Financial Data and Key Metrics Changes - Statutory profit after tax for 2024 was £4.5 billion, or £5 billion excluding the Q4 motor provision, equating to a return on tangible equity of 12.3%, or 14% ex-motor [19] - Net income for the full year was £17.1 billion, with a net interest margin of 2.95% and 9% growth in other operating income [20] - Operating costs for the year were £9.4 billion, up 3% year-on-year, with an impairment charge of £433 million, resulting in an asset quality ratio of 10 basis points [21][47] Business Line Data and Key Metrics Changes - Group lending balances increased to £459 billion, up £9 billion or 2% in the year, with strong mortgage growth of £6.1 billion [23][33] - Other asset books showed solid performance, with combined balances for cards, unsecured loans, and motor up £2.8 billion, or 8% [35] - Total deposits increased by over £11 billion, or 2%, to £483 billion, with retail balances up £11 billion [37] Market Data and Key Metrics Changes - The UK housing market showed signs of recovery, with the mortgage book growing by £6.1 billion in 2024 [33] - The macroeconomic outlook remains stable, with GDP growth forecasted at 1% for 2025 and modest house price growth of around 2% [60] Company Strategy and Development Direction - The company is in the first phase of a five-year strategic transformation, focusing on growth, efficiency, and digital leadership [2][76] - Strategic priorities include enhancing customer propositions, driving revenue growth, and maintaining cost efficiency, with a target of a cost-to-income ratio below 50% by 2026 [95] - The company aims to leverage technology and data to improve customer engagement and drive business outcomes [98] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering higher, sustainable returns, with expectations for net interest income to grow to around £13.5 billion in 2025 [30][74] - The company anticipates further robust lending and deposit growth, despite some pressures from deposit churn and mortgage refinancing [31][74] - The management highlighted a supportive economic backdrop for growth, with a focus on high-value areas such as housing and infrastructure [108] Other Important Information - The company announced a final ordinary dividend of 2.11p per share, totaling 3.17p, which is a 15% increase from the prior year [70] - A share buyback of £1.7 billion was also announced, contributing to a total distribution of up to £3.6 billion for 2024 [71] Q&A Session Summary Question: What are the expectations for net interest income in 2025? - The company expects net interest income to grow to around £13.5 billion, up about £700 million from last year, supported by robust lending and deposit growth [30] Question: How is the company addressing the motor finance provision? - An additional £700 million provision was taken for potential remediation costs related to motor commission arrangements, following a recent court judgment [52] Question: What is the outlook for asset quality? - Asset quality remains strong, with an expected asset quality ratio of circa 25 basis points for 2025 based on stated economic assumptions [56]

Group 1 - The report titled "Enterprise Tech Ecosystem Series: Lloyds Banking Group Plc 2024" provides insights into Lloyds Banking Group's technology activities, including digital transformation strategies and innovation programs [1][4] - Lloyds Banking Group offers a wide range of financial services in the UK, including current and savings accounts, loans, mortgages, investment products, and insurance [2][3] - The company operates under various brands such as Lloyds Bank, Scottish Widows, and Halifax, distributing products through branches, ATMs, and digital channels [3] Group 2 - The report details Lloyds Banking Group's technology initiatives, including partnerships, product launches, investments, and acquisitions, along with insights on each initiative's objectives and benefits [4][5] - Key topics covered in the report include digital transformation strategy, innovation programs, technology focus, investments, acquisitions, and ICT budget [6] - A selection of companies mentioned in the report includes Cleareye.ai, Google Cloud, Visa, and Mastercard, indicating a broad network of partnerships and collaborations [6][7]

Core Insights - The report "UK Retail Banking: Competitor Benchmarking 2024" analyzes the financial performance of the top 15 banks in the UK, focusing on market shares and financial ratios of key retail banking products [1][6] - It evaluates customer satisfaction, Net Promoter Score, and the effectiveness of banks in cross-selling and upselling products [2][4] Financial Performance - Lloyds Banking Group leads the market share in main retail banking products, while challengers like Monzo and Starling are gaining ground [3] - Barclays experienced a significant decline in credit card market share, dropping nearly 10 percentage points from 2018 to 2023 [5] Customer Relationships - Starling is recognized as the top bank for Net Promoter Score, indicating strong customer relationships, whereas First Direct has the lowest customer confidence in achieving financial goals [4][5] - RBS recorded the lowest Net Promoter Score in 2024, with 30% of its customers identified as detractors [5] Customer Satisfaction - Overall satisfaction with branch and call center access has decreased annually since 2022, highlighting a growing concern among customers [4] - Digital problem resolution satisfaction is notably low, suggesting banks are not adequately addressing customer issues despite branch closures [4] Actionable Steps - The report provides insights into the successes and failures of each bank, along with recommendations for addressing shortcomings in customer service and product offerings [2][6]

SECURITIES AND EXCHANGE COMMISSION Washington, D.C.20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 30 September 2024 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 ...

Labutes IR is a Fund Manager/Analyst specialized in the financial sector, with more than 18 years of experience in the financial markets. I have worked at several type of institutions in the industry, always at the buy side and related to portfolio management. Associated with the existing author The Outsider. Analyst's Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this art ...

FORM 6-K Commission File number 001-15246 25 Gresham Street London EC2V 7HN United Kingdom Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1) ________. | --- | --- | --- | |----------------------------|-------|-------| | | | | | Basis of preparation | | 1 | | Forward looking statements | | 2 | | Summary of results | | 3 | | --- | --- | |-------------------------------------|-------| | | | | Divisional results | | | Retail | 10 | | Com ...

Investors with an interest in Banks - Foreign stocks have likely encountered both Lloyds (LYG) and TorontoDominion Bank (TD) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look. Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors fo ...

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

[Report Overview and Highlights](index=1&type=section&id=Report%20Overview%20and%20Highlights) This section provides the CEO's perspective on Q1 2024 performance and key financial highlights, including profit, return on equity, and balance sheet metrics [CEO Statement](index=1&type=section&id=CEO%20Statement) CEO Charlie Nunn reports Q1 2024 performance met expectations, demonstrating solid net income, cost discipline, and strong asset quality, reinforcing confidence in strategic ambitions and future guidance - The Group's performance in Q1 2024 is aligned with expectations, demonstrating **solid net income**, **disciplined cost management**, and **robust asset quality**[3](index=3&type=chunk) - This performance strengthens confidence in achieving strategic ambitions and meeting the **2024 and 2026 guidance**, while continuing to support customers[3](index=3&type=chunk)[4](index=4&type=chunk) [Q1 2024 Financial Highlights](index=2&type=section&id=Q1%202024%20Financial%20Highlights) Q1 2024 statutory profit after tax was **£1.2 billion** (down **26%**), driven by lower net income and higher costs, partially offset by reduced impairment, resulting in **13.3%** RoTE and a **13.9%** CET1 ratio Q1 2024 Key Performance Indicators | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Statutory Profit After Tax (£ billion) | £1.2 billion | £1.6 billion | -26% | | Return on Tangible Equity (%) | 13.3% | 19.1% | -5.8pp | | Underlying Net Interest Income (£ billion) | £3.2 billion | £3.5 billion | -10% | | Banking Net Interest Margin (%) | 2.95% | 3.22% | -27bp | | Operating Costs (£ billion) | £2.4 billion | £2.2 billion | +11% | | Underlying Impairment Charge (£ million) | £57 million | £243 million | -77% | | CET1 Ratio (%) | 13.9% | 14.1% | -0.2pp | - Loans and advances to customers decreased slightly to **£448.5 billion**, primarily due to expected reductions in UK mortgage balances[5](index=5&type=chunk) - Customer deposits decreased by **£2.2 billion** to **£469.2 billion**, as growth in Retail was more than offset by a reduction in Commercial Banking[9](index=9&type=chunk) - The Group agreed to sell its in-force bulk annuity portfolio to Rothesay Life plc to focus on strategically important business lines[6](index=6&type=chunk) [Financial Results and Guidance](index=2&type=section&id=Financial%20Results%20and%20Guidance) This section outlines the Group's reaffirmed full-year 2024 financial guidance and presents detailed summary tables of Q1 2024 performance and key ratios [2024 Guidance](index=2&type=section&id=2024%20Guidance) The Group reaffirms 2024 guidance: banking net interest margin over **2.90%**, operating costs around **£9.3 billion** plus a **£0.1 billion** levy, asset quality ratio below **30 basis points**, and return on tangible equity around **13%** 2024 Full-Year Guidance | Metric | 2024 Guidance | | :--- | :--- | | Banking Net Interest Margin (basis points) | > 290 basis points | | Operating Costs (£ billion) | c.£9.3 billion + c.£0.1bn levy | | Asset Quality Ratio (basis points) | < 30 basis points | | Return on Tangible Equity (%) | c.13 per cent | | Capital Generation (basis points) | c.175 basis points | | Risk-weighted Assets (£ billion) | £220 billion - £225 billion | | CET1 Ratio Target (%) | Pay down to c.13.5% | [Summary Financial Tables](index=3&type=section&id=Summary%20Financial%20Tables) Detailed Q1 2024 financial tables show underlying net interest income at **£3,184 million** and statutory profit before tax at **£1,628 million**, with the cost:income ratio increasing to **57.2%** from **47.1%** in Q1 2023 Q1 2024 Financial Summary (£ million) | Metric | Q1 2024 (£ million) | Q1 2023 (£ million) | YoY Change (%) | Q4 2023 (£ million) | QoQ Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Underlying net interest income | 3,184 | 3,535 | (10) | 3,317 | (4) | | Net income | 4,241 | 4,652 | (9) | 4,232 | - | | Total costs | (2,427) | (2,189) | (11) | (3,027) | 20 | | Underlying profit | 1,757 | 2,220 | (21) | 1,746 | 1 | | Statutory profit before tax | 1,628 | 2,260 | (28) | 1,775 | (8) | | Statutory profit after tax | 1,215 | 1,641 | (26) | 1,234 | (2) | Key Ratios and Balance Sheet Items | Metric | At 31 Mar 2024 | At 31 Mar 2023 | At 31 Dec 2023 | | :--- | :--- | :--- | :--- | | Banking net interest margin (%) | 2.95% | 3.22% | 2.98% | | Cost:income ratio (%) | 57.2% | 47.1% | 71.5% | | Return on tangible equity (%) | 13.3% | 19.1% | 13.9% | | Loans and advances to customers (£ billion) | £448.5bn | £452.3bn | £449.7bn | | Customer deposits (£ billion) | £469.2bn | £473.1bn | £471.4bn | | CET1 ratio (%) | 13.9% | 14.1% | 14.6% | [Detailed Performance Review](index=7&type=section&id=Detailed%20Performance%20Review) This section provides a detailed analysis of the Group's profitability, net interest income, other income, operating lease depreciation, and cost management for the period [Profitability and Net Income](index=7&type=section&id=Profitability%20and%20Net%20Income) Q1 2024 statutory profit before tax decreased **28%** to **£1,628 million**, primarily due to lower net interest income and higher operating expenses, partially offset by reduced impairment, with total net income down **9%** - Statutory profit before tax fell **28% YoY** to **£1,628 million**, while statutory profit after tax was **£1,215 million**[25](index=25&type=chunk) - Underlying profit decreased by **21% YoY** to **£1,757 million**, impacted by lower net interest income and higher operating costs[26](index=26&type=chunk) - Net income of **£4,241 million** was down **9% YoY**, driven by lower net interest income and higher operating lease depreciation[27](index=27&type=chunk) [Net Interest Income and Margin](index=8&type=section&id=Net%20Interest%20Income%20and%20Margin) Underlying net interest income dropped **10%** YoY to **£3,184 million**, driven by a **2.95%** banking net interest margin (down from **3.22%**), reflecting deposit churn and mortgage margin compression, partially offset by structural hedge income - Underlying net interest income fell **10% YoY** due to a banking net interest margin decline to **2.95%**, caused by deposit churn and asset margin compression, especially in mortgages[28](index=28&type=chunk) - The sterling structural hedge balance was **£244 billion** and generated approximately **£1.0 billion** of income in Q1 2024. The Group expects the hedge to deliver approximately **£0.7 billion** more in earnings in 2024 compared to 2023[30](index=30&type=chunk) - The Group maintains its 2024 guidance for a banking net interest margin of greater than **290 basis points**[29](index=29&type=chunk) [Other Income and Operating Lease Depreciation](index=8&type=section&id=Other%20Income%20and%20Operating%20Lease%20Depreciation) Underlying other income grew **7%** YoY to **£1,340 million**, driven by **17%** Retail growth (Tusker acquisition) and approximately **4%** Commercial Banking growth, while operating lease depreciation increased to **£283 million** due to Tusker and fleet growth - Underlying other income rose **7% YoY** to **£1,340 million**, with Retail up **17%** (partly from the Tusker acquisition) and Commercial Banking up approximately **4%** (from capital markets)[31](index=31&type=chunk) - Operating lease depreciation increased to **£283 million** from **£140 million** in Q1 2023, due to the Tusker acquisition, fleet growth, and lower used car prices[33](index=33&type=chunk) - The Group saw positive organic growth in Insurance, Pensions and Investments, and Wealth, with **£1.4 billion** in net new money for open book assets under administration (AuA)[32](index=32&type=chunk) [Costs and Remediation](index=8&type=section&id=Costs%20and%20Remediation) Total costs, including remediation, rose **11%** to **£2,427 million**, driven by a new approximately **£0.1 billion** Bank of England levy and higher severance charges, with operating costs up **6%** excluding the levy, and minimal **£25 million** remediation costs - Operating costs increased **11%** to **£2.4 billion**, including a new approximately **£0.1 billion** Bank of England levy and **£0.1 billion** higher severance charges. Excluding the levy, costs were up **6%**[34](index=34&type=chunk) - The cost:income ratio for Q1 was **57.2%**, up from **47.1%** in the prior year[34](index=34&type=chunk) - Remediation costs were **£25 million** for pre-existing programmes. No further charge was taken for the FCA's motor finance commission review, with an update expected from the FCA in September[35](index=35&type=chunk) [Balance Sheet and Capital Position](index=6&type=section&id=Balance%20Sheet%20and%20Capital%20Position) This section analyzes the Group's balance sheet, including loans, deposits, and liquidity, alongside its capital management strategies and CET1 ratio [Balance Sheet Analysis](index=6&type=section&id=Balance%20Sheet%20Analysis) As of March 31, 2024, loans to customers decreased slightly to **£448.5 billion** (mainly UK mortgages), and customer deposits fell by **£2.2 billion** to **£469.2 billion** (Commercial Banking reduction), maintaining a stable **96%** loan-to-deposit ratio Balance Sheet Breakdown (£ billion) | Item | At 31 Mar 2024 (£ billion) | At 31 Dec 2023 (£ billion) | Change (%) | | :--- | :--- | :--- | :--- | | **Loans and advances to customers** | **448.5** | **449.7** | **-** | | UK mortgages | 304.6 | 306.2 | (1) | | Small and Medium Businesses | 32.2 | 33.0 | (2) | | **Customer deposits** | **469.2** | **471.4** | **-** | | Retail current accounts | 103.1 | 102.7 | - | | Retail savings accounts | 196.4 | 194.8 | 1 | | Commercial Banking | 159.3 | 162.8 | (2) | | **Total assets** | **889.6** | **881.5** | **1** | | **Total equity** | **47.8** | **47.4** | **1** | - The loan to deposit ratio was **96%**, stable compared to year-end 2023, indicating a robust funding and liquidity position[46](index=46&type=chunk) - The Group maintains a strong liquidity position with a liquidity coverage ratio of **143%** and a net stable funding ratio of **130%**[46](index=46&type=chunk) [Capital Management](index=9&type=section&id=Capital%20Management) The Group's CET1 capital ratio improved to **13.9%** (from **13.7%** YE23), with **40 basis points** capital generation despite regulatory headwinds; RWAs increased to **£222.8 billion**, and the Group targets a CET1 ratio of approximately **13.5%** by year-end 2024 Q1 2024 Capital Generation | Item | Basis Points (bps) | | :--- | :--- | | Pro forma CET1 ratio as at 31 Dec 2023 | 13.7% | | Banking build | 57 | | Risk-weighted assets | (24) | | Other movements | 13 | | **Capital generation (pre-headwinds)** | **46** | | Regulatory headwinds | (6) | | **Capital generation (post-headwinds)** | **40** | | Ordinary dividend | (22) | | **CET1 ratio as at 31 Mar 2024** | **13.9%** | - Risk-weighted assets increased by **£3.7 billion** to **£222.8 billion**, including a temporary approximately **£1.5 billion** increase expected to reverse in Q2[47](index=47&type=chunk)[48](index=48&type=chunk) - The Board's ongoing CET1 capital target is approximately **13.0%**, and it expects to pay down to approximately **13.5%** by the end of 2024 before progressing towards the target by the end of 2026[50](index=50&type=chunk) [Impairment and Credit Quality](index=8&type=section&id=Impairment%20and%20Credit%20Quality) This section reviews the Group's asset quality, impairment charges, expected credit loss allowance, and underlying economic assumptions [Asset Quality and Impairment Charge](index=8&type=section&id=Asset%20Quality%20and%20Impairment%20Charge) Asset quality remains strong, with Q1 2024 underlying impairment charge at a low **£57 million** (asset quality ratio of **6 basis points**), significantly influenced by a **£192 million** credit from an improved economic outlook, particularly in house prices - Asset quality remains strong, with credit performance stable and broadly at or better than pre-pandemic levels. An improvement in new-to-arrears for UK mortgages was observed in Q1[36](index=36&type=chunk)[37](index=37&type=chunk) Q1 2024 Underlying Impairment Charge Detail (£ million) | Component | Q1 2024 (£ million) | Q1 2023 (£ million) | | :--- | :--- | :--- | | Charges pre-updated MES | 249 | 322 | | Updated economic outlook (credit) | (192) | (79) | | **Underlying impairment charge** | **57** | **243** | | **Asset quality ratio (%)** | **0.06%** | **0.22%** | - The Group continues to expect the asset quality ratio for 2024 to be less than **30 basis points**[40](index=40&type=chunk) [Expected Credit Loss (ECL) Allowance](index=9&type=section&id=Expected%20Credit%20Loss%20%28ECL%29%20Allowance) The Group's underlying ECL allowance decreased slightly to **£4.1 billion** in Q1 2024, with Stage 2 assets reducing to **£50.2 billion** and Stage 3 assets increasing slightly to **£10.6 billion**, maintaining a low **0.9%** total ECL allowance Loans and ECL Allowance by Stage (31 Mar 2024) | Stage | Gross Lending (£ million) | ECL Allowance (£ million) | Stage as % of Total Lending (%) | | :--- | :--- | :--- | :--- | | Stage 1 | 391,473 | 1,028 | 86.6% | | Stage 2 | 50,178 | 1,520 | 11.1% | | Stage 3 | 10,626 | 1,543 | 2.3% | | **Total** | **452,277** | **4,091** | **100%** | - Stage 2 assets decreased to **£50.2 billion** (from **£56.5 billion** at YE23), with **90.7%** of these loans remaining up to date on payments[40](index=40&type=chunk) - Stage 3 assets increased slightly to **£10.6 billion** (from **£10.1 billion** at YE23), with increases in UK mortgages and Commercial Banking portfolios[40](index=40&type=chunk) [Economic Assumptions and Scenarios](index=14&type=section&id=Economic%20Assumptions%20and%20Scenarios) The Group's ECL calculations use multiple economic scenarios, with the 2024 base case anticipating slow GDP growth (**0.4%**), rising unemployment (**4.3%**), and UK Bank Rate reductions, including an adjusted severe downside scenario for key risks - The base case scenario for 2024 includes slow GDP expansion, a rise in unemployment, and UK Bank Rate reductions during the year[71](index=71&type=chunk) Key UK Economic Assumptions - 2024 Annual Average (%) | Scenario | GDP Growth (%) | Unemployment Rate (%) | House Price Growth (%) | UK Bank Rate (%) | CPI Inflation (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Upside | 1.1 | 3.2 | 3.7 | 5.40 | 2.3 | | Base case | 0.4 | 4.3 | 1.5 | 4.88 | 2.4 | | Downside | (0.8) | 5.5 | 0.0 | 4.29 | 2.4 | | Severe downside | (1.8) | 7.2 | (2.2) | 6.19 (adj.) | 7.5 (adj.) | - The severe downside scenario has been adjusted to reflect risks of higher CPI inflation (**7.5%**) and UK Bank Rate (**6.19%**) in 2024, considering supply shocks as a principal concern[77](index=77&type=chunk) [Supplementary Information](index=16&type=section&id=Supplementary%20Information) This section provides reconciliations for alternative performance measures and lists important upcoming dates for investors [Alternative Performance Measures (APMs)](index=16&type=section&id=Alternative%20Performance%20Measures%20%28APMs%29) This section provides reconciliations for key Alternative Performance Measures (APMs), detailing the calculation for Banking Net Interest Margin (adjusting for non-banking items) and Return on Tangible Equity (adjusting for goodwill and intangibles) Banking Net Interest Margin (NIM) Calculation | Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Underlying net interest income (£ million) | 3,184 | 3,535 | | Remove non-banking interest expense (£ million) | 105 | 76 | | **Banking underlying net interest income (£ million)** | **3,289** | **3,611** | | Average interest-earning banking assets (£ billion) | 449.1 | 454.2 | | **Banking net interest margin (%)** | **2.95%** | **3.22%** | Return on Tangible Equity (RoTE) Calculation | Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Profit attributable to ordinary shareholders (£ million) | 1,069 | 1,510 | | Average tangible equity (£ billion) | 32.4 | 32.0 | | **Return on tangible equity (%)** | **13.3%** | **19.1%** | [Key Dates and Contacts](index=17&type=section&id=Key%20Dates%20and%20Contacts) This section lists key upcoming dates for investors, including the Annual General Meeting on May 16, 2024, the final 2023 dividend payment on May 21, 2024, and the 2024 Half-year results announcement on July 25, 2024, along with contact information Upcoming Key Dates | Event | Date | | :--- | :--- | | Annual General Meeting | 16 May 2024 | | Final 2023 Dividend Paid | 21 May 2024 | | Group Strategy Update: Business & Commercial Banking | 27 June 2024 | | 2024 Half-year Results | 25 July 2024 | | Q3 2024 Interim Management Statement | 23 October 2024 |

Lloyds (LON: LLOY) share price is sitting at an important level ahead of the company’s financial results. The stock is nearing the year-to-date high of 52.35p, its highest point this year as the FTSE 100 index has jumped to a record high.Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.Lloyds Bank earnings aheadCopy link to sectionThis will be an important week for Lloyds Bank as the company publish its quarterly financial results on Wednesday. These r ...