REG - Lloyds Banking Group - 2025 Q3 Interim Management Statement
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RNS Number : 4733E Lloyds Banking Group PLC 23 October 2025
Lloyds Banking Group plc
Q3 2025 Results
23 October 2025
RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025
"The Group continues to perform well, demonstrating robust financial
performance alongside strategic progress, including our recent acquisition of
Schroders Personal Wealth.
Strong capital generation was supported by income growth, cost discipline and
strong asset quality in the first nine months of 2025, despite the impact of
the additional motor finance charge in the third quarter. Our strategic
progress combined with this financial performance gives us confidence in our
performance for the year and our 2026 guidance."
Charlie Nunn, Group Chief Executive
Robust financial performance(1)
• Statutory profit after tax of £3.3 billion (nine months to 30 September
2024: £3.8 billion) with net income up 6% and an £800 million charge for
motor finance commission arrangements in the third quarter. Return on tangible
equity of 11.9%, or 14.6% excluding the third quarter charge for motor finance
• Underlying net interest income of £10.1 billion, up 6% compared to the
first nine months of 2024. This reflected a banking net interest margin of
3.04%, up 10 basis points year-on-year (up 2 basis points
quarter-on-quarter to 3.06%), alongside higher average interest-earning
banking assets of £460.4 billion
• Underlying other income of £4.5 billion, 9% higher than the prior year
(and 3% higher quarter-on-quarter), driven by strengthening customer activity
and the benefit of our strategic initiatives
• Operating lease depreciation of £1,075 million, up 8% in line with
fleet growth
• Operating costs of £7.2 billion, up 3% versus the prior year,
reflecting inflationary pressures, strategic investment and business growth
costs, partially offset by cost savings and continued cost discipline
• Remediation costs of £912 million, including £875 million in the third
quarter, of which £800 million was in relation to the potential impact of
motor finance commission arrangements. The total motor finance provision of
£1.95 billion represents the Group's best estimate of the potential impact
of this issue
• Strong asset quality with an underlying impairment charge of £618
million; asset quality ratio of 18 basis points
• Underlying loans and advances to customers increased by £18.0 billion
(4%) in the first nine months to £477.1 billion, with growth across Retail
of £15.2 billion and Commercial Banking of £2.5 billion. Balances increased
by £6.1 billion in the third quarter, with growth in Retail and Corporate and
Institutional Banking
• Customer deposits increased in the first nine months of 2025 by £14.0
billion (3%) to £496.7 billion, with £4.0 billion growth in Retail and
£10.0 billion in Commercial Banking. Customer deposits grew by £2.8 billion
in the third quarter, largely within Commercial Banking
• Risk-weighted assets of £232.3 billion, up £7.7 billion in the first
nine months of 2025, reflecting lending growth offset by ongoing optimisation
activity
• Strong capital generation of 110 basis points, or 141 basis points
excluding the third quarter charge for motor finance. CET1 ratio of 13.8%
after 74 basis points for the interim ordinary dividend paid and the
foreseeable ordinary dividend accrual
• Tangible net assets per share of 55.0 pence, up by 2.6 pence in the
first nine months of 2025, from attributable profit, the unwind of the cash
flow hedging reserve and a reduction in the number of shares in issue due to
the ongoing share buyback, partially offset by capital distributions
• On 9 October, the Group announced the full acquisition of Schroders
Personal Wealth, previously operated as a joint venture with Schroders Group.
The acquired business supports c.£17 billion in assets under administration
and accelerates delivery of the Group's wealth strategy to deepen
relationships in a high value segment
2025 guidance revised
Based on our current macroeconomic assumptions, for 2025 the Group expects:
• Underlying net interest income now expected to be c.£13.6 billion
• Operating costs of c.£9.7 billion, excluding the acquisition of
Schroders Personal Wealth(2)
• Asset quality ratio now expected to be c.20 basis points
• Return on tangible equity now expected to be c.12% (c.14% excluding the
third quarter motor finance charge)
• Capital generation now expected to be c.145 basis points(3) (c.175 basis
points(3) excluding the third quarter motor finance charge)
(1) See the basis of presentation on page 17.
(2) Modestly greater than £9.7 billion, including the acquisition of
Schroders Personal Wealth in the fourth quarter of 2025.
(3) Excludes capital distributions.
INCOME STATEMENT (UNDERLYING BASIS)(A) AND KEY BALANCE SHEET METRICS
Nine months ended Nine months ended Change Three months ended Three months ended Change
30 Sep 2025
30 Sep 30 Sep %
£m 30 Sep 2024 %
2025 2024 £m
£m £m
Underlying net interest income 10,106 9,569 6 3,451 3,231 7
Underlying other income 4,526 4,164 9 1,557 1,430 9
Operating lease depreciation (1,075) (994) (8) (365) (315) (16)
Net income 13,557 12,739 6 4,643 4,346 7
Operating costs (7,176) (6,992) (3) (2,302) (2,292)
Remediation (912) (124) (875) (29)
Total costs (8,088) (7,116) (14) (3,177) (2,321) (37)
Underlying profit before impairment 5,469 5,623 (3) 1,466 2,025 (28)
Underlying impairment charge (618) (273) (176) (172) (2)
Underlying profit 4,851 5,350 (9) 1,290 1,853 (30)
Restructuring (16) (21) 24 (7) (6) (17)
Volatility and other items (157) (182) 14 (109) (24)
Statutory profit before tax 4,678 5,147 (9) 1,174 1,823 (36)
Tax expense (1,356) (1,370) 1 (396) (490) 19
Statutory profit after tax 3,322 3,777 (12) 778 1,333 (42)
Earnings per share 4.8p 5.3p (0.5)p 1.0p 1.9p (0.9)p
Banking net interest margin(A) 3.04% 2.94% 10bp 3.06% 2.95% 11bp
Average interest-earning banking assets(A) £460.4bn £449.9bn 2 £465.5bn £451.1bn 3
Cost:income ratio(A) 59.7% 55.9% 3.8pp 68.4% 53.4% 15.0pp
Asset quality ratio(A) 0.18% 0.09% 9bp 0.15% 0.15%
Return on tangible equity(A) 11.9% 14.0% (2.1)pp 7.5% 15.2% (7.7)pp
At 30 Sep 2025 At 30 Jun 2025 Change At 31 Dec 2024 Change
% %
Underlying loans and advances to customers(A) £477.1bn £471.0bn 1 £459.1bn 4
Customer deposits £496.7bn £493.9bn 1 £482.7bn 3
Loan to deposit ratio(A) 96% 95% 1pp 95% 1pp
CET1 ratio 13.8% 13.8% 14.2% (0.4)pp
Pro forma CET1 ratio(A,1) 13.8% 13.8% 13.5% 0.3pp
Total capital ratio 18.6% 19.0% (0.4)pp 19.0% (0.4)pp
MREL ratio 31.2% 31.4% (0.2)pp 32.2% (1.0)pp
UK leverage ratio 5.2% 5.4% (0.2)pp 5.5% (0.3)pp
Risk-weighted assets £232.3bn £231.4bn £224.6bn 3
Wholesale funding(2) £103.5bn £92.2bn 12 £92.5bn 12
Liquidity coverage ratio(3) 145% 145% 146% (1)pp
Net stable funding ratio(4) 126% 127% (1)pp 129% (3)pp
Tangible net assets per share(A) 55.0p 54.5p 0.5p 52.4p 2.6p
(A ) See page 16.
(1 ) 30 June 2025 reflects the interim ordinary dividend received from
the Insurance business in July 2025. 31 December 2024 reflects both the full
impact of the share buyback announced in respect of 2024 and the ordinary
dividend received from the Insurance business in February 2025.
(2) Excludes balances relating to margins of £0.9 billion (31 December
2024: £2.8 billion, 30 June 2025: £1.1 billion).
(3) The liquidity coverage ratio is calculated as a simple average of
month-end observations over the previous 12 months.
(4) The net stable funding ratio is calculated as a simple average of
month-end observations over the previous four quarter-ends.
( )
QUARTERLY INFORMATION(A)
Quarter Quarter Change Quarter Quarter Quarter Quarter Quarter
ended ended % ended ended ended ended ended
30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar
2025 2025 2025 2024 2024 2024 2024
£m £m £m £m £m £m £m
Underlying net interest income 3,451 3,361 3 3,294 3,276 3,231 3,154 3,184
Underlying other income 1,557 1,517 3 1,452 1,433 1,430 1,394 1,340
Operating lease depreciation (365) (355) (3) (355) (331) (315) (396) (283)
Net income 4,643 4,523 3 4,391 4,378 4,346 4,152 4,241
Operating costs (2,302) (2,324) 1 (2,550) (2,450) (2,292) (2,298) (2,402)
Remediation (875) (37) - (775) (29) (70) (25)
Total costs (3,177) (2,361) (35) (2,550) (3,225) (2,321) (2,368) (2,427)
Underlying profit before impairment 1,466 2,162 (32) 1,841 1,153 2,025 1,784 1,814
Underlying impairment charge (176) (133) (32) (309) (160) (172) (44) (57)
Underlying profit 1,290 2,029 (36) 1,532 993 1,853 1,740 1,757
Restructuring (7) (5) (40) (4) (19) (6) (3) (12)
Volatility and other items (109) (37) (11) (150) (24) (41) (117)
Statutory profit before tax 1,174 1,987 (41) 1,517 824 1,823 1,696 1,628
Tax expense (396) (577) 31 (383) (124) (490) (467) (413)
Statutory profit after tax 778 1,410 (45) 1,134 700 1,333 1,229 1,215
Earnings per share 1.0p 2.1p (1.1)p 1.7p 1.0p 1.9p 1.7p 1.7p
Banking net interest margin(A) 3.06% 3.04% 2bp 3.03% 2.97% 2.95% 2.93% 2.95%
Average interest-earning banking assets(A) £465.5bn £460.0bn 1 £455.5bn £455.1bn £451.1bn £449.4bn £449.1bn
Cost:income ratio(A) 68.4% 52.2% 16.2pp 58.1% 73.7% 53.4% 57.0% 57.2%
Asset quality ratio(A) 0.15% 0.11% 4bp 0.27% 0.14% 0.15% 0.05% 0.06%
Return on tangible equity(A) 7.5% 15.5% (8.0)pp 12.6% 7.1% 15.2% 13.6% 13.3%
At At Change At At At At At
30 Sep 30 Jun % 31 Mar 2025 31 Dec 30 Sep 2024 30 Jun 2024 31 Mar 2024
2025 2025 2024
Underlying loans and advances to customers(A,1) £477.1bn £471.0bn 1 £466.2bn £459.1bn £457.0bn £452.4bn £448.5bn
Customer deposits £496.7bn £493.9bn 1 £487.7bn £482.7bn £475.7bn £474.7bn £469.2bn
Loan to deposit ratio(A) 96% 95% 1.0pp 96% 95% 96% 95% 96%
CET1 ratio 13.8% 13.8% 13.5% 14.2% 14.3% 14.1% 13.9%
Pro forma CET1 ratio(A,2) 13.8% 13.8% 13.5% 13.5% 14.3% 14.1% 13.9%
Total capital ratio 18.6% 19.0% (0.4)pp 18.4% 19.0% 19.0% 18.7% 19.0%
MREL ratio 31.2% 31.4% (0.2)pp 30.4% 32.2% 32.2% 31.7% 32.0%
UK leverage ratio 5.2% 5.4% (0.2)pp 5.5% 5.5% 5.5% 5.4% 5.6%
Risk-weighted assets £232.3bn £231.4bn £230.1bn £224.6bn £223.3bn £222.0bn £222.8bn
Wholesale funding £103.5bn £92.2bn 12 £89.4bn £92.5bn £93.3bn £97.6bn £99.9bn
Liquidity coverage ratio(3) 145% 145% 145% 146% 144% 144% 143%
Net stable funding ratio(4) 126% 127% (1)pp 128% 129% 129% 130% 130%
Tangible net assets per share(A) 55.0p 54.5p 0.5p 54.4p 52.4p 52.5p 49.6p 51.2p
(1) The increases between 31 March 2024 and 30 June 2024 and between 30
September 2024 and 31 December 2024 are net of the impact of the
securitisations of primarily legacy Retail mortgages, of £0.9 billion and
£1.0 billion respectively.
(2 ) 30 June 2025 reflects the interim ordinary dividend received from
the Insurance business in July 2025. 31 December 2024 reflects both the full
impact of the share buyback announced in respect of 2024 and the ordinary
dividend received from the Insurance business in February 2025.
(3) The liquidity coverage ratio is calculated as a simple average of
month-end observations over the previous 12 months.
(4) The net stable funding ratio is calculated as a simple average of
month-end observations over the previous four quarter-ends.
BALANCE SHEET ANALYSIS
At 30 Sep At 30 Jun 2025 Change At 31 Dec 2024 Change
2025 £bn % £bn %
£bn
UK mortgages 321.0 317.9 1 312.3 3
Credit cards 16.8 16.4 2 15.7 7
UK Retail unsecured loans 10.3 9.9 4 9.1 13
UK Motor Finance(1) 16.1 16.0 1 15.3 5
Overdrafts 1.2 1.2 1.2
Retail other(2) 21.3 20.2 5 17.9 19
Business and Commercial Banking 28.8 29.1 (1) 29.7 (3)
Corporate and Institutional Banking 61.3 59.7 3 57.9 6
Central Items(3) 0.3 0.6 (50) -
Underlying loans and advances to customers(A) 477.1 471.0 1 459.1 4
Retail current accounts 101.8 100.6 1 101.3
Retail savings accounts 212.4 213.1 208.2 2
Wealth 9.5 9.7 (2) 10.2 (7)
Commercial Banking 172.6 170.2 1 162.6 6
Central Items 0.4 0.3 33 0.4
Customer deposits 496.7 493.9 1 482.7 3
Total assets 937.5 919.3 906.7
Total liabilities 891.8 872.4 860.8
Ordinary shareholders' equity 40.2 40.4 39.5 2
Other equity instruments 5.2 6.3 (17) 6.2 (16)
Non-controlling interests 0.2 0.2 0.2
Total equity 45.6 46.9 (3) 45.9 (1)
Ordinary shares in issue, excluding own shares 59,196m 59,938m (1) 60,491m (2)
(1) UK Motor Finance balances on an underlying basis(A) exclude a
finance lease gross up. See page 16.
(2) Within underlying loans and advances, Retail other includes the
European and Wealth businesses.
(3) Central Items includes central fair value hedge accounting
adjustments.
( )
GROUP RESULTS - STATUTORY BASIS
The results below are prepared in accordance with the recognition and
measurement principles of IFRS(®) Accounting Standards. The underlying basis
results are shown on page 2.
Summary income statement Nine months ended Nine months ended Change
30 Sep 30 Sep %
2025 2024
£m £m
Net interest income 9,808 9,125 7
Other income(1) 4,444 4,352 2
Total income(1) 14,252 13,477 6
Operating expenses (8,955) (8,058) (11)
Impairment (619) (272)
Profit before tax 4,678 5,147 (9)
Tax expense (1,356) (1,370) 1
Profit after tax 3,322 3,777 (12)
Profit attributable to ordinary shareholders 2,892 3,355 (14)
Profit attributable to other equity holders 365 376 (3)
Profit attributable to non-controlling interests 65 46 41
Profit after tax 3,322 3,777 (12)
Ordinary shares in issue (weighted-average - basic) 60,070m 62,948m (5)
Basic earnings per share 4.8p 5.3p (0.5)p
(1) Net finance expense in respect of insurance and investment
contracts, previously shown separately, is now included within other income as
part of total income. The comparative periods are represented on a consistent
basis.
Summary balance sheet At 30 Sep At 30 Jun Change At 31 Dec 2024 Change
2025 2025 % £m %
£m £m
Assets
Cash and balances at central banks 61,846 64,225 (4) 62,705 (1)
Financial assets at fair value through profit or loss 232,251 221,942 5 215,925 8
Derivative financial instruments 19,062 22,943 (17) 24,065 (21)
Financial assets at amortised cost 547,799 538,237 2 531,777 3
Financial assets at fair value through other comprehensive income 37,091 33,888 9 30,690 21
Other assets 39,415 38,047 4 41,535 (5)
Total assets 937,464 919,282 2 906,697 3
Liabilities
Deposits from banks 8,330 7,695 8 6,158 35
Customer deposits 496,722 493,932 1 482,745 3
Repurchase agreements at amortised cost 36,779 38,248 (4) 37,760 (3)
Financial liabilities at fair value through profit or loss 30,046 28,754 4 27,611 9
Derivative financial instruments 15,932 19,879 (20) 21,676 (26)
Debt securities in issue at amortised cost 77,370 68,301 13 70,834 9
Liabilities arising from insurance and participating investment contracts 131,559 124,952 5 122,064 8
Liabilities arising from non-participating investment contracts 56,267 52,285 8 51,228 10
Other liabilities 27,890 27,704 1 30,644 (9)
Subordinated liabilities 10,936 10,661 3 10,089 8
Total liabilities 891,831 872,411 2 860,809 4
Total equity 45,633 46,871 (3) 45,888 (1)
Total equity and liabilities 937,464 919,282 2 906,697 3
REVIEW OF PERFORMANCE(A)
Income statement(A)
The Group's statutory profit before tax for the first nine months of 2025 was
£4,678 million. This included higher total income and a charge for motor
finance commission arrangements in the third quarter. Profit after tax was
£3,322 million and earnings per share was 4.8 pence (nine months to 30
September 2024: £3,777 million and 5.3 pence respectively).
The Group's underlying profit was £4,851 million in the first nine months of
2025 (nine months to 30 September 2024: £5,350 million). Higher net income
was more than offset by the charge for motor finance in the third quarter and
a higher underlying impairment charge given a significant release from an
improved economic outlook in 2024. Underlying profit in the third quarter of
2025 was £1,290 million, down 36% compared to the second quarter, or up 3%
excluding the charge for motor finance, given strengthening income.
Net income of £13,557 million was up 6% compared to the first nine months of
2024, driven by higher underlying net interest income and higher underlying
other income, partially offset by an increased charge for operating lease
depreciation. Net income in the third quarter of £4,643 million was up 3%
compared to the second quarter, including higher underlying net interest
income and higher underlying other income, partially offset by a modest
increase in operating lease depreciation.
Within net income, underlying net interest income of £10,106 million was up
6% versus the prior year (nine months to 30 September 2024: £9,569 million).
This was supported by a banking net interest margin of 3.04% (nine months to
30 September 2024: 2.94%). The net interest margin benefitted from a growing
structural hedge contribution as balances were reinvested in a higher rate
environment, partially offset by mortgage refinancing driving margin
compression and deposit churn headwinds. Average interest-earning banking
assets in the first nine months of 2025 of £460.4 billion reflect strong
growth relative to the first nine months of 2024 (nine months to 30 September
2024: £449.9 billion), primarily driven by UK mortgages, credit cards, UK
Retail unsecured loans and the European retail business. In Commercial
Banking, average interest-earning banking assets reduced, driven by continued
repayments of government-backed lending within Business and Commercial Banking
and lower lending to banks. Underlying net interest income in the first nine
months of 2025 included a non-banking net interest expense of £372 million
(nine months to 30 September 2024: £347 million), increasing as a result of
refinancing activities at higher rates and growth in the Group's non-banking
businesses.
Underlying net interest income of £3,451 million in the third quarter of 2025
was 3% higher than the second quarter (three months to 30 June 2025: £3,361
million). A growing structural hedge contribution more than offset the impact
of continued headwinds from asset margin compression and deposit churn. This
resulted in an increase in the banking net interest margin to 3.06%
(three months to 30 June 2025: 3.04%). Average interest-earning banking
assets were higher in the third quarter at £465.5 billion (three months to 30
June 2025: £460.0 billion), driven by UK mortgages, unsecured lending and
the European retail business. The Group now expects underlying net interest
income for 2025 to be c.£13.6 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. As at 30 September 2025, the notional balance of the
sterling structural hedge was £244 billion (31 December 2024: £242 billion)
with a stable weighted average duration of approximately three-and-a-half
years (31 December 2024: approximately three-and-a-half years). The Group
generated £4.0 billion of total income from sterling structural hedge
balances in the first nine months of 2025, an increase of £1.0 billion over
the prior year (nine months to 30 September 2024: £3.0 billion). The Group
continues to expect sterling structural hedge earnings in 2025 to be
£1.2 billion higher than in 2024.
Underlying other income of £4,526 million in the first nine months of 2025
grew by 9% compared to the prior year (nine months to 30 September 2024:
£4,164 million), driven by strengthening customer activity and the benefit
of investments in strategic initiatives. This included an increase of 13% in
Retail, primarily driven by UK Motor Finance, including fleet growth and
higher average vehicle rental values, alongside growth from packaged bank
accounts. Insurance, Pensions and Investments underlying other income was up
5% from strengthening income in the workplace pensions business and higher
general insurance income net of claims. Growth in Equity Investments and
Central Items was driven by the Group's equity and direct investment
businesses, with strong income growth from Lloyds Living and higher income
from Lloyds Development Capital. This was partially offset by a 2% reduction
in Commercial Banking year-on-year, reflecting higher transaction banking
income more than offset by lower loan markets activity, with the prior period
benefitting from gains that did not repeat.
REVIEW OF PERFORMANCE (continued)
Income statement(A) (continued)
Compared to the second quarter of 2025, underlying other income in the third
quarter was up 3%, supported in Retail by continued UK Motor Finance growth
and growth in current account debit card fees, alongside higher valuations in
LBG Investments.
Operating lease depreciation of £1,075 million in the first nine months of
2025 was 8% higher than in the prior year (nine months to 30 September
2024: £994 million), due to fleet growth, the depreciation of higher value
vehicles and declines in used electric car prices. Compared to the second
quarter of 2025, operating lease depreciation is 3% higher, in line with the
continued growth in fleet size. The Group continues to mitigate used car price
movements through a number of market and customer initiatives to improve
performance and reduce volatility, including extended used car leasing,
remarketing agreements and residual value insurance.
Operating costs of £7,176 million were up 3% reflecting inflationary
pressures, strategic investment including planned higher severance
front-loaded into the first quarter of 2025 and business growth costs.
Excluding increased severance in 2025, operating costs were up 2%
year-on-year. This was partially offset by cost savings and continued cost
discipline. For 2025, operating costs are expected to be c.£9.7 billion,
excluding the acquisition of Schroders Personal Wealth in the fourth quarter
of 2025.
A remediation charge of £912 million was recognised by the Group in the first
nine months of 2025 (nine months to 30 September 2024: £124 million), with
£875 million in the third quarter, including £800 million in relation to the
potential impact of motor finance commission arrangements, bringing the total
provision for motor finance to £1.95 billion. The FCA published a
consultation on an industry wide motor finance redress scheme on 7 October
2025. This provides further detail on its proposed redress approach following
the Supreme Court judgment handed down on 1 August 2025, in particular the
products in scope, situations where it considers inadequate disclosure would
give rise to an unfair relationship, proposed redress methodology, engagement
approach and time bar. Based on the FCA proposals in their current form, the
potential impact is at the adverse end of the Group's range of expected
outcomes.
As previously stated, in establishing the Group's previous provision of £1.15
billion, the Group created a range of scenarios to address uncertainties on a
number of key inputs. The FCA proposals are subject to consultation and there
remain a number of uncertainties. Accordingly, the Group's approach continues
to consider a probability weighted outcome considering a range of scenarios
representing sensitivities to the FCA's current proposals, together resulting
in the additional charge of £800 million. This reflects the increased
likelihood of a higher number of historical cases, particularly DCA, being
eligible for redress, including those dating back to 2007 and also the
likelihood of a higher level of redress than previously anticipated,
reflecting the FCA's proposed redress calculation approach, which is less
closely linked to actual customer loss than anticipated.
The Group remains committed to ensuring customers receive appropriate redress
where they suffered loss. The current FCA proposals remain a consultation.
Given that the Group has concerns, including relating to the approach to
unfairness and proposed redress methodology, representations will be made to
the FCA. The ultimate outcome of the motor finance commission issue for the
Group may evolve as a result of representations made by various parties as
well as further legal proceedings. However, the total £1.95 billion
provision, including both redress and operational costs, represents the
Group's best estimate of the potential impact of the motor finance issue.
Total costs, including remediation, of £8,088 million were 14% higher than
the prior year and the cost:income ratio was 59.7% (nine months to 30
September 2024: 55.9%), with net income up 6%. The cost:income ratio excluding
remediation for the first nine months of the year was 52.9%, and for the third
quarter was 49.6%.
REVIEW OF PERFORMANCE (continued)
Income statement(A) (continued)
Asset quality has remained strong in the first nine months of 2025. The
underlying impairment charge was £618 million (nine months to 30 September
2024: £273 million), resulting in an asset quality ratio of 18 basis
points. The higher charge includes a £27 million net charge from updated
multiple economic scenarios (MES), compared to a credit of £324 million in
the prior year. The pre-updated MES charge of £591 million for the first nine
months of 2025 is equivalent to an asset quality ratio of 17 basis points,
broadly unchanged from the prior year. In Commercial Banking, higher charges
in the first half of the year driven by a small number of individual cases
were offset by lower expected losses recognised given observed resilient
performance and improved expectations for accounts in recoveries. Retail
portfolios continued to perform strongly, contributing to a stable
year-on-year charge for the Group.
The impairment charge in the third quarter of £176 million (or 15 basis
points) includes an updated MES charge of £36 million reflecting lower house
price growth forecasts over the near term. This was alongside a pre-updated
MES charge of £140 million, which included some one-off benefits primarily
from model calibrations. The Group now expects the asset quality ratio to be
c.20 basis points in 2025, below the original guidance of c.25 basis points.
Restructuring costs for the first nine months of 2025 were £16 million (nine
months to 30 September 2024: £21 million).
Volatility and other items were a net loss of £157 million for the first
nine months of 2025 (nine months to 30 September 2024: net loss of
£182 million). This included the usual charges for the amortisation of
purchased intangibles (£61 million) and the usual fair value unwind
(£45 million). This was alongside a loss from market and other volatility of
£51 million, including negative market volatility, partially offset by the
gain on sale of the Group's bulk annuities portfolio to Rothesay Life plc
which completed in the second quarter.
The return on tangible equity for the first nine months of the year was 11.9%,
or 14.6% excluding the third quarter charge for motor finance commission
arrangements (nine months to 30 September 2024: 14.0%). The Group now expects
the return on tangible equity for 2025 to be c.12% (c.14% excluding the third
quarter motor finance charge).
Tangible net assets per share at 30 September 2025 were 55.0 pence, up 2.6
pence in the first nine months of the year (31 December 2024: 52.4 pence)
and up 0.5 pence in the third quarter. The increase resulted from attributable
profit, the unwind of the cash flow hedging reserve and a reduction in the
number of shares in issue due to the ongoing share buyback. The third quarter
benefitted from the unwind of an accrual for the ordinary share buyback in the
second quarter, partially offset by capital distributions and the provision
for motor finance.
The Group continued the share buyback announced in February 2025, with c.1.8
billion shares repurchased as at 30 September 2025, equivalent to £1.4
billion.
Balance sheet
The Group saw strong lending growth in the first nine months of 2025, with
underlying loans and advances to customers increasing by £18.0 billion (or
4%) to £477.1 billion. This included growth of £8.7 billion in UK mortgages
and growth across UK Retail unsecured loans, credit cards, UK Motor Finance
and the European retail business. Lending balances increased by £2.5 billion
in Commercial Banking, with higher Institutional balances alongside growth in
securitised products, partially offset by repayments of £1.1 billion of
government-backed lending within Business and Commercial Banking. Underlying
loans and advances increased by £6.1 billion in the third quarter, with
growth across Retail portfolios, primarily UK mortgages, alongside increased
lending in Corporate and Institutional Banking, again partially offset by
government-backed lending repayments within Business and Commercial Banking.
REVIEW OF PERFORMANCE (continued)
Balance sheet (continued)
Customer deposits of £496.7 billion increased significantly in the first
nine months of the year, by £14.0 billion (or 3%). Retail deposits were up
£4.0 billion in the period, including £3.5 billion growth in Retail savings
accounts, as a result of net inflows to limited withdrawal and fixed term
deposits given the Group's strong performance throughout the ISA season, and
growth in European retail balances. This was alongside £0.5 billion growth in
current accounts, due to strength in customer income and subdued spend.
Commercial Banking deposits were up £10.0 billion in the year to date (31
December 2024: £162.6 billion), resulting from growth in targeted sectors.
In the third quarter, customer deposits were up £2.8 billion. Retail
deposits increased by £0.3 billion, with strength in current accounts partly
offset by modest reductions in fixed term deposits, following post-ISA season
pricing decisions. Commercial Banking deposits increased by £2.4 billion in
the third quarter, resulting from growth in targeted sectors. Non-interest
bearing current accounts in Commercial Banking were positive in the third
quarter.
The Group saw growth of £3.7 billion net new money during the first nine
months of 2025 in Insurance, Pensions and Investments and Wealth open book
assets under administration (AuA). In total, open book AuA stand at
£221 billion at 30 September 2025.
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
145% at 30 September 2025 (31 December 2024: 146%) and a net stable funding
ratio of 126% (31 December 2024: 129%). The loan to deposit ratio of 96%,
stable compared to 31 December 2024, continues to reflect a robust funding
and liquidity position, with significant capacity to grow lending.
The underlying expected credit loss (ECL) allowance has reduced slightly to
£3.5 billion at 30 September 2025 (31 December 2024: £3.7 billion). The
uplift from the base case to probability-weighted ECL is £0.4 billion
(31 December 2024: £0.4 billion). The ECL allowance continues to include a
£50 million judgemental adjustment taken in the first half of the year in
respect of the global tariff and geo-political disruption risks to specific
drivers across various corporate sectors not reflected in broad macroeconomic
model drivers.
Capital
The Group's CET1 capital ratio at 30 September 2025 was 13.8% (31 December
2024: 13.5% pro forma). Capital generation during the first nine months of the
year was 110 basis points (141 basis points excluding the charge for motor
finance commission arrangements). This reflected strong banking build and the
£150 million interim dividend received from the Insurance business, partially
offset by risk-weighted asset increases and the charge for motor finance. The
impact of the interim ordinary dividend paid and the foreseeable ordinary
dividend accrual equated to 74 basis points. The third quarter capital build
of 24 basis points (55 basis points excluding the charge for motor finance)
was driven by strong banking build, complemented by optimisation and the
removal of temporary risk-weighted assets related to hedging activity, offset
by the charge for motor finance. The Group now expects capital generation in
2025 to be c.145 basis points (c.175 basis points excluding the motor finance
charge in the third quarter).
Risk-weighted assets increased by £7.7 billion to £232.3 billion at 30
September 2025 (31 December 2024: £224.6 billion). This reflects the impact
of strong lending growth and other movements, partially offset through
continued optimisation activity. In the third quarter, risk-weighted assets
increased by £0.9 billion following lending growth and other movements,
partially offset by optimisation and the removal of the temporary
risk-weighted assets related to hedging activity. While no Retail secured
CRD IV increases were recognised during the first nine months of the year,
the Group continues to expect further uplifts to be recognised against
performing exposures in respect of CRD IV secured assets, subject to
finalisation with the PRA.
The PRA provided an update to the Group's Pillar 2A CET1 capital requirement
during the third quarter, with the requirement reducing slightly to c.1.4% of
risk-weighted assets from the previous requirement of c.1.5% of risk-weighted
assets. The Group's total regulatory CET1 capital requirement remains c.12% of
risk-weighted assets. The Board's view of the ongoing level of total CET1
capital required to grow the business, meet current and future regulatory
requirements and cover economic and business uncertainties remains c.13.0%.
This includes a management buffer of c.1%. In order to manage risks and
distributions in an orderly way, the Board intends to progress in stages
towards paying down to the CET1 capital target of c.13.0% by the end of 2026.
ADDITIONAL INFORMATION
Capital generation
Pro forma CET1 ratio as at 31 December 2024(A,1) 13.5%
Banking build (bps)(2) 175
Insurance dividend (bps) 7
Risk-weighted assets (bps) (46)
Other movements (bps)(3) 5
Capital generation excluding provision charge for motor finance commission 141
arrangements (bps)
Provision charge for motor finance commission arrangements (bps) (31)
Capital generation (bps) 110
Ordinary dividend (bps) (74)
CET1 ratio as at 30 September 2025 13.8%
(1) 31 December 2024 reflects both the full impact of the share buyback
announced in respect of 2024 and the ordinary dividend received from the
Insurance business in February 2025.
(2 ) Includes impairment charge and excess regulatory expected losses,
excludes the charge for motor finance commission arrangements.
(3) Includes share-based payments and market volatility.
Underlying impairment(A)
Nine months ended Nine months ended Change Three months ended Three months ended Change
30 Sep 30 Sep % 30 Sep 30 Sep 2024 %
2025 2024 2025 £m
£m £m £m
Charges (credits) pre-updated MES(1)
Retail 627 592 (6) 201 129 (56)
Commercial Banking (36) 16 (61) 44
Other - (11) - (1)
591 597 1 140 172 19
Updated economic outlook (MES)
Retail (42) (269) (84) 42 -
Commercial Banking 69 (55) (6) -
27 (324) 36 -
Underlying impairment charge(A) 618 273 176 172 (2)
Asset quality ratio(A) 0.18% 0.09% 9bp 0.15% 0.15%
(1) Impairment charges excluding the impact from updated economic
outlook (multiple economic scenarios, MES) taken each quarter.
( )
( )
ADDITIONAL INFORMATION (continued)
Loans and advances to customers and expected credit loss allowance -
underlying(A) basis
At 30 September 2025 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(1) 283,026 32,852 6,002 321,880 10.2 1.9
Credit cards 14,628 2,471 269 17,368 14.2 1.5
UK unsecured loans and overdrafts 10,345 1,417 191 11,953 11.9 1.6
UK Motor Finance(2) 13,829 2,544 148 16,521 15.4 0.9
Other 20,804 379 158 21,341 1.8 0.7
Retail 342,632 39,663 6,768 389,063 10.2 1.7
Business and Commercial Banking 25,663 2,520 1,030 29,213 8.6 3.5
Corporate and Institutional Banking 58,410 2,546 824 61,780 4.1 1.3
Commercial Banking 84,073 5,066 1,854 90,993 5.6 2.0
Equity Investments and Central Items(3) 264 - - 264 - -
Total gross lending 426,969 44,729 8,622 480,320 9.3 1.8
Customer related ECL allowance (drawn and undrawn)
UK mortgages(1) 49 249 581 879
Credit cards 226 286 121 633
UK unsecured loans and overdrafts 183 232 105 520
UK Motor Finance(4) 198 132 84 414
Other 18 9 36 63
Retail 674 908 927 2,509
Business and Commercial Banking 94 184 126 404
Corporate and Institutional Banking 102 118 316 536
Commercial Banking 196 302 442 940
Equity Investments and Central Items - - - -
Total 870 1,210 1,369 3,449
Customer related ECL allowance (drawn and undrawn) as a percentage of loans
and advances to customers(5)
Stage 1 Stage 2 Stage 3 Total
%
%
%
%
UK mortgages - 0.8 9.7 0.3
Credit cards 1.5 11.6 46.2 3.6
UK unsecured loans and overdrafts 1.8 16.4 56.5 4.4
UK Motor Finance 1.4 5.2 56.8 2.5
Other 0.1 2.4 22.8 0.3
Retail 0.2 2.3 13.7 0.6
Business and Commercial Banking 0.4 7.3 15.2 1.4
Corporate and Institutional Banking 0.2 4.6 38.4 0.9
Commercial Banking 0.2 6.0 26.7 1.0
Equity Investments and Central Items - - - -
Total 0.2 2.7 16.3 0.7
(1 ) UK mortgages balances on an underlying basis(A) exclude the impact
of the HBOS acquisition-related adjustments.
(2) UK Motor Finance balances on an underlying basis(A) exclude a
finance lease gross up.
(3) Contains central fair value hedge accounting adjustments.
(4) UK Motor Finance includes £223 million relating to provisions
against residual values of vehicles subject to finance leases.
(5) Stage 3 and Total exclude loans in recoveries in credit cards of £7
million, UK unsecured loans and overdrafts of £5 million, Business and
Commercial Banking of £200 million and Corporate and Institutional Banking of
£1 million.
( )
( )
ADDITIONAL INFORMATION (continued)
Total ECL allowance by scenario - underlying basis(A)
The following table shows the Group's ECL for the probability-weighted,
upside, base case, downside and severe downside scenarios. As at 31 December
2024, the severe downside scenario incorporated adjustments made to UK Bank
Rate and Consumer Price Index (CPI) inflation paths which, as at 30 September
2025, have been removed.
Underlying basis(A) Probability- Upside Base case Downside Severe
weighted £m £m £m downside
£m £m
At 30 September 2025 3,468 2,656 3,052 3,947 5,712
At 31 December 2024 3,651 2,634 3,204 4,159 6,515
Base case and MES economic assumptions
The Group's base case economic scenario has been updated to reflect ongoing
geopolitical developments and changes in domestic economic policy. The Group's
updated base case scenario has the following conditioning assumptions. First,
global conflicts do not lead to major discontinuities in commodity prices or
global trade. Second, the US effective tariff rate is maintained at prevailing
levels pending a switch to a sector-based tariff framework. Third, UK fiscal
policy acts to restore a margin of headroom against the current fiscal rules.
Based on these assumptions and incorporating the economic data published in
the second quarter of 2025, the Group's base case scenario is for a slow
expansion in gross domestic product (GDP) and a further rise in the
unemployment rate alongside small gains in residential and commercial property
prices. With underlying inflationary pressures expected to recede slowly,
modest reductions in UK Bank Rate are expected to continue in 2026, reaching a
'neutral' policy stance around the middle of the year. 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 at
the third quarter of 2025. Actual data for this period, or restatements of
past data, may have since emerged prior to publication and have not been
included.
The Group's approach to generating alternative economic scenarios is set out
in detail in note 21 to the financial statements of the Group's 2024 annual
report and accounts. As at 30 September 2025, the non-modelled adjustments
previously applied to UK Bank Rate and CPI inflation in the severe downside
scenario have been removed. This is because the incremental ECL impact is no
longer considered sufficiently material to justify their application.
Accordingly, its removal has had no material impact on ECL.
UK economic assumptions - base case scenario by quarter
Key quarterly assumptions made by the Group in the base case scenario are
shown below. GDP growth 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 2025 First Second Third Fourth First Second Third Fourth
quarter quarter quarter quarter quarter quarter quarter quarter
2025 2025 2025 2025 2026 2026 2026 2026
% % % % % % % %
Gross domestic product growth 0.7 0.3 0.2 0.1 0.2 0.3 0.3 0.4
Unemployment rate 4.5 4.7 4.9 5.0 5.0 5.0 4.9 4.9
House price growth 2.9 2.7 1.6 0.8 1.4 1.9 2.2 2.4
Commercial real estate price growth 2.5 2.6 2.6 1.5 1.0 0.8 1.0 0.7
UK Bank Rate 4.50 4.25 4.00 4.00 3.75 3.75 3.50 3.50
CPI inflation 2.8 3.5 3.9 3.8 3.3 3.0 2.9 2.5
ADDITIONAL INFORMATION (continued)
Base case and MES economic assumptions (continued)
UK economic assumptions - scenarios by year
Key annual assumptions made by the Group are shown below. GDP growth and CPI
inflation are presented as an annual change, house price growth and commercial
real estate price growth are presented as the growth in the respective indices
within the period. Unemployment rate and UK Bank Rate are averages for the
period.
At 30 September 2025 2025 2026 2027 2028 2029 2025-2029
% % % % % average
%
Upside
Gross domestic product growth 1.4 1.9 1.9 1.6 1.5 1.6
Unemployment rate 4.6 3.7 3.2 3.1 3.1 3.6
House price growth 1.1 4.8 7.0 6.3 5.5 4.9
Commercial real estate price growth 2.7 7.5 3.7 2.4 1.4 3.5
UK Bank Rate 4.19 4.30 4.72 4.95 5.12 4.66
CPI inflation 3.5 2.9 2.6 2.9 3.0 3.0
Base case
Gross domestic product growth 1.3 1.0 1.5 1.5 1.5 1.4
Unemployment rate 4.8 5.0 4.7 4.5 4.4 4.7
House price growth 0.8 2.4 1.7 2.2 3.2 2.1
Commercial real estate price growth 1.5 0.7 1.3 1.2 0.9 1.1
UK Bank Rate 4.19 3.63 3.50 3.50 3.50 3.66
CPI inflation 3.5 2.9 2.3 2.3 2.3 2.7
Downside
Gross domestic product growth 1.2 (1.2) 0.0 1.2 1.5 0.6
Unemployment rate 4.9 6.9 7.7 7.4 7.0 6.8
House price growth 0.5 (0.5) (6.4) (5.8) (2.0) (2.9)
Commercial real estate price growth 0.5 (8.9) (3.4) (1.9) (1.9) (3.2)
UK Bank Rate 4.19 2.37 1.03 0.69 0.48 1.75
CPI inflation 3.5 2.9 2.0 1.4 1.0 2.2
Severe downside
Gross domestic product growth 1.0 (3.1) (0.9) 1.0 1.4 (0.1)
Unemployment rate 5.1 9.2 10.4 10.0 9.4 8.8
House price growth 0.0 (2.4) (13.5) (12.0) (6.6) (7.0)
Commercial real estate price growth (1.8) (18.8) (8.7) (6.2) (4.9) (8.3)
UK Bank Rate 4.19 1.25 0.12 0.04 0.01 1.12
CPI inflation 3.5 2.9 1.5 0.4 (0.3) 1.6
Probability-weighted
Gross domestic product growth 1.3 0.2 0.9 1.4 1.5 1.1
Unemployment rate 4.8 5.6 5.7 5.5 5.3 5.4
House price growth 0.7 1.8 (0.6) (0.4) 1.4 0.6
Commercial real estate price growth 1.2 (2.1) (0.4) (0.1) (0.3) (0.3)
UK Bank Rate 4.19 3.21 2.79 2.75 2.73 3.13
CPI inflation 3.5 2.9 2.2 2.0 1.8 2.5
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 materially
unchanged since the year-end, is set out on pages 27 to 32 of the Group's 2024
Full Year Results news release.
Nine months ended Nine months ended
30 Sep 30 Sep
2025 2024
£m £m
Banking net interest margin(A)
Underlying net interest income(A) (£m) 10,106 9,569
Remove non-banking underlying net interest expense (£m) 372 347
Banking underlying net interest income (£m) 10,478 9,916
Loans and advances to customers (£bn) 477.5 457.9
Remove finance lease gross up(1) (£bn) (0.4) (0.9)
Underlying loans and advances to customers(A) (£bn) 477.1 457.0
Add back expected credit loss allowance (drawn) (£bn) 3.1 3.3
Add back acquisition related fair value adjustments (£bn) 0.1 0.2
Underlying gross loans and advances to customers (£bn) 480.3 460.5
Adjustment for non-banking and other items:
Fee-based loans and advances (£bn) (11.4) (10.1)
Other (£bn) 0.2 2.8
Interest-earning banking assets (£bn) 469.1 453.2
Averaging (£bn) (8.7) (3.3)
Average interest-earning banking assets(A) (£bn) 460.4 449.9
Banking net interest margin(A) 3.04% 2.94%
(1) The finance lease gross up represents a statutory accounting
adjustment required under IFRS 9 to recognise a continuing involvement asset
following the partial derecognition of a component of the Group's finance
lease book via a securitisation in the third quarter of 2024.
Nine months ended Nine months ended
30 Sep 30 Sep
2025 2024
£m £m
Return on tangible equity(A)
Profit attributable to ordinary shareholders (£m) 2,892 3,355
Average ordinary shareholders' equity (£bn) 40.2 40.0
Remove average goodwill and other intangible assets (£bn) (7.8) (8.0)
Average tangible equity (£bn) 32.4 32.0
Return on tangible equity(A) 11.9% 14.0%
( )
( )
( )
KEY DATES
Group strategy update: Digital & AI 6 November 2025
Preliminary 2025 results 29 January 2026
2025 annual report and accounts published 18 February 2026
BASIS OF PRESENTATION
This release covers the results of Lloyds Banking Group plc together with its
subsidiaries (the Group) for the nine months ended 30 September 2025. Unless
otherwise stated, income statement commentaries throughout this document
compare the nine months ended 30 September 2025 to the nine months ended 30
September 2024 and the balance sheet analysis compares the Group balance sheet
as at 30 September 2025 to the Group balance sheet as at 31 December 2024.
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 above. Unless
otherwise stated, commentary on page 1 is given on an underlying basis. The
Group's Q3 2025 Interim Pillar 3 disclosures can be found at:
www.lloydsbankinggroup.com/investors/financialdownloads.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 (including in relation to tariffs); imposed and
threatened tariffs and changes to global trade policies; acts of hostility or
terrorism and responses to those acts, or other such events; geopolitical
unpredictability; the war between Russia and Ukraine; the escalation of
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; 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
Rohith Chandra-Rajan
Director of Investor Relations
07353 885 690
rohith.chandra-rajan@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
Matt Smith
Head of Media Relations
07788 352 487
matt.smith@lloydsbanking.com
Emma Fairhurst
Media Relations Senior Manager
07814 395 855
emma.fairhurst@lloydsbanking.com
Copies of this News Release may be obtained from:
Investor Relations, Lloyds Banking Group plc, 33 Old Broad Street, London,
EC2N 1HZ
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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