending 362,555 58,900 8,051 8,079 437,585 13.5 1.8
ECL allowance on drawn balances (830) (1,646) (1,964) (273) (4,713)
Net balance sheet carrying value 361,725 57,254 6,087 7,806 432,872
Customer related ECL allowance (drawn and undrawn)
UK mortgages 147 529 394 273 1,343
Credit cards 202 428 130 - 760
Loans and overdrafts 211 332 131 - 674
UK Motor Finance(2) 119 77 57 - 253
Other 21 20 49 - 90
Retail 700 1,386 761 273 3,120
Small and Medium Businesses 131 232 180 - 543
Corporate and Institutional Banking 139 195 1,026 - 1,360
Commercial Banking 270 427 1,206 - 1,903
Other - - - - -
Total 970 1,813 1,967 273 5,023
Customer related ECL allowance (drawn and undrawn) as a percentage of loans
and advances to customers(3)
UK mortgages 0.1 1.2 9.8 3.4 0.4
Credit cards 1.7 13.1 52.8 - 4.8
Loans and overdrafts 2.3 19.2 67.2 - 6.1
UK Motor Finance 0.9 3.4 50.4 - 1.6
Other 0.1 3.8 33.6 - 0.6
Retail 0.2 2.7 16.1 3.4 0.9
Small and Medium Businesses 0.5 4.9 15.6 - 1.6
Corporate and Institutional Banking 0.4 5.2 59.1 - 3.4
Commercial Banking 0.4 5.0 41.7 - 2.6
Other
Total 0.3 3.1 25.8 3.4 1.1
(1) Contains centralised fair value hedge accounting adjustments.
(2) UK Motor Finance for Stages 1 and 2 include £116 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 £62 million, Loans and
overdrafts of £45 million and Small and Medium Businesses of £321 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
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
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 Bank plc, 25 Gresham Street, London EC2V 7HN
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