LYG Q3 2025: Profit £3.3bn and strong capital at 13.8% CET1
Lloyds Banking Group (LYG) reported robust Q3 2025 year‑to‑date performance, balancing growth with a one‑off charge. Statutory profit after tax was £3.3 billion, with net income up 6%. Underlying net interest income reached £10.1 billion (up 6%) as the banking net interest margin improved to 3.04% for the nine months and 3.06% in Q3. Underlying other income rose 9% to £4.5 billion.
Costs and remediation weighed on results. Operating costs rose 3% to £7.2 billion. Remediation costs were £912 million, including an £800 million charge related to motor finance commission arrangements, taking the total motor finance provision to £1.95 billion. Asset quality remained strong, with an underlying impairment charge of £618 million and an 18 bps asset quality ratio.
Balance sheet and capital stayed solid. Loans grew £18.0 billion to £477.1 billion and deposits increased £14.0 billion to £496.7 billion. The CET1 ratio was 13.8%, with capital generation of 110 bps (141 bps excluding the Q3 motor finance charge). Guidance now includes underlying net interest income of c.£13.6 billion, operating costs of c.£9.7 billion (excluding the Schroders Personal Wealth acquisition), an asset quality ratio of c.20 bps, return on tangible equity of c.12% (c.14% excluding the charge), and capital generation of c.145 bps.
Positive
- None.
Negative
- None.
Insights
Solid core trends; one‑off remediation tempers near‑term returns.
Lloyds delivered higher income with margin expansion and volume growth. Underlying net interest income was £10.1bn (up 6%) and the banking NIM improved to 3.06% in Q3 as the structural hedge contribution increased.
Earnings were reduced by a remediation charge tied to motor finance commission arrangements: £800m in Q3, lifting the total provision to £1.95bn. Asset quality remained resilient (asset quality ratio 0.18% YTD), and capital stayed strong with a CET1 ratio of 13.8%.
Updated 2025 guidance lists underlying NII of c.£13.6bn, operating costs c.£9.7bn (ex‑SPW), ROTE c.12%, and capital generation c.145 bps. Key upcoming milestones include the strategy update on 6 Nov 2025 and preliminary results on 29 Jan 2026.
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FAQ
What did LYG report for profit and returns in Q3 2025 year-to-date?
Statutory profit after tax was £3.3 billion and return on tangible equity was 11.9% (or 14.6% excluding the Q3 motor finance charge).
How did Lloyds’ net interest income and margin perform?
Underlying net interest income was £10.1 billion (up 6%). The banking net interest margin was 3.04% YTD and 3.06% in the third quarter.
What remediation charges did LYG record related to motor finance?
Remediation totalled £912 million YTD, including £800 million in Q3 for motor finance commission arrangements. The total motor finance provision is £1.95 billion.
How did loans, deposits, and capital metrics trend?
Loans rose to £477.1 billion and deposits to £496.7 billion. The CET1 ratio was 13.8% with capital generation of 110 bps (141 bps excluding the Q3 charge).
What guidance did Lloyds give for 2025?
Guidance: underlying NII c.£13.6 billion, operating costs c.£9.7 billion (ex‑SPW), asset quality ratio c.20 bps, ROTE c.12%, capital generation c.145 bps.
What strategic move did LYG announce regarding wealth management?
Lloyds announced full acquisition of Schroders Personal Wealth, a business supporting about £17 billion in assets under administration.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16a
of the Securities Exchange Act of 1934
23 October 2025
LLOYDS BANKING GROUP plc
(Translation
of registrant's name into English)
5th Floor
25 Gresham Street
London
EC2V 7HN
United Kingdom
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports
under
cover Form 20-F or Form 40-F.
Form
20-F..X.. Form 40-F
Index
to Exhibits
Item
No.
1 Regulatory News Service Announcement, 23 October 2025
re: 2025
Q3 Interim Management Statement
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 performance1
●
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 Wealth2
●
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
points3
(c.175 basis points3
excluding the third quarter motor
finance charge)
1 See
the basis of presentation on page 4.
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
30 Sep
2025
£m
|
|
|
Nine months
ended
30 Sep
2024
£m
|
|
|
Change
%
|
|
Three months
ended
30 Sep
2025
£m
|
|
|
Three months
ended
30 Sep
2024
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 marginA
|
3.04%
|
|
|
2.94%
|
|
|
10bp
|
|
3.06%
|
|
|
2.95%
|
|
|
11bp
|
|
Average interest-earning banking assetsA
|
£460.4bn
|
|
|
£449.9bn
|
|
|
2
|
|
£465.5bn
|
|
|
£451.1bn
|
|
|
3
|
|
Cost:income ratioA
|
59.7%
|
|
|
55.9%
|
|
|
3.8pp
|
|
68.4%
|
|
|
53.4%
|
|
|
15.0pp
|
|
Asset quality ratioA
|
0.18%
|
|
|
0.09%
|
|
|
9bp
|
|
0.15%
|
|
|
0.15%
|
|
|
|
|
Return on tangible equityA
|
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 customersA
|
£477.1bn
|
|
|
£471.0bn
|
|
|
1
|
|
|
|
|
£459.1bn
|
|
|
4
|
|
Customer deposits
|
£496.7bn
|
|
|
£493.9bn
|
|
|
1
|
|
|
|
|
£482.7bn
|
|
|
3
|
|
Loan to deposit ratioA
|
96%
|
|
|
95%
|
|
|
1pp
|
|
|
|
|
95%
|
|
|
1pp
|
|
CET1 ratio
|
13.8%
|
|
|
13.8%
|
|
|
|
|
|
|
|
14.2%
|
|
|
(0.4)pp
|
|
Pro forma CET1 ratioA,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 funding2
|
£103.5bn
|
|
|
£92.2bn
|
|
|
12
|
|
|
|
|
£92.5bn
|
|
|
12
|
|
Liquidity coverage ratio3
|
145%
|
|
|
145%
|
|
|
|
|
|
|
|
146%
|
|
|
(1)pp
|
|
Net stable funding ratio4
|
126%
|
|
|
127%
|
|
|
(1)pp
|
|
|
|
|
129%
|
|
|
(3)pp
|
|
Tangible net assets per shareA
|
55.0p
|
|
|
54.5p
|
|
|
0.5p
|
|
|
|
|
52.4p
|
|
|
2.6p
|
A See
page 4.
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
INFORMATIONA
|
|
Quarter
ended
30 Sep
2025
£m
|
|
|
Quarter
ended
30 Jun
2025
£m
|
|
|
Change
%
|
|
Quarter
ended
31 Mar
2025
£m
|
|
|
Quarter
ended
31 Dec
2024
£m
|
|
|
Quarter
ended
30 Sep
2024
£m
|
|
|
Quarter
ended
30 Jun
2024
£m
|
|
|
Quarter
ended
31 Mar
2024
£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 marginA
|
3.06%
|
|
|
3.04%
|
|
|
2bp
|
|
3.03%
|
|
|
2.97%
|
|
|
2.95%
|
|
|
2.93%
|
|
|
2.95%
|
|
|
Average interest-earning banking assetsA
|
£465.5bn
|
|
|
£460.0bn
|
|
|
1
|
|
£455.5bn
|
|
|
£455.1bn
|
|
|
£451.1bn
|
|
|
£449.4bn
|
|
|
£449.1bn
|
|
|
Cost:income ratioA
|
68.4%
|
|
|
52.2%
|
|
|
16.2pp
|
|
58.1%
|
|
|
73.7%
|
|
|
53.4%
|
|
|
57.0%
|
|
|
57.2%
|
|
|
Asset quality ratioA
|
0.15%
|
|
|
0.11%
|
|
|
4bp
|
|
0.27%
|
|
|
0.14%
|
|
|
0.15%
|
|
|
0.05%
|
|
|
0.06%
|
|
|
Return on tangible equityA
|
7.5%
|
|
|
15.5%
|
|
|
(8.0)pp
|
|
12.6%
|
|
|
7.1%
|
|
|
15.2%
|
|
|
13.6%
|
|
|
13.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
30 Sep
2025
|
|
|
At
30 Jun
2025
|
|
|
Change
%
|
|
At
31 Mar
2025
|
|
|
At
31 Dec
2024
|
|
|
At
30 Sep
2024
|
|
|
At
30 Jun
2024
|
|
|
At
31 Mar
2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underlying loans and advances to customersA,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 ratioA
|
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 ratioA,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 ratio3
|
145%
|
|
|
145%
|
|
|
|
|
145%
|
|
|
146%
|
|
|
144%
|
|
|
144%
|
|
|
143%
|
|
|
Net stable funding ratio4
|
126%
|
|
|
127%
|
|
|
(1)pp
|
|
128%
|
|
|
129%
|
|
|
129%
|
|
|
130%
|
|
|
130%
|
|
|
Tangible net assets per shareA
|
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
2025
£bn
|
|
|
At 30 Jun
2025
£bn
|
|
|
Change
%
|
|
At 31 Dec
2024
£bn
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Finance1
|
16.1
|
|
|
16.0
|
|
|
1
|
|
15.3
|
|
|
5
|
|
Overdrafts
|
1.2
|
|
|
1.2
|
|
|
|
|
1.2
|
|
|
|
|
Retail other2
|
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 Items3
|
0.3
|
|
|
0.6
|
|
|
(50)
|
|
–
|
|
|
|
|
Underlying loans and advances to customersA
|
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 basisA
exclude a finance lease gross up. See
page 4.
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
1.
|
Summary income statement
|
Nine months
ended
30 Sep
2025
£m
|
|
|
Nine months
ended
30 Sep
2024
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
9,808
|
|
|
9,125
|
|
|
7
|
|
Other income1
|
4,444
|
|
|
4,352
|
|
|
2
|
|
Total income1
|
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
2025
£m
|
|
|
At 30 Jun
2025
£m
|
|
|
Change
%
|
|
At 31 Dec
2024
£m
|
|
|
Change
%
|
|
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
PERFORMANCEA
Income statementA
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 statementA
(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 statementA
(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 2024A,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 arrangements (bps)
|
141
|
|
|
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
impairmentA
|
|
Nine months
ended
30 Sep
2025
£m
|
|
|
Nine months
ended
30 Sep
2024
£m
|
|
|
Change
%
|
|
Three months
ended
30 Sep
2025
£m
|
|
|
Three months
ended
30 Sep
2024
£m
|
|
|
Change
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charges (credits) pre-updated MES1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 chargeA
|
618
|
|
|
273
|
|
|
|
|
176
|
|
|
172
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality ratioA
|
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
– underlyingA basis
|
At 30 September 2025
|
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
|
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 Finance2
|
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 Items3
|
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 mortgages1
|
49
|
|
|
249
|
|
|
581
|
|
|
879
|
|
|
|
|
|
|
|
|
Credit
cards
|
226
|
|
|
286
|
|
|
121
|
|
|
633
|
|
|
|
|
|
|
|
|
UK
unsecured loans and overdrafts
|
183
|
|
|
232
|
|
|
105
|
|
|
520
|
|
|
|
|
|
|
|
|
UK Motor Finance4
|
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 customers5
|
|
||||||||||||||||
|
|
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 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.
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 basisA
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 basisA
|
Probability-
weighted
£m
|
|
|
Upside
£m
|
|
|
Base case
£m
|
|
|
Downside
£m
|
|
|
Severe
downside
£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
quarter
2025
%
|
Second
quarter
2025
%
|
Third
quarter
2025
%
|
Fourth
quarter
2025
%
|
First
quarter
2026
%
|
Second
quarter
2026
%
|
Third
quarter
2026
%
|
Fourth
quarter
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
30 Sep
2025
£m
|
|
|
Nine months
ended
30 Sep
2024
£m
|
|
|
|
|
|
|
|
|
|
Banking net interest
marginA
|
|
|
|
|
|
|
Underlying net interest incomeA
(£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 up1
(£bn)
|
(0.4)
|
|
|
(0.9)
|
|
|
Underlying loans and advances to customersA
(£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 assetsA
(£bn)
|
460.4
|
|
|
449.9
|
|
|
|
|
|
|
|
|
|
Banking net interest marginA
|
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
30 Sep
2025
£m
|
|
|
Nine months
ended
30 Sep
2024
£m
|
|
|
|
|
|
|
|
|
|
Return on tangible
equityA
|
|
|
|
|
|
|
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 equityA
|
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
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 2025