證券交易委員會
華盛頓特區 20549
表格6-K
外國私人發行人報告
根據13a-16或15d-16條款
1934年證券交易所法案
2024年10月23日
勞埃德銀行集團plc
(將註冊者名稱翻譯成英文)
五樓
25 格雷森街
倫敦
EC2V 7HN
英國
(主要行政辦公室地址)
在選框內表示，登記資本管制投資名單項目之申請者正在或將要進行年度報告的申報
提交20-F表格或40-F表格時需保密。
表格
20-F..X.. 表格40-F
指数
至展品
項目
不
1 R監管資訊服務
公告，2024年10月23日
關於2024年第三季中期管理報告
勞埃德銀行集團股份有限公司
2024年第3季臨時管理報告
2024年10月23日
2024年9月30日止九個月結果
在2024年第三季度，集團取得了強勁的財務表現，收入增長，持續控制成本並保持強勁的資產品質。我們的表現讓我們有信心堅定地重申我們的2024年指引。
如在我們的2024年中期業績更新中提到的，我們正積極推進我們的策略，並繼續保持交付更高、更持久回報的軌道。如常地，我們以幫助英國繁榮為宗旨，並繼續為我們的客戶提供支援。集團業務的實力，加上我們的財務表現，使我們能夠為所有利益相關者交付成果。
查理·南，集團首席執行官
穩健的財務表現，符合預期
1
●
法定稅後利潤為38億英鎊（截至2023年9月30日的九個月：43億英鎊），凈利潤較上一年下降7%，營運成本增加5%（包括英格蘭銀行稅），部分抵銷了較低的減值費用。
●
凈利息收益率為96億英鎊，下降8％，銀行凈利息收益率為2.94％，平均資產為4499億英鎊。第三季度的凈利息收益為32億英鎊，較去年增長2%，銀行凈利息收益率為2.95%，較第二季度的2.93％有所提高。
●
底層其他收入為42億英鎊，較上年增加9％，這是由於客戶和市場活動的增強，以及戰略舉措的好處
●
營運租賃折舊為9,9400萬英鎊，較去年同期增加，反映了車隊規模的增長，價值較高的車輛折舊和二手電動汽車價格下降。第三季度的費用為3,1500萬英鎊，符合預期。
●
營運成本達到70億英鎊，上升5%，成本效益有助於部分抵銷較高的持續戰略投資，計劃中的加快遣散費用以及通貨膨脹壓力，與英格蘭銀行費用進行板塊性變革相關的首季約1億英鎊。
●
2023年前九個月的整治成本達12400萬英鎊（2023年前九個月：1.34億英鎊），主要與既有計畫有關。
●
截至目前為止的底層損失金額為27300萬英鎊，資產品質比率為9個基點。不考慮對經濟前景的改善影響，資產品質比率為18基點。該投資組合依然處於良好位置，信用表現強勁。
●
截至目前為止，客戶基礎貸款及債務增加了73億英鎊，其中第三季度增加了46億英鎊，達到4570億英鎊。截至目前為止的增長包括零售部門的74億英鎊，而商業銀行保持穩定。
●
顧客存款達4757億英鎊，在截至年底的這一年中增加了43億英鎊，其中零售存款增加了66億英鎊，部分抵銷了商業銀行存款減少21億英鎊。顧客存款在第三季度繼續增長，增加了10億英鎊。
●
截至今年底，本年度資本增值率為132個基點。
CET1比率為14.3%，經過71個基點用於處分普通股息及可預見的普通股息累計，在2026年明顯高於我們持續的目標約13.0%。
●
風險加權資產2233億英鎊在本期增加42億英鎊，反映貸款增長和其他變動，部分被風險加權資產的有效管理所抵銷
●
每股有形凈資產為52.5便士，較2023年12月31日的50.8便士增加。
重申2024年的指引
根據我們目前的宏觀經濟假設，到2024年集團仍預期：
●
銀行
凈利息收益率高於290基點
●
營運成本約94億英鎊，包括約1億英鎊的英格蘭銀行徵費
●
資產
品質比例應該低於20個基點
●
資本回報率約為13%。
●
約175個基點的資本生成2
●
風險加權資產介於2200億英鎊和2250億英鎊之間
●
為了降低CET1比率至約13.5%
●
請參閱第頁的簡報基礎 14.
●
不包括資本分派。包括次年2月從保險業務中收到的普通分紅。
損益表（基礎下）A及關鍵資產負債表指標
|
|
九
個月
結束於
9月30日
2024
百萬英鎊
|
|
|
九
個月
結束了
30 九月
2023
£百萬
|
|
|
變動
%
|
|
三
個月
結束了
30 九月
2024
£百萬
|
|
|
三
個月
結束了
30 九月
2023
£m
|
|
|
變動
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
基礎淨利息收益
|
9,569
|
|
|
10,448
|
|
|
(8)
|
|
3,231
|
|
|
3,444
|
|
|
(6)
|
|
基礎其他收入
|
4,164
|
|
|
3,837
|
|
|
9
|
|
1,430
|
|
|
1,299
|
|
|
10
|
|
營運租賃折舊
|
(994)
|
|
|
(585)
|
|
|
(70)
|
|
(315)
|
|
|
(229)
|
|
|
(38)
|
|
凈利潤
|
12,739
|
|
|
13,700
|
|
|
(7)
|
|
4,346
|
|
|
4,514
|
|
|
(4)
|
|
營運成本
|
(6,992)
|
|
|
(6,654)
|
|
|
(5)
|
|
(2,292)
|
|
|
(2,241)
|
|
|
(2)
|
|
修補
|
(124)
|
|
|
(134)
|
|
|
7
|
|
(29)
|
|
|
(64)
|
|
|
55
|
|
總成本
|
(7,116)
|
|
|
(6,788)
|
|
|
(5)
|
|
(2,321)
|
|
|
(2,305)
|
|
|
(1)
|
|
減除減值前基礎利潤
|
5,623
|
|
|
6,912
|
|
|
(19)
|
|
2,025
|
|
|
2,209
|
|
|
(8)
|
|
基礎減值費用
|
(273)
|
|
|
(849)
|
|
|
68
|
|
(172)
|
|
|
(187)
|
|
|
8
|
|
基礎利潤
|
5,350
|
|
|
6,063
|
|
|
(12)
|
|
1,853
|
|
|
2,022
|
|
|
(8)
|
|
重組
|
(21)
|
|
|
(69)
|
|
|
70
|
|
(6)
|
|
|
(44)
|
|
|
86
|
|
波動性及其他項目
|
(182)
|
|
|
(266)
|
|
|
32
|
|
(24)
|
|
|
(120)
|
|
|
80
|
|
稅前慣例利潤
|
5,147
|
|
|
5,728
|
|
|
(10)
|
|
1,823
|
|
|
1,858
|
|
|
(2)
|
|
稅款開支
|
(1,370)
|
|
|
(1,444)
|
|
|
5
|
|
(490)
|
|
|
(438)
|
|
|
(12)
|
|
稅後慣例利潤
|
3,777
|
|
|
4,284
|
|
|
(12)
|
|
1,333
|
|
|
1,420
|
|
|
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
每股盈利
|
5.3p
|
|
|
5.9p
|
|
|
(0.6)p
|
|
1.9p
|
|
|
2.0p
|
|
|
(0.1)p
|
|
銀行凈利息收益率A
|
2.94%
|
|
|
3.15%
|
|
|
(21)bp
|
|
2.95%
|
|
|
3.08%
|
|
|
(13)bp
|
|
平均利息收入的銀行資產A
|
£449.9億
|
|
|
£453.5億
|
|
|
(1)
|
|
£451.1億
|
|
|
£453.0億
|
|
|
|
|
成本:收入比率A
|
55.9%
|
|
|
49.5%
|
|
|
6.4pp
|
|
53.4%
|
|
|
51.1%
|
|
|
2.3百分點
|
|
資產品質比率A
|
0.09%
|
|
|
0.25%
|
|
|
(16)個基點
|
|
0.15%
|
|
|
0.17%
|
|
|
(2)基點
|
|
有形股東權益回報A
|
14.0%
|
|
|
16.6%
|
|
|
(2.6)百分點
|
|
15.2%
|
|
|
16.9%
|
|
|
(1.7)百分點
|
|
|
At 30 Sep
2024
|
|
|
At 30 Jun
2024
|
|
|
Change
%
|
|
|
|
|
At 31 Dec
2023
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying loans and advances to customersA
|
£457.0bn
|
|
|
£452.4bn
|
|
|
1
|
|
|
|
|
£449.7bn
|
|
|
2
|
|
Customer deposits
|
£475.7bn
|
|
|
£474.7bn
|
|
|
|
|
|
|
|
£471.4bn
|
|
|
1
|
|
Loan to deposit ratioA
|
96%
|
|
|
95%
|
|
|
1pp
|
|
|
|
|
95%
|
|
|
1pp
|
|
CET1 ratio
|
14.3%
|
|
|
14.1%
|
|
|
0.2pp
|
|
|
|
|
14.6%
|
|
|
(0.3)pp
|
|
Pro forma CET1 ratioA,1
|
14.3%
|
|
|
14.1%
|
|
|
0.2pp
|
|
|
|
|
13.7%
|
|
|
0.6pp
|
|
Total capital ratio
|
19.0%
|
|
|
18.7%
|
|
|
0.3pp
|
|
|
|
|
19.8%
|
|
|
(0.8)pp
|
|
MREL ratio
|
32.2%
|
|
|
31.7%
|
|
|
0.5pp
|
|
|
|
|
31.9%
|
|
|
0.3pp
|
|
UK leverage ratio
|
5.5%
|
|
|
5.4%
|
|
|
0.1pp
|
|
|
|
|
5.8%
|
|
|
(0.3)pp
|
|
Risk-weighted assets
|
£223.3bn
|
|
|
£222.0bn
|
|
|
1
|
|
|
|
|
£219.1bn
|
|
|
2
|
|
Wholesale funding
|
£93.3bn
|
|
|
£97.6bn
|
|
|
(4)
|
|
|
|
|
£98.7bn
|
|
|
(5)
|
|
Liquidity coverage ratio2
|
144%
|
|
|
144%
|
|
|
|
|
|
|
|
142%
|
|
|
2pp
|
|
Net stable funding ratio3
|
129%
|
|
|
130%
|
|
|
(1)pp
|
|
|
|
|
130%
|
|
|
(1)pp
|
|
Tangible net assets per shareA
|
52.5p
|
|
|
49.6p
|
|
|
2.9p
|
|
|
|
|
50.8p
|
|
|
1.7p
|
A
See page 14.
1 31
December 2023 reflects both the full impact of the share buyback in
respect of 2023 and the ordinary dividend received from the
Insurance business in February 2024, but excludes the impact of the
phased unwind of IFRS 9 relief on 1 January
2024.
2
The liquidity coverage ratio is calculated as a simple average of
month-end observations over the previous 12
months.
3
The net stable funding ratio is calculated as a simple average of
month-end observations over the previous four
quarter-ends.
QUARTERLY
INFORMATIONA
|
|
Quarter
ended
30 Sep
2024
£m
|
|
|
Quarter
ended
30 Jun
2024
£m
|
|
|
Change
%
|
|
|
Quarter
ended
31 Mar
2024
£m
|
|
|
Quarter
ended
31 Dec
2023
£m
|
|
|
Quarter
ended
30 Sep
2023
£m
|
|
|
Quarter
ended
30 Jun
2023
£m
|
|
|
Quarter
ended
31 Mar
2023
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying net interest income
|
3,231
|
|
|
3,154
|
|
|
2
|
|
|
3,184
|
|
|
3,317
|
|
|
3,444
|
|
|
3,469
|
|
|
3,535
|
|
|
Underlying other income
|
1,430
|
|
|
1,394
|
|
|
3
|
|
|
1,340
|
|
|
1,286
|
|
|
1,299
|
|
|
1,281
|
|
|
1,257
|
|
|
Operating lease depreciation
|
(315)
|
|
|
(396)
|
|
|
20
|
|
|
(283)
|
|
|
(371)
|
|
|
(229)
|
|
|
(216)
|
|
|
(140)
|
|
|
Net income
|
4,346
|
|
|
4,152
|
|
|
5
|
|
|
4,241
|
|
|
4,232
|
|
|
4,514
|
|
|
4,534
|
|
|
4,652
|
|
|
Operating costs
|
(2,292)
|
|
|
(2,298)
|
|
|
|
|
|
(2,402)
|
|
|
(2,486)
|
|
|
(2,241)
|
|
|
(2,243)
|
|
|
(2,170)
|
|
|
Remediation
|
(29)
|
|
|
(70)
|
|
|
59
|
|
|
(25)
|
|
|
(541)
|
|
|
(64)
|
|
|
(51)
|
|
|
(19)
|
|
|
Total costs
|
(2,321)
|
|
|
(2,368)
|
|
|
2
|
|
|
(2,427)
|
|
|
(3,027)
|
|
|
(2,305)
|
|
|
(2,294)
|
|
|
(2,189)
|
|
|
Underlying profit before impairment
|
2,025
|
|
|
1,784
|
|
|
14
|
|
|
1,814
|
|
|
1,205
|
|
|
2,209
|
|
|
2,240
|
|
|
2,463
|
|
|
Underlying impairment (charge) credit
|
(172)
|
|
|
(44)
|
|
|
|
|
|
(57)
|
|
|
541
|
|
|
(187)
|
|
|
(419)
|
|
|
(243)
|
|
|
Underlying profit
|
1,853
|
|
|
1,740
|
|
|
6
|
|
|
1,757
|
|
|
1,746
|
|
|
2,022
|
|
|
1,821
|
|
|
2,220
|
|
|
Restructuring
|
(6)
|
|
|
(3)
|
|
|
|
|
|
(12)
|
|
|
(85)
|
|
|
(44)
|
|
|
(13)
|
|
|
(12)
|
|
|
Volatility and other items
|
(24)
|
|
|
(41)
|
|
|
41
|
|
|
(117)
|
|
|
114
|
|
|
(120)
|
|
|
(198)
|
|
|
52
|
|
|
Statutory profit before tax
|
1,823
|
|
|
1,696
|
|
|
7
|
|
|
1,628
|
|
|
1,775
|
|
|
1,858
|
|
|
1,610
|
|
|
2,260
|
|
|
Tax expense
|
(490)
|
|
|
(467)
|
|
|
(5)
|
|
|
(413)
|
|
|
(541)
|
|
|
(438)
|
|
|
(387)
|
|
|
(619)
|
|
|
Statutory profit after tax
|
1,333
|
|
|
1,229
|
|
|
8
|
|
|
1,215
|
|
|
1,234
|
|
|
1,420
|
|
|
1,223
|
|
|
1,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
1.9p
|
|
|
1.7p
|
|
|
0.2p
|
|
|
1.7p
|
|
|
1.7p
|
|
|
2.0p
|
|
|
1.6p
|
|
|
2.3p
|
|
|
Banking net interest marginA
|
2.95%
|
|
|
2.93%
|
|
|
2bp
|
|
|
2.95%
|
|
|
2.98%
|
|
|
3.08%
|
|
|
3.14%
|
|
|
3.22%
|
|
|
Average interest-earning banking assetsA
|
£451.1bn
|
|
|
£449.4bn
|
|
|
|
|
|
£449.1bn
|
|
|
£452.8bn
|
|
|
£453.0bn
|
|
|
£453.4bn
|
|
|
£454.2bn
|
|
|
Cost:income ratioA
|
53.4%
|
|
|
57.0%
|
|
|
(3.6)pp
|
|
|
57.2%
|
|
|
71.5%
|
|
|
51.1%
|
|
|
50.6%
|
|
|
47.1%
|
|
|
Asset quality ratioA
|
0.15%
|
|
|
0.05%
|
|
|
10bp
|
|
|
0.06%
|
|
|
(0.47)%
|
|
|
0.17%
|
|
|
0.36%
|
|
|
0.22%
|
|
|
Return on tangible equityA
|
15.2%
|
|
|
13.6%
|
|
|
1.6pp
|
|
|
13.3%
|
|
|
13.9%
|
|
|
16.9%
|
|
|
13.6%
|
|
|
19.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
30 Sep
2024
|
|
|
At
30 Jun
2024
|
|
|
Change
%
|
|
|
At
31 Mar
2024
|
|
|
At
31 Dec
2023
|
|
|
At
30 Sep
2023
|
|
|
At
30 Jun
2023
|
|
|
At
31 Mar
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying loans and advances to customersA,1
|
£457.0bn
|
|
|
£452.4bn
|
|
|
1
|
|
|
£448.5bn
|
|
|
£449.7bn
|
|
|
£452.1bn
|
|
|
£450.7bn
|
|
|
£452.3bn
|
|
|
Customer deposits
|
£475.7bn
|
|
|
£474.7bn
|
|
|
|
|
|
£469.2bn
|
|
|
£471.4bn
|
|
|
£470.3bn
|
|
|
£469.8bn
|
|
|
£473.1bn
|
|
|
Loan to deposit ratioA
|
96%
|
|
|
95%
|
|
|
1pp
|
|
|
96%
|
|
|
95%
|
|
|
96%
|
|
|
96%
|
|
|
96%
|
|
|
CET1 ratio
|
14.3%
|
|
|
14.1%
|
|
|
0.2pp
|
|
|
13.9%
|
|
|
14.6%
|
|
|
14.6%
|
|
|
14.2%
|
|
|
14.1%
|
|
|
Pro forma CET1 ratioA,2
|
14.3%
|
|
|
14.1%
|
|
|
0.2pp
|
|
|
13.9%
|
|
|
13.7%
|
|
|
14.6%
|
|
|
14.2%
|
|
|
14.1%
|
|
|
Total capital ratio
|
19.0%
|
|
|
18.7%
|
|
|
0.3pp
|
|
|
19.0%
|
|
|
19.8%
|
|
|
19.9%
|
|
|
19.7%
|
|
|
19.9%
|
|
|
MREL ratio
|
32.2%
|
|
|
31.7%
|
|
|
0.5pp
|
|
|
32.0%
|
|
|
31.9%
|
|
|
32.6%
|
|
|
31.0%
|
|
|
32.1%
|
|
|
UK leverage ratio
|
5.5%
|
|
|
5.4%
|
|
|
0.1pp
|
|
|
5.6%
|
|
|
5.8%
|
|
|
5.7%
|
|
|
5.7%
|
|
|
5.6%
|
|
|
Risk-weighted assets
|
£223.3bn
|
|
|
£222.0bn
|
|
|
1
|
|
|
£222.8bn
|
|
|
£219.1bn
|
|
|
£217.7bn
|
|
|
£215.3bn
|
|
|
£210.9bn
|
|
|
Wholesale funding
|
£93.3bn
|
|
|
£97.6bn
|
|
|
(4)
|
|
|
£99.9bn
|
|
|
£98.7bn
|
|
|
£108.5bn
|
|
|
£103.5bn
|
|
|
£101.1bn
|
|
|
Liquidity coverage ratio3
|
144%
|
|
|
144%
|
|
|
|
|
|
143%
|
|
|
142%
|
|
|
142%
|
|
|
142%
|
|
|
143%
|
|
|
Net stable funding ratio4
|
129%
|
|
|
130%
|
|
|
(1)pp
|
|
|
130%
|
|
|
130%
|
|
|
130%
|
|
|
130%
|
|
|
129%
|
|
|
Tangible net assets per shareA
|
52.5p
|
|
|
49.6p
|
|
|
2.9p
|
|
|
51.2p
|
|
|
50.8p
|
|
|
47.2p
|
|
|
45.7p
|
|
|
49.6p
|
|
1
The increase between 31 March 2024 and 30 June 2024 is net of the
impact of the securitisation of £0.9 billion of legacy Retail
mortgages in May 2024. The reduction between 30 September 2023 and
31 December 2023 is net of the impact of the securitisation of
£2.7 billion of UK Retail unsecured loans.
2 31
December 2023 reflects both the full impact of the share buyback in
respect of 2023 and the ordinary dividend received from the
Insurance business in February 2024, but excludes the impact of the
phased unwind of IFRS 9 relief on 1 January
2024.
3
The liquidity coverage ratio is calculated as a 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
2024
£bn
|
|
|
At 30 Jun
2024
£bn
|
|
|
Change
%
|
|
At 31 Dec
2023
£bn
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK mortgages1,2
|
310.1
|
|
|
306.9
|
|
|
1
|
|
306.2
|
|
|
1
|
|
Credit cards
|
15.7
|
|
|
15.6
|
|
|
1
|
|
15.1
|
|
|
4
|
|
UK Retail unsecured loans
|
8.8
|
|
|
8.2
|
|
|
7
|
|
6.9
|
|
|
28
|
|
UK Motor Finance3
|
15.6
|
|
|
16.2
|
|
|
(4)
|
|
15.3
|
|
|
2
|
|
Overdrafts
|
1.1
|
|
|
1.0
|
|
|
10
|
|
1.1
|
|
|
|
|
Retail other1,4
|
17.3
|
|
|
17.2
|
|
|
1
|
|
16.6
|
|
|
4
|
|
Small and Medium Businesses
|
30.7
|
|
|
31.5
|
|
|
(3)
|
|
33.0
|
|
|
(7)
|
|
Corporate and Institutional Banking
|
57.2
|
|
|
56.6
|
|
|
1
|
|
55.6
|
|
|
3
|
|
Central Items5
|
0.5
|
|
|
(0.8)
|
|
|
|
|
(0.1)
|
|
|
|
|
Underlying loans and advances to
customersA
|
457.0
|
|
|
452.4
|
|
|
1
|
|
449.7
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail current accounts
|
100.6
|
|
|
101.7
|
|
|
(1)
|
|
102.7
|
|
|
(2)
|
|
Retail savings accounts6
|
204.3
|
|
|
201.5
|
|
|
1
|
|
194.8
|
|
|
5
|
|
Wealth
|
10.1
|
|
|
10.1
|
|
|
|
|
10.9
|
|
|
(7)
|
|
Commercial Banking
|
160.7
|
|
|
161.2
|
|
|
|
|
162.8
|
|
|
(1)
|
|
Central Items
|
-
|
|
|
0.2
|
|
|
|
|
0.2
|
|
|
|
|
Customer deposits
|
475.7
|
|
|
474.7
|
|
|
|
|
471.4
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
900.8
|
|
|
892.9
|
|
|
1
|
|
881.5
|
|
|
2
|
|
Total liabilities
|
854.4
|
|
|
847.8
|
|
|
1
|
|
834.1
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shareholders' equity
|
40.3
|
|
|
39.0
|
|
|
3
|
|
40.3
|
|
|
|
|
Other equity instruments
|
5.9
|
|
|
5.9
|
|
|
|
|
6.9
|
|
|
(14)
|
|
Non-controlling interests
|
0.2
|
|
|
0.2
|
|
|
|
|
0.2
|
|
|
|
|
Total equity
|
46.4
|
|
|
45.1
|
|
|
3
|
|
47.4
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares in issue, excluding own shares
|
61,419m
|
|
|
62,458m
|
|
|
(2)
|
|
63,508m
|
|
|
(3)
|
1
From the first quarter of 2024, open mortgage book and closed
mortgage book loans and advances, previously presented separately,
are reported together as UK mortgages; Wealth loans and advances,
previously reported separately, are included within Retail other.
The 31 December 2023 comparative is presented on a consistent
basis.
2
The increase between 31 December 2023 and 30 June 2024 is net of
the impact of the securitisation of £0.9 billion of legacy
Retail mortgages in May 2024.
3
UK Motor Finance balances on an underlying basisA exclude
a finance lease gross up. See page 14.
4
Within loans and advances, Retail other includes the European and
Wealth businesses.
5
Central Items includes central fair value hedge accounting
adjustments.
6
From the first quarter of 2024, Retail relationship savings
accounts and Retail tactical savings accounts, previously reported
separately, are reported together as Retail savings accounts. The
31 December 2023 comparative is presented on a consistent
basis.
GROUP RESULTS - STATUTORY BASIS
The results below are prepared in accordance with the recognition
and measurement principles of International Financial Reporting
Standards (IFRS). The underlying results are shown on
page 2.
|
Summary income statement
|
Nine months
ended
30 Sep
2024
£m
|
|
|
Nine months ended
30 Sep
2023
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
9,125
|
|
|
10,111
|
|
|
(10)
|
|
Other income
|
17,771
|
|
|
9,958
|
|
|
78
|
|
Total income
|
26,896
|
|
|
20,069
|
|
|
34
|
|
Net finance expense in respect of insurance and investment
contracts
|
(13,419)
|
|
|
(6,167)
|
|
|
|
|
Total income, after net finance expense in respect of insurance and
investment contracts
|
13,477
|
|
|
13,902
|
|
|
(3)
|
|
Operating expenses
|
(8,058)
|
|
|
(7,331)
|
|
|
(10)
|
|
Impairment charge
|
(272)
|
|
|
(843)
|
|
|
68
|
|
Profit before tax
|
5,147
|
|
|
5,728
|
|
|
(10)
|
|
Tax expense
|
(1,370)
|
|
|
(1,444)
|
|
|
5
|
|
Profit for the period
|
3,777
|
|
|
4,284
|
|
|
(12)
|
|
|
|
|
|
|
|
|
|
|
Profit attributable to ordinary shareholders
|
3,355
|
|
|
3,840
|
|
|
(13)
|
|
Ordinary shares in issue (weighted-average - basic)
|
62,948m
|
|
|
65,446m
|
|
|
(4)
|
|
Basic earnings per share
|
5.3p
|
|
|
5.9p
|
|
|
(0.6)p
|
|
Summary balance sheet
|
At 30 Sep
2024
£m
|
|
|
At 30 Jun
2024
£m
|
|
|
Change
%
|
|
At 31 Dec
2023
£m
|
|
|
Change
%
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and balances at central banks
|
59,055
|
|
|
66,808
|
|
|
(12)
|
|
78,110
|
|
|
(24)
|
|
Financial assets at fair value through profit or loss
|
214,056
|
|
|
209,139
|
|
|
2
|
|
203,318
|
|
|
5
|
|
Derivative financial instruments
|
19,975
|
|
|
18,983
|
|
|
5
|
|
22,356
|
|
|
(11)
|
|
Financial assets at amortised cost
|
529,907
|
|
|
525,698
|
|
|
1
|
|
514,635
|
|
|
3
|
|
Financial assets at fair value through other comprehensive
income
|
32,706
|
|
|
27,847
|
|
|
17
|
|
27,592
|
|
|
19
|
|
Other assets
|
45,143
|
|
|
44,452
|
|
|
2
|
|
35,442
|
|
|
27
|
|
Total assets
|
900,842
|
|
|
892,927
|
|
|
1
|
|
881,453
|
|
|
2
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits from banks
|
5,876
|
|
|
5,584
|
|
|
5
|
|
6,153
|
|
|
(5)
|
|
Customer deposits
|
475,737
|
|
|
474,693
|
|
|
|
|
471,396
|
|
|
1
|
|
Repurchase agreements at amortised cost
|
41,382
|
|
|
37,914
|
|
|
9
|
|
37,703
|
|
|
10
|
|
Financial liabilities at fair value through profit or
loss
|
28,657
|
|
|
27,056
|
|
|
6
|
|
24,914
|
|
|
15
|
|
Derivative financial instruments
|
16,772
|
|
|
16,647
|
|
|
1
|
|
20,149
|
|
|
(17)
|
|
Debt securities in issue at amortised cost
|
70,805
|
|
|
74,760
|
|
|
(5)
|
|
75,592
|
|
|
(6)
|
|
Liabilities arising from insurance and participating investment
contracts
|
120,961
|
|
|
125,007
|
|
|
(3)
|
|
120,123
|
|
|
1
|
|
Liabilities arising from non-participating investment
contracts
|
49,725
|
|
|
48,280
|
|
|
3
|
|
44,978
|
|
|
11
|
|
Other liabilities
|
33,646
|
|
|
27,421
|
|
|
23
|
|
22,827
|
|
|
47
|
|
Subordinated liabilities
|
10,860
|
|
|
10,448
|
|
|
4
|
|
10,253
|
|
|
6
|
|
Total liabilities
|
854,421
|
|
|
847,810
|
|
|
1
|
|
834,088
|
|
|
2
|
|
Total equity
|
46,421
|
|
|
45,117
|
|
|
3
|
|
47,365
|
|
|
(2)
|
|
Total equity and liabilities
|
900,842
|
|
|
892,927
|
|
|
1
|
|
881,453
|
|
|
2
|
REVIEW OF
PERFORMANCEA
Income statement (underlying
basis)A
The Group's statutory profit before tax for the first nine months
of 2024 was £5,147 million, 10 per cent lower than the same
period in 2023. This was driven by lower net interest income and
higher operating expenses, partly offset by a lower impairment
charge. Statutory profit before tax of £1,823 million for
the third quarter was up 7 per cent versus the second quarter of
2024.
The Group's underlying profit was £5,350 million in the
first nine months of 2024, a reduction of 12 per cent compared to
£6,063 million in the prior year. Underlying profit of
£1,853 million in the third quarter was up 6 per cent compared
to the second quarter of 2024, with higher net income partly offset
by a higher impairment charge.
Net income of £12,739 million was down 7 per cent on the first
nine months of 2023, driven by lower underlying net interest income
and an increased charge for operating lease depreciation. This was
partly offset by higher underlying other income. Net income in the
third quarter of 2024 is up 5 per cent versus the second quarter,
with growth across underlying net interest income and underlying
other income.
Underlying net interest income of £9,569 million was down 8
per cent on the first nine months of 2023, driven by a lower
banking net interest margin of 2.94 per cent (nine months
to 30 September 2023: 3.15 per cent), in line with
expectations. The lower margin reflected anticipated headwinds due
to deposit churn and asset margin compression, particularly in the
mortgage book as it refinances in a lower margin environment. These
factors were partially offset by benefits from higher structural
hedge earnings as balances are reinvested in the higher rate
environment. Average interest-earning banking assets in the first
nine months of 2024 at £449.9 billion were slightly lower
(1 per cent) compared to the first nine months of 2023. This was
due to a modest reduction in the average mortgage book balance and
a reduction in average Commercial Banking lending, which included
the effects of continued repayments of government-backed lending in
Small and Medium Businesses and lower lending to banks. Underlying
net interest income in the first nine months included non-banking
interest expense of £347 million (nine months to
30 September 2023: £231 million), increasing as a
result of higher funding costs and growth in the Group's
non-banking businesses.
Underlying net interest income of £3,231 million in the third
quarter of 2024 was higher than in the second quarter (three months
to 30 June 2024: £3,154 million). Growth in structural hedge
earnings more than offset the impact from the continuation of
headwinds in respect of deposit churn and asset margin compression,
resulting in a slight increase in banking net interest margin to
2.95 per cent in the third quarter (three months to 30 June 2024:
2.93 per cent). Average interest earning banking assets were
£451.1 billion, up on the second quarter with growth in
mortgage lending. These developments support the delivery of full
year 2024 guidance with the Group still expecting the banking net
interest margin for 2024 to be greater than 290 basis points
and average interest-earning banking assets to be greater than
£450 billion.
The Group manages the risk to earnings and capital from movements
in interest rates by hedging the net liabilities which are stable
or less sensitive to movements in rates. At the end of the third
quarter, the notional balance of the sterling structural hedge was
maintained at £242 billion (31 December 2023:
£247 billion, 30 June 2024: £242 billion) with a
weighted average duration of approximately three-and-a-half years
(31 December 2023: approximately three-and-a-half years). This
is in line with the balance at the end of the second quarter, given
increasing stability in deposit flows. The Group generated
£3.0 billion of total income from sterling structural hedge
balances in the first nine months of 2024, representing material
growth over the prior year (nine months to 30 September
2023: £2.5 billion). The Group expects sterling
structural hedge earnings in 2024 to be over £0.7 billion
higher than in 2023 (full year 2023: £3.4
billion).
Underlying other income in the first nine months of 2024 of
£4,164 million grew by 9 per cent compared to
£3,837 million in the first nine months of 2023. Retail
was up 12 per cent versus the first nine months of 2023, primarily
due to UK Motor Finance, reflecting growth following the
acquisition of Tusker in the first quarter of 2023, increased fleet
size and higher average rental value. Within Commercial Banking, 9
per cent growth was driven by strong markets performance given
strategic investment and higher levels of client activity.
Insurance, Pensions and Investments underlying other income grew by
7 per cent compared to the first nine months of 2023, driven
by market share gains within general insurance alongside favourable
market returns, partly offset by the effects of the agreed sale
(subject to regulatory approval) of the in-force bulk annuity
portfolio (with associated income and costs for the period
recognised within volatility and other items). Excluding the
in-force bulk annuity portfolio, Insurance, Pensions and
Investments was up 12 per cent. In Equity Investments and Central
Items, underlying other income in the year to date was adversely
impacted by the timing of exits in the Group's equity investment
businesses. Compared to the second quarter of 2024, underlying
other income was 3 per cent higher in the third quarter,
primarily driven by growth in Retail and the Group's equity
investment businesses.
REVIEW OF PERFORMANCE (continued)
The Group delivered organic growth in assets under administration
(AuA) in Insurance, Pensions and Investments and Wealth (reported
within Retail), with combined £3.9 billion net new money in
open book AuA over the first nine months of 2024. In total, open
book AuA stand at c.£197 billion at 30 September
2024.
Operating lease depreciation of £994 million increased
compared to the prior year (nine months to 30 September
2023: £585 million), largely as a result of fleet
growth, the depreciation of higher value vehicles and declines in
used electric car prices. This includes the c.£100 million
additional charge taken in the second quarter to reflect future
expected residual values. The charge in the third quarter was
£315 million, consistent with expectations, given used car
prices have performed in line with assumptions since the second
quarter.
Total costs, including remediation, of £7,116 million were 5
per cent higher than the prior year, with operating costs of
£6,992 million up 5 per cent. Operating costs include
accelerated severance charges and c.£0.1 billion relating to
the sector-wide change in the charging approach for the Bank of
England Levy taken in the first quarter (excluding the Levy,
operating costs were up 4 per cent). The Group maintains its cost
discipline with cost efficiencies helping to offset higher ongoing
strategic investment, planned accelerated severance charges and
inflationary pressure. The Group's cost:income ratio for the first
nine months of 2024 was 55.9 per cent compared to
49.5 per cent in the prior year, and 53.4 per cent in the
third quarter. Operating costs in 2024 are still expected to be
c.£9.4 billion, including c.£0.1 billion for the new
Bank of England Levy.
The Group recognised remediation costs of £124 million in the
first nine months (nine months to 30 September 2023:
£134 million), largely in relation to pre-existing
programmes, with no further charges in respect of the FCA review of
historical motor finance commission arrangements. The FCA confirmed
in September 2024 its intention to set out next steps in its review
in May 2025, including its assessment of the outcome of the
Judicial Review and Court of Appeal decisions involving other
market participants; the Group will assess the impact, if any, of
these decisions.
Asset quality remains strong with resilient credit performance in
the quarter. Underlying impairment in the year to date was a charge
of £273 million (nine months to 30 September 2023:
£849 million), resulting in an asset quality ratio of
9 basis points. The charge reflects a £324 million
multiple economic scenarios (MES) credit (nine months to
30 September 2023: £69 million credit) from an improved
economic outlook in the first half of the year, notably house price
growth and through changes to the severe downside scenario
methodology. The charge in the third quarter of
£172 million includes a one-off debt sale write back of
£77 million in Retail. No MES impact has been recognised for
changes to the Group's macroeconomic assumptions in the third
quarter, of which only the outlook for house price growth shows any
meaningful revision.
The nine months to 30 September pre-updated MES charge of £597
million (nine months to 30 September 2023: £918 million)
is equivalent to an asset quality ratio of 18 basis points.
Compared to the prior year, the pre-updated MES charge in the nine
months to 30 September 2024 was lower, benefitting from strong
portfolio performance, the debt sale in the third quarter and a
one-off release in Commercial Banking from loss rates used in the
model in the first half. The Group continues to expect the asset
quality ratio to be less than 20 basis points in
2024.
Restructuring costs for the first nine months of 2024 were £21
million (nine months to 30 September 2023: £69 million)
and include costs relating to the integration of Embark and Tusker.
Volatility and other items were a net loss of
£182 million for the year to date (nine months to 30
September 2023: net loss of £266 million). This included
£61 million for the amortisation of purchased intangibles
(nine months to 30 September 2023: £53 million) and
£79 million relating to fair value unwind (nine months to
30 September 2023: £68 million). Alongside, negative
market volatility of £41 million (nine months to
30 September 2023: £145 million) was substantially driven
by longer-term rate rises in the period, causing negative insurance
volatility, partly offset by positive impacts from banking
volatility. There was positive market volatility of £24
million in the third quarter, in part driven by rate
reversals.
The return on tangible equity for the first nine months of 2024 was
14.0 per cent (nine months to 30 September 2023: 16.6 per
cent), with 15.2 per cent in the third quarter. The Group continues
to expect the return on tangible equity for 2024 to be c.13 per
cent.
Tangible net assets per share at 30 September 2024 was 52.5 pence,
up 1.7 pence in the first nine months (31 December 2023:
50.8 pence). The increase resulted from attributable profit
and cash flow hedge reserve movements. This was partly offset by
capital distributions, foreign exchange impact on the redemption of
a US Dollar denominated AT1 capital instrument and a lower pension
surplus from negative market impacts. Tangible net assets per share
was up 2.9 pence in the third quarter, benefitting from
attributable profit, cash flow hedge reserve movements and the
unwind of an accrual for the ordinary share buyback in the second
quarter, partly offset by capital distributions. The Group
continued the share buyback announced in February 2024, with c.2.8
billion shares repurchased as at 30 September
2024.
REVIEW OF PERFORMANCE (continued)
Balance sheet
Underlying loans and advances to customers increased by £7.3
billion in the year to date to £457.0 billion. This included
£3.9 billion growth in UK mortgages (£4.8 billion growth
excluding the impact of the securitisation of
£0.9 billion of legacy mortgages in the second quarter),
£1.9 billion growth in UK Retail unsecured loans due to
organic balance growth and lower repayments following a
securitisation in the fourth quarter of 2023, alongside a £0.6
billion increase in credit card balances and growth in other Retail
lending (principally in the European retail business). In
Commercial Banking, Small and Medium Business lending decreased by
£2.3 billion, including repayments of £1.2 billion
of government-backed lending, partly offset by a
£1.6 billion increase in Corporate and Institutional
Banking balances, including infrastructure lending. Growth of
£4.6 billion in underlying loans and advances to
customers in the third quarter was driven by balance increases
across Retail, including £3.2 billion in UK mortgages and
£0.6 billion in Corporate and Institutional Banking. This
supports a positive trajectory for average interest-earning banking
assets in the fourth quarter of 2024, in line with guidance for the
full year.
The underlying expected credit loss (ECL) allowance reduced to
£3.8 billion (31 December 2023: £4.3 billion) in the
period, reflecting releases from improvements to the Group's base
case scenario. The uplift from the base case to
probability-weighted ECL remains at £0.5 billion
(31 December 2023: £0.7 billion). The ECL was stable
in the third quarter.
Customer deposits of £475.7 billion increased by
£4.3 billion in the year to date including
£1.0 billion in the third quarter. Retail deposits were
up £6.6 billion in the first nine months with a combined
increase of £8.7 billion across Retail savings and
Wealth, driven by inflows to limited withdrawal and fixed term
deposits, partly offset by a £2.1 billion reduction in current
account balances (significantly lower than the prior year, as
expected). Retail current account balances reduced by £1.1
billion in the third quarter, lower than the £1.4 billion
reduction in the second quarter and slightly better than
expectations. Modestly lower levels of deposit churn were observed
within savings and between savings and current accounts, versus the
second quarter as expected. Commercial Banking deposits reduced by
£2.1 billion in the first nine months, but were broadly
stable in the third quarter, reflecting an expected significant
outflow, managing for value and foreign exchange impacts, alongside
growth in target sectors.
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 144 per
cent (31 December 2023: 142 per cent) and a strong net stable
funding ratio of 129 per cent (31 December 2023: 130 per
cent). The loan to deposit ratio of 96 per cent, broadly
stable compared to 31 December 2023 and 30 June 2024, continues to
reflect a robust funding and liquidity position.
Capital
The Group's CET1 capital ratio at 30 September 2024 was 14.3 per
cent (31 December 2023: 13.7 per cent pro forma). Capital
generation after regulatory headwinds during the first nine months
of the year was 132 basis points, including 45 basis
points in the third quarter. This reflects robust banking build and
the £200 million interim half-year dividend received from the
Insurance business, partially offset by risk-weighted asset
increases and other movements, including 15 basis points relating
to the foreign exchange translation loss following the US Dollar
AT1 capital instrument redemption in June. Regulatory headwinds of
9 basis points in the year to date reflect the reduction in
the transitional factor applied to IFRS 9 dynamic relief on 1
January 2024 and an adjustment for part of the impact of the Retail
secured CRD IV models. The impact of the interim ordinary
dividend paid and the foreseeable ordinary dividend accrual equated
to 71 basis points. The Group continues to expect capital
generation in 2024 to be c.175 basis points.
As mentioned in the Group's 2023 Full Year Results, there will be
no further deficit contributions made to the Group's main defined
benefit pension schemes, fixed or variable, for this triennial
period (to 31 December 2025).
Risk-weighted assets increased by £4.2 billion in the year to
date to £223.3 billion at 30 September 2024 (31 December
2023: £219.1 billion) reflecting the impact of lending growth,
Retail secured CRD IV model updates and other movements, partly
offset by optimisation including capital efficient securitisation
activity. In the third quarter, risk-weighted assets increased by
£1.3 billion primarily driven by lending growth and CRD IV
model updates, again partly offset by optimisation activity. In the
context of the Retail secured CRD IV models, it is estimated
that a £5 billion risk-weighted asset increase will be
required over 2024 to 2026, inclusive of the additional £0.8
billion risk-weighted assets recognised in the first nine months of
2024. The total increase will be subject to final model outcomes.
The Group's risk-weighted assets guidance for 2024 remains
unchanged at between £220 billion and £225
billion.
REVIEW OF PERFORMANCE (continued)
The PRA recently published its second policy statement on
implementing Basel 3.1 in the UK. The final regulations, which will
introduce substantial revisions to the approaches for calculating
risk-weighted assets, will apply from 1 January 2026. The
Group now expects the impact of Basel 3.1 implementation to be
modestly positive.
The PRA provided an update to the Group's Pillar 2A CET1 capital
requirement during the third quarter, with the requirement
remaining at around 1.5 per cent of risk-weighted assets. The
Group's total regulatory CET1 capital requirement remains at around
12 per cent. The Board's view of the ongoing level of CET1
capital required to grow the business, meet current and future
regulatory requirements and cover economic and business
uncertainties is c.13.0 per cent. This includes a management
buffer of around 1 per cent. In order to manage risks and
distributions in an orderly way, the Board expects to pay down to
the previous target of c.13.5 per cent by the end of 2024,
before progressing towards paying down to the current capital
target of c.13.0 per cent by the end of 2026.
ADDITIONAL INFORMATION
Capital generation
|
Pro forma CET1 ratio as at 31 December
20231
|
|
|
13.7%
|
|
|
|
Banking build (bps)2
|
|
|
166
|
|
|
|
Insurance dividend (bps)
|
|
|
10
|
|
|
|
Risk-weighted assets (bps)
|
|
|
(23)
|
|
|
|
Other
movements (bps)3
|
|
|
(12)
|
|
|
|
Capital generation (bps)
|
|
|
141
|
|
|
|
Retail secured CRD IV model updates and phased unwind of IFRS 9
transitional relief (bps)
|
|
|
(9)
|
|
|
|
Capital generation (post CRD IV and transitional headwinds)
(bps)
|
|
|
132
|
|
|
|
Ordinary dividend (bps)
|
|
|
(71)
|
|
|
|
CET1 ratio as at 30 September 2024
|
|
|
14.3%
|
|
|
1
31 December 2023 reflects both the full impact of the share buyback
in respect of 2023 and the ordinary dividend received from the
Insurance business in February 2024, but excludes the impact of the
phased unwind of IFRS 9 relief on 1 January
2024.
2 Includes
impairment charge.
3
Includes share-based payments, market volatility and FX loss on USD
AT1 redemption.
Underlying
impairmentA
|
|
Nine
months
ended
30 Sep
2024
£m
|
|
|
Nine
months
ended
30
Sep
2023
£m
|
|
|
Change
%
|
|
Three
months
ended
30 Sep
2024
£m
|
|
|
Three
months
ended
30 Sep
2023
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charges (credits) pre-updated MES1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
592
|
|
|
787
|
|
|
25
|
|
129
|
|
|
236
|
|
|
45
|
|
Commercial
Banking
|
16
|
|
|
139
|
|
|
88
|
|
44
|
|
|
31
|
|
|
(42)
|
|
Other
|
(11)
|
|
|
(8)
|
|
|
38
|
|
(1)
|
|
|
(6)
|
|
|
(83)
|
|
|
597
|
|
|
918
|
|
|
35
|
|
172
|
|
|
261
|
|
|
34
|
|
Updated economic outlook
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail
|
(269)
|
|
|
(30)
|
|
|
|
|
-
|
|
|
(71)
|
|
|
|
|
Commercial
Banking
|
(55)
|
|
|
(39)
|
|
|
41
|
|
-
|
|
|
(3)
|
|
|
|
|
|
(324)
|
|
|
(69)
|
|
|
|
|
-
|
|
|
(74)
|
|
|
|
|
Underlying impairment
chargeA
|
273
|
|
|
849
|
|
|
68
|
|
172
|
|
|
187
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality ratioA
|
0.09%
|
|
|
0.25%
|
|
|
(16)bp
|
|
0.15%
|
|
|
0.17%
|
|
|
(2)bp
|
|
Total underlying expected credit loss allowance (at end of
period)A
|
3,838
|
|
|
5,389
|
|
|
(29)
|
|
|
|
|
|
|
|
|
1
Impairment charges excluding the impact from updated economic
outlook taken each quarter.
ADDITIONAL INFORMATION (continued)
Loans and advances to customers and expected credit loss allowance
(underlying basis)A
|
At 30 September 2024
|
Stage 1
£m
|
|
|
Stage 2
£m
|
|
|
Stage 3
£m
|
|
|
Total
£m
|
|
|
Stage 2
as % of
total
|
|
|
Stage 3
as % of
total
|
|
|
Loans and advances to customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK mortgages1
|
272,969
|
|
|
30,946
|
|
|
7,311
|
|
|
311,226
|
|
|
9.9
|
|
|
2.3
|
|
|
Credit
cards
|
13,429
|
|
|
2,620
|
|
|
262
|
|
|
16,311
|
|
|
16.1
|
|
|
1.6
|
|
|
UK
unsecured loans and overdrafts
|
8,839
|
|
|
1,374
|
|
|
173
|
|
|
10,386
|
|
|
13.2
|
|
|
1.7
|
|
|
UK Motor Finance2
|
13,484
|
|
|
2,314
|
|
|
119
|
|
|
15,917
|
|
|
14.5
|
|
|
0.7
|
|
|
Other
|
16,702
|
|
|
513
|
|
|
150
|
|
|
17,365
|
|
|
3.0
|
|
|
0.9
|
|
|
Retail
|
325,423
|
|
|
37,767
|
|
|
8,015
|
|
|
371,205
|
|
|
10.2
|
|
|
2.2
|
|
|
Small
and Medium Businesses
|
26,393
|
|
|
3,430
|
|
|
1,303
|
|
|
31,126
|
|
|
11.0
|
|
|
4.2
|
|
|
Corporate
and Institutional Banking
|
54,599
|
|
|
2,398
|
|
|
645
|
|
|
57,642
|
|
|
4.2
|
|
|
1.1
|
|
|
Commercial Banking
|
80,992
|
|
|
5,828
|
|
|
1,948
|
|
|
88,768
|
|
|
6.6
|
|
|
2.2
|
|
|
Equity Investments and Central Items3
|
532
|
|
|
-
|
|
|
-
|
|
|
532
|
|
|
-
|
|
|
-
|
|
|
Total gross lending
|
406,947
|
|
|
43,595
|
|
|
9,963
|
|
|
460,505
|
|
|
9.5
|
|
|
2.2
|
|
|
ECL allowance on drawn balances
|
(773)
|
|
|
(1,274)
|
|
|
(1,488)
|
|
|
(3,535)
|
|
|
|
|
|
|
|
|
Net balance sheet carrying value
|
406,174
|
|
|
42,321
|
|
|
8,475
|
|
|
456,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer related ECL allowance (drawn and undrawn)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
UK mortgages1
|
87
|
|
|
366
|
|
|
720
|
|
|
1,173
|
|
|
|
|
|
|
|
|
Credit
cards
|
207
|
|
|
351
|
|
|
129
|
|
|
687
|
|
|
|
|
|
|
|
|
UK
unsecured loans and overdrafts
|
170
|
|
|
242
|
|
|
111
|
|
|
523
|
|
|
|
|
|
|
|
|
UK Motor Finance4
|
169
|
|
|
105
|
|
|
68
|
|
|
342
|
|
|
|
|
|
|
|
|
Other
|
15
|
|
|
18
|
|
|
42
|
|
|
75
|
|
|
|
|
|
|
|
|
Retail
|
648
|
|
|
1,082
|
|
|
1,070
|
|
|
2,800
|
|
|
|
|
|
|
|
|
Small
and Medium Businesses
|
138
|
|
|
190
|
|
|
160
|
|
|
488
|
|
|
|
|
|
|
|
|
Corporate
and Institutional Banking
|
137
|
|
|
128
|
|
|
260
|
|
|
525
|
|
|
|
|
|
|
|
|
Commercial Banking
|
275
|
|
|
318
|
|
|
420
|
|
|
1,013
|
|
|
|
|
|
|
|
|
Equity Investments and Central Items
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
Total
|
923
|
|
|
1,400
|
|
|
1,490
|
|
|
3,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer related ECL allowance (drawn
and undrawn) as a percentage of loans and advances to
customers5
|
|
||||||||||||||||
|
|
Stage 1%
|
|
|
Stage 2%
|
|
|
Stage 3%
|
|
|
Total%
|
|
|
|
|
|
|
|
|
UK
mortgages
|
-
|
|
|
1.2
|
|
|
9.8
|
|
|
0.4
|
|
|
|
|
|
|
|
|
Credit
cards
|
1.5
|
|
|
13.4
|
|
|
49.2
|
|
|
4.2
|
|
|
|
|
|
|
|
|
UK
unsecured loans and overdrafts
|
1.9
|
|
|
17.6
|
|
|
64.2
|
|
|
5.0
|
|
|
|
|
|
|
|
|
UK
Motor Finance
|
1.3
|
|
|
4.5
|
|
|
57.1
|
|
|
2.1
|
|
|
|
|
|
|
|
|
Other
|
0.1
|
|
|
3.5
|
|
|
28.0
|
|
|
0.4
|
|
|
|
|
|
|
|
|
Retail
|
0.2
|
|
|
2.9
|
|
|
13.3
|
|
|
0.8
|
|
|
|
|
|
|
|
|
Small
and Medium Businesses
|
0.5
|
|
|
5.5
|
|
|
16.5
|
|
|
1.6
|
|
|
|
|
|
|
|
|
Corporate
and Institutional Banking
|
0.3
|
|
|
5.3
|
|
|
40.4
|
|
|
0.9
|
|
|
|
|
|
|
|
|
Commercial Banking
|
0.3
|
|
|
5.5
|
|
|
26.1
|
|
|
1.1
|
|
|
|
|
|
|
|
|
Equity Investments and Central Items
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
Total
|
0.2
|
|
|
3.2
|
|
|
15.5
|
|
|
0.8
|
|
|
|
|
|
|
|
1 UK
mortgages balances on an underlying basisA exclude
the impact of the HBOS
acquisition-related adjustments.
2
UK Motor Finance balances on an underlying basisA exclude
a finance lease gross up. See page 14.
3
Contains central fair value hedge accounting
adjustments.
4
UK Motor Finance includes £170 million relating to provisions
against residual values of vehicles subject to finance
leases.
5
Stage 3 and Total exclude loans in recoveries in Small and Medium
Businesses of £336 million and Corporate and Institutional
Banking of £1 million.
ADDITIONAL INFORMATION (continued)
Total ECL allowance by scenario
(underlying basis)A
The table below shows the Group's ECL for the probability-weighted,
upside, base case, downside and severe downside scenarios, the
severe downside scenario incorporating adjustments made to Consumer
Price Index (CPI) inflation and UK Bank Rate paths. No MES impact
has been recognised in the ECL amounts below for changes to the
Group's macroeconomic assumptions in the third quarter, of which
only the outlook for house price growth shows any meaningful
revision.
|
Underlying basisA
|
Probability-
weighted
£m
|
|
|
Upside
£m
|
|
|
Base case
£m
|
|
|
Downside
£m
|
|
|
Severe
downside
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 September 2024
|
|
3,838
|
|
|
2,806
|
|
|
3,380
|
|
|
4,320
|
|
|
6,865
|
|
|
At 30 June 2024
|
|
3,847
|
|
|
2,804
|
|
|
3,380
|
|
|
4,331
|
|
|
6,926
|
|
|
At 31 December 2023
|
|
4,337
|
|
|
2,925
|
|
|
3,666
|
|
|
4,714
|
|
|
9,455
|
|
Base case and MES economic assumptions
The Group's base case scenario is for a slow expansion in GDP and a
modest rise in the unemployment rate alongside small gains in
residential and commercial property prices. Following a reduction
in inflationary pressures, cuts in UK Bank Rate are expected to
continue during 2024 and 2025. Risks around this base case economic
view lie in both directions and are largely captured by the
generation of alternative economic scenarios.
The Group has taken into account the latest available information
at the reporting date in defining its base case scenario and
generating alternative economic scenarios. The scenarios include
forecasts for key variables as of the third quarter of 2024.
Actuals for this period, or restatements of past data, may have
since emerged prior to publication and have not been included,
including specifically in the Quarterly National Accounts release
of 30 September 2024. The Group's approach to generating
alternative economic scenarios is set out in detail in note 24 to
the financial statements for the year ended 31 December 2023. For
September 2024, the Group continues to judge it appropriate to
include a non-modelled severe downside scenario for ECL
calculations as explained in note 14 of the Group's 2024 Half-Year
news release.
UK economic assumptions - base case scenario by
quarter
Key quarterly assumptions made by the Group in the base case
scenario are shown below. Gross domestic product is presented
quarter-on-quarter. House price growth, commercial real estate
price growth and CPI inflation are presented year-on-year, i.e.
from the equivalent quarter in the previous year. Unemployment rate
and UK Bank Rate are presented as at the end of each
quarter.
|
At 30 September 2024
|
First
quarter
2024
%
|
Second
quarter
2024
%
|
Third
quarter
2024
%
|
Fourth
quarter
2024
%
|
First
quarter
2025
%
|
Second
quarter
2025
%
|
Third
quarter
2025
%
|
Fourth
quarter
2025
%
|
|
|
|
|
|
|
|
|
|
|
|
Gross domestic product growth
|
0.7
|
0.6
|
0.3
|
0.3
|
0.3
|
0.3
|
0.4
|
0.4
|
|
Unemployment rate
|
4.3
|
4.2
|
4.3
|
4.5
|
4.6
|
4.7
|
4.8
|
4.8
|
|
House price growth
|
0.4
|
1.8
|
5.3
|
3.1
|
3.2
|
3.6
|
2.4
|
2.0
|
|
Commercial real estate price growth
|
(5.3)
|
(4.7)
|
(2.5)
|
0.3
|
1.4
|
1.9
|
1.6
|
1.7
|
|
UK Bank Rate
|
5.25
|
5.25
|
5.00
|
4.75
|
4.50
|
4.25
|
4.00
|
4.00
|
|
CPI inflation
|
3.5
|
2.1
|
2.1
|
2.7
|
2.4
|
2.9
|
2.7
|
2.3
|
UK economic assumptions - scenarios by year
Key annual assumptions made by the Group are shown below. Gross
domestic product and CPI inflation are presented as an annual
change, house price growth and commercial real estate price growth
are presented as the growth in the respective indices within the
period. Unemployment rate and UK Bank Rate are averages for the
period.
ADDITIONAL INFORMATION (continued)
Base case and MES economic assumptions (continued)
|
At 30 September 2024
|
2024
%
|
2025
%
|
2026
%
|
2027
%
|
2028
%
|
2024-2028
average
%
|
|
|
|
|
|
|
|
|
|
Upside
|
|
|
|
|
|
|
|
Gross domestic product growth
|
1.2
|
2.4
|
1.9
|
1.5
|
1.4
|
1.7
|
|
Unemployment rate
|
4.2
|
3.3
|
2.8
|
2.7
|
2.8
|
3.1
|
|
House price growth
|
3.5
|
4.6
|
7.1
|
6.4
|
5.1
|
5.3
|
|
Commercial real estate price growth
|
1.6
|
9.0
|
4.2
|
1.8
|
0.7
|
3.4
|
|
UK Bank Rate
|
5.06
|
5.08
|
5.16
|
5.34
|
5.58
|
5.24
|
|
CPI inflation
|
2.6
|
2.7
|
2.4
|
2.8
|
2.8
|
2.7
|
|
|
|
|
|
|
|
|
|
Base case
|
|
|
|
|
|
|
|
Gross domestic product growth
|
1.1
|
1.3
|
1.5
|
1.5
|
1.5
|
1.4
|
|
Unemployment rate
|
4.3
|
4.7
|
4.7
|
4.5
|
4.5
|
4.5
|
|
House price growth
|
3.1
|
2.0
|
1.0
|
1.5
|
2.1
|
2.0
|
|
Commercial real estate price growth
|
0.3
|
1.7
|
2.1
|
0.7
|
0.3
|
1.0
|
|
UK Bank Rate
|
5.06
|
4.19
|
3.63
|
3.50
|
3.50
|
3.98
|
|
CPI inflation
|
2.6
|
2.6
|
2.1
|
2.2
|
2.1
|
2.3
|
|
|
|
|
|
|
|
|
|
Downside
|
|
|
|
|
|
|
|
Gross domestic product growth
|
1.0
|
(0.3)
|
0.4
|
1.3
|
1.5
|
0.8
|
|
Unemployment rate
|
4.4
|
6.5
|
7.3
|
7.3
|
7.1
|
6.5
|
|
House price growth
|
2.9
|
(0.2)
|
(6.1)
|
(5.8)
|
(2.9)
|
(2.5)
|
|
Commercial real estate price growth
|
(0.7)
|
(6.2)
|
(1.7)
|
(1.9)
|
(1.9)
|
(2.5)
|
|
UK Bank Rate
|
5.06
|
3.11
|
1.48
|
0.96
|
0.65
|
2.25
|
|
CPI inflation
|
2.6
|
2.6
|
1.9
|
1.5
|
1.1
|
2.0
|
|
|
|
|
|
|
|
|
|
Severe downside
|
|
|
|
|
|
|
|
Gross domestic product growth
|
0.9
|
(2.0)
|
(0.1)
|
1.1
|
1.4
|
0.2
|
|
Unemployment rate
|
4.6
|
8.6
|
9.9
|
9.9
|
9.7
|
8.5
|
|
House price growth
|
2.3
|
(2.5)
|
(13.5)
|
(12.6)
|
(8.3)
|
(7.1)
|
|
Commercial real estate price growth
|
(2.7)
|
(16.5)
|
(6.5)
|
(6.5)
|
(5.1)
|
(7.6)
|
|
UK Bank Rate - modelled
|
5.06
|
1.83
|
0.23
|
0.06
|
0.02
|
1.44
|
|
UK Bank Rate - adjusted1
|
5.13
|
3.67
|
2.55
|
2.16
|
1.88
|
3.08
|
|
CPI inflation - modelled
|
2.6
|
2.6
|
1.5
|
0.7
|
0.1
|
1.5
|
|
CPI inflation - adjusted1
|
2.6
|
3.5
|
1.8
|
1.3
|
0.9
|
2.0
|
|
|
|
|
|
|
|
|
|
Probability-weighted
|
|
|
|
|
|
|
|
Gross domestic product growth
|
1.1
|
0.8
|
1.1
|
1.4
|
1.4
|
1.2
|
|
Unemployment rate
|
4.3
|
5.2
|
5.4
|
5.3
|
5.3
|
5.1
|
|
House price growth
|
3.1
|
1.7
|
(0.7)
|
(0.6)
|
0.5
|
0.8
|
|
Commercial real estate price growth
|
0.1
|
(0.3)
|
0.7
|
(0.5)
|
(0.8)
|
(0.1)
|
|
UK Bank Rate - modelled
|
5.06
|
3.90
|
3.10
|
2.95
|
2.92
|
3.59
|
|
UK Bank Rate - adjusted1
|
5.07
|
4.08
|
3.33
|
3.15
|
3.11
|
3.75
|
|
CPI inflation - modelled
|
2.6
|
2.6
|
2.0
|
2.0
|
1.8
|
2.2
|
|
CPI inflation - adjusted1
|
2.6
|
2.7
|
2.1
|
2.1
|
1.9
|
2.3
|
1
The adjustment to UK Bank Rate and CPI inflation in the severe
downside is considered to better reflect the risks to the Group's
base case view in an economic environment where the risks of supply
and demand shocks are seen as more balanced.
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 2023 Full Year Results
News Release.
|
|
Nine
months
ended
30 Sep
2024
|
|
|
Nine
months
ended
30 Sep
2023
|
|
|
|
|
|
|
|
|
|
Banking net interest
marginA
|
|
|
|
|
|
|
Underlying net interest income (£m)
|
9,569
|
|
|
10,448
|
|
|
Remove non-banking underlying net interest expense
(£m)
|
347
|
|
|
231
|
|
|
Banking underlying net interest income (£m)
|
9,916
|
|
|
10,679
|
|
|
|
|
|
|
|
|
|
Loans and advances to customers (£bn)
|
457.9
|
|
|
452.1
|
|
|
Remove finance lease gross up1 (£bn)
|
(0.9)
|
|
|
-
|
|
|
Underlying loans and advances to
customersA (£bn)
|
457.0
|
|
|
452.1
|
|
|
Add back:
|
|
|
|
|
|
|
Expected
credit loss allowance (drawn) (£bn)
|
3.3
|
|
|
4.7
|
|
|
Acquisition
related fair value adjustments (£bn)
|
0.2
|
|
|
0.3
|
|
|
Underlying gross loans and advances to customers
(£bn)
|
460.5
|
|
|
457.1
|
|
|
Adjustment for non-banking and other items:
|
|
|
|
|
|
|
Fee-based
loans and advances (£bn)
|
(10.1)
|
|
|
(8.6)
|
|
|
Other
(£bn)
|
2.8
|
|
|
6.0
|
|
|
Interest-earning banking assets (£bn)
|
453.2
|
|
|
454.5
|
|
|
Averaging (£bn)
|
(3.3)
|
|
|
(1.0)
|
|
|
Average interest-earning banking
assetsA (£bn)
|
449.9
|
|
|
453.5
|
|
|
|
|
|
|
|
|
|
Banking net interest
marginA
|
2.94%
|
|
|
3.15%
|
|
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
30
Sep
2024
|
|
|
Nine
months
ended
30
Sep
2023
|
|
|
Return on tangible
equityA
|
|
|
|
|
|
|
Profit attributable to ordinary shareholders (£m)
|
3,355
|
|
|
3,840
|
|
|
|
|
|
|
|
|
|
Average ordinary shareholders' equity (£bn)
|
40.0
|
|
|
38.5
|
|
|
Remove average goodwill and other intangible assets
(£bn)
|
(8.0)
|
|
|
(7.6)
|
|
|
Average tangible equity (£bn)
|
32.0
|
|
|
30.9
|
|
|
|
|
|
|
|
|
|
Return on tangible
equityA
|
14.0%
|
|
|
16.6%
|
|
\
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 2024. Unless otherwise stated, income statement
commentaries throughout this document compare the nine months ended
30 September 2024 to the nine months ended 30 September 2023 and
the balance sheet analysis compares the Group balance sheet as at
30 September 2024 to the Group balance sheet as at 31 December
2023. The Group uses a number of alternative performance measures,
including underlying profit, in the discussion of its business
performance and financial position. These measures are labelled
with a superscript 'A' throughout this document. Further
information on these measures is set out above. Unless otherwise
stated, commentary on page 1 is
given on an underlying basis. The Group's Q3 2024 Interim Pillar 3
Disclosures can be found at:
www.lloydsbankinggroup.com/investors/financial-downloads.html.
FORWARD-LOOKING STATEMENTS
This document contains certain forward-looking statements within
the meaning of Section 21E of the US Securities Exchange Act of
1934, as amended, and section 27A of the US Securities Act of 1933,
as amended, with respect to the business, strategy, plans and/or
results of Lloyds Banking Group plc together with its subsidiaries
(the Group) and its current goals and expectations. Statements that
are not historical or current facts, including statements about the
Group's or its directors' and/or management's beliefs and
expectations, are forward-looking statements. Words such as,
without limitation, 'believes', 'achieves', 'anticipates',
'estimates', 'expects', 'targets', 'should', 'intends', 'aims',
'projects', 'plans', 'potential', 'will', 'would', 'could',
'considered', 'likely', 'may', 'seek', 'estimate', 'probability',
'goal', 'objective', 'deliver', 'endeavour', 'prospects',
'optimistic' and similar expressions or variations on these
expressions are intended to identify forward-looking statements.
These statements concern or may affect future matters, including
but not limited to: projections or expectations of the Group's
future financial position, including profit attributable to
shareholders, provisions, economic profit, dividends, capital
structure, portfolios, net interest margin, capital ratios,
liquidity, risk-weighted assets (RWAs), expenditures or any other
financial items or ratios; litigation, regulatory and governmental
investigations; the Group's future financial performance; the level
and extent of future impairments and write-downs; the Group's ESG
targets and/or commitments; statements of plans, objectives or
goals of the Group or its management and other statements that are
not historical fact and statements of assumptions underlying such
statements. By their nature, forward-looking statements involve
risk and uncertainty because they relate to events and depend upon
circumstances that will or may occur in the future. Factors that
could cause actual business, strategy, targets, plans and/or
results (including but not limited to the payment of dividends) to
differ materially from forward-looking statements include, but are
not limited to: general economic and business conditions in the UK
and internationally; acts of hostility or terrorism and responses
to those acts, or other such events; geopolitical unpredictability;
the war between Russia and Ukraine; the conflicts in the Middle
East; the tensions between China and Taiwan; political instability
including as a result of any UK general election; market related
risks, trends and developments; changes in client and consumer
behaviour and demand; exposure to counterparty risk; the ability to
access sufficient sources of capital, liquidity and funding when
required; changes to the Group's credit ratings; fluctuations in
interest rates, inflation, exchange rates, stock markets and
currencies; volatility in credit markets; volatility in the price
of the Group's securities; tightening of monetary policy in
jurisdictions in which the Group operates; natural pandemic and
other disasters; risks concerning borrower and counterparty credit
quality; risks affecting insurance business and defined benefit
pension schemes; changes in laws, regulations, practices and
accounting standards or taxation; changes to regulatory capital or
liquidity requirements and similar contingencies; the policies and
actions of governmental or regulatory authorities or courts
together with any resulting impact on the future structure of the
Group; risks associated with the Group's compliance with a wide
range of laws and regulations; assessment related to resolution
planning requirements; risks related to regulatory actions which
may be taken in the event of a bank or Group failure; exposure to
legal, regulatory or competition proceedings, investigations or
complaints; failure to comply with anti-money laundering, counter
terrorist financing, anti-bribery and sanctions regulations;
failure to prevent or detect any illegal or improper activities;
operational risks including risks as a result of the failure of
third party suppliers; conduct risk; technological changes and
risks to the security of IT and operational infrastructure,
systems, data and information resulting from increased threat of
cyber and other attacks; technological failure; inadequate or
failed internal or external processes or systems; risks relating to
ESG matters, such as climate change (and achieving climate change
ambitions) and decarbonisation, including the Group's ability along
with the government and other stakeholders to measure, manage and
mitigate the impacts of climate change effectively, and human
rights issues; the impact of competitive conditions; failure to
attract, retain and develop high calibre talent; the ability to
achieve strategic objectives; the ability to derive cost savings
and other benefits including, but without limitation, as a result
of any acquisitions, disposals and other strategic transactions;
inability to capture accurately the expected value from
acquisitions; assumptions and estimates that form the basis of the
Group's financial statements; and potential changes in dividend
policy. A number of these influences and factors are beyond the
Group's control. Please refer to the latest Annual Report on Form
20-F filed by Lloyds Banking Group plc with the US Securities and
Exchange Commission (the SEC), which is available on the SEC's
website at www.sec.gov, for a discussion of certain factors and
risks. Lloyds Banking Group plc may also make or disclose written
and/or oral forward-looking statements in other written materials
and in oral statements made by the directors, officers or employees
of Lloyds Banking Group plc to third parties, including financial
analysts. Except as required by any applicable law or regulation,
the forward-looking statements contained in this document are made
as of today's date, and the Group expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained in this
document whether as a result of new information, future events or
otherwise. The information, statements and opinions contained in
this document do not constitute a public offer under any applicable
law or an offer to sell any securities or financial instruments or
any advice or recommendation with respect to such securities or
financial instruments.
CONTACTS
For further information please contact:
INVESTORS AND ANALYSTS
Douglas Radcliffe
Group Investor Relations Director
020 7356 1571
douglas.radcliffe@lloydsbanking.com
Nora Thoden
Director of Investor Relations - ESG
020 7356 2334
nora.thoden@lloydsbanking.com
Tom Grantham
Investor Relations Senior Manager
07851 440 091
thomas.grantham@lloydsbanking.com
Sarah Robson
Investor Relations Senior Manager
07494 513 983
sarah.robson2@lloydsbanking.com
CORPORATE AFFAIRS
Grant Ringshaw
External Relations Director
020 7356 2362
grant.ringshaw@lloydsbanking.com
Matt Smith
Head of Media Relations
07788 352 487
matt.smith@lloydsbanking.com
Copies of this News Release may be obtained from:
Investor Relations, Lloyds Banking Group plc,
25 Gresham Street, London EC2V 7HN
The statement can also be found on the Group's website -
www.lloydsbankinggroup.com
Registered office: Lloyds Banking Group plc, The Mound, Edinburgh,
EH1 1YZ
Registered in Scotland No. SC095000
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
LLOYDS
BANKING GROUP plc
(Registrant)
By: Douglas
Radcliffe
Name: Douglas
Radcliffe
Title: Group
Investor Relations Director
Date: 23
October 2024