Financial Data and Key Metrics Changes - The company reported a statutory profit after tax of GBP 4.8 billion, with a return on tangible equity of 12.9% or 14.8% excluding the motor provision [18][20] - Net income for the full year was GBP 18.3 billion, up 7% compared to 2024, driven by growth in net interest income (NII) and other income (OOI), which increased by 6% and 9% respectively [18][20] - The tangible net asset value per share increased to 57 pence, up 4.6 pence in 2025 [35] Business Line Data and Key Metrics Changes - Retail banking saw growth in mortgages, credit cards, and European retail, with mortgages up GBP 10.8 billion or 3% to GBP 323 billion [25][22] - Commercial Banking lending increased by GBP 2.7 billion, with strategic areas like infrastructure and project finance showing encouraging progress [26] - Other operating income was GBP 6.1 billion, up 9% year-on-year, with retail OOI growing by 12% and insurance, pensions, and investments by 11% [29][30] Market Data and Key Metrics Changes - Total deposits increased by GBP 13.8 billion or 3% in 2025, with retail deposits up GBP 5.5 billion and commercial deposits up GBP 8.5 billion [22][27] - The structural hedge notional stood at GBP 244 billion at year-end, with hedge income around GBP 5.5 billion, expected to increase to circa GBP 7 billion in 2026 [28] Company Strategy and Development Direction - The company is entering the final phase of its 5-year strategic plan, focusing on faster-growing sectors such as housing, pensions, investments, and infrastructure [4][5] - The acquisition of Schroders Personal Wealth is aimed at enhancing the company's wealth offering and deepening relationships with mass affluent customers [7][8] - The company is committed to improving operating leverage and reducing the cost-income ratio to below 50% by 2026 [11][31] Management's Comments on Operating Environment and Future Outlook - The management is optimistic about the UK economy, forecasting resilient but slower growth, with interest rates gradually falling in 2026 [4] - The company upgraded its return on tangible equity target for 2026 to greater than 16%, reflecting confidence in future performance [40][39] - Management emphasized the importance of cost discipline and strategic execution in driving shareholder distributions and financial performance [2][39] Other Important Information - The company announced a 15% increase in the ordinary dividend and a share buyback of up to GBP 1.75 billion [2][18] - Cumulative cost savings of approximately GBP 1.9 billion have been realized since 2021, supporting ongoing strategic investments [10][31] Q&A Session Summary Question: Insights on deposit performance and expectations for 2026 - The company noted strong deposit growth in 2025, with expectations for continued healthy performance in 2026, despite some seasonal variations [44][47] Question: Clarification on cost growth and management - The management indicated that cost discipline remains critical, with a projected cost base of less than GBP 9.9 billion for 2026, reflecting limited absolute cost growth [49][50] Question: Guidance on net interest income (NII) and capital distribution - The company expects NII to grow to GBP 14.9 billion in 2026, with steady growth anticipated throughout the year, and plans to review capital distributions on a half-yearly basis [56][62]

Financial Data and Key Metrics Changes - The company reported a statutory profit after tax of GBP 4.8 billion, with a return on tangible equity of 12.9% or 14.8% excluding the motor provision [18][20] - Net income for the full year was GBP 18.3 billion, up 7% compared to 2024, driven by growth in net interest income (NII) and other income (OOI), which increased by 6% and 9% respectively [18][20] - Operating costs for 2025 were GBP 9.76 billion, reflecting a 3% year-on-year increase, while the cost-income ratio was 58.6% [30][31] Business Line Data and Key Metrics Changes - Retail banking saw growth in mortgages, credit cards, and European retail, with total lending balances closing at GBP 481 billion, up GBP 22 billion or 5% [21][22] - The commercial banking division reported a gross net lending increase of 15% in 2025, with FX volumes up over 20% [8][22] - Other income performance was strong, with OOI reaching GBP 6.1 billion, up 9% year-on-year, supported by the acquisition of Lloyds Wealth [29][30] Market Data and Key Metrics Changes - The UK economy is forecasted to experience resilient but slower growth, with interest rates expected to gradually fall in 2026 [4] - The company anticipates continued growth in key sectors such as housing, pensions, investments, and infrastructure, positioning itself as the UK's only integrated financial services provider [4][5] Company Strategy and Development Direction - The company is entering the final phase of its five-year strategic plan, focusing on faster-growing sectors and enhancing its digital and AI capabilities [5][12] - A significant transformation has been achieved over the last four years, with a focus on diversified revenue growth and improved cost efficiency [5][6] - The company plans to upgrade its return on tangible equity target to greater than 16% for 2026, reflecting confidence in future performance [17][40] Management's Comments on Operating Environment and Future Outlook - Management expressed a constructive outlook for the UK economy, highlighting strengthening financial positions for households and businesses [4] - The company is committed to further improvements in financial performance beyond 2026, with a focus on income growth and operating leverage [17][39] Other Important Information - The company announced a 15% increase in the ordinary dividend and a share buyback of up to GBP 1.75 billion, representing a total capital return of up to GBP 3.9 billion [2][38] - The company has generated GBP 1.4 billion of additional revenues from strategic initiatives to date and is upgrading its 2026 target to approximately GBP 2 billion [6][17] Q&A Session Summary Question: Insights on deposit performance and expectations for 2026 - Management noted strong deposit performance in 2025, with a total increase of GBP 13.8 billion, and expects similar performance in 2026, with a slowing down in churn due to lower bank base rates [41][44][47] Question: Clarification on cost growth expectations - Management indicated that cost discipline remains critical, with a projected cost base of less than GBP 9.9 billion for 2026, reflecting a limited increase and the impact of strategic initiatives [41][49][51] Question: Guidance on net interest income (NII) and capital distribution - Management provided guidance for NII of around GBP 14.9 billion for 2026, expecting steady growth throughout the year, and discussed plans for reviewing capital distributions on a half-yearly basis [56][58][62]

Financial Data and Key Metrics Changes - Statutory profit after tax for 2025 was GBP 4.8 billion, with a return on tangible equity of 12.9% or 14.8% excluding the motor provision [18] - Net income for the full year was GBP 18.3 billion, up 7% compared to 2024, driven by growth in net interest income (NII) and other income, which increased by 6% and 9% respectively [18][19] - Operating costs for 2025 were GBP 9.76 billion, reflecting a 3% year-on-year increase, while the cost-income ratio was 58.6% [19][32] Business Line Data and Key Metrics Changes - Retail banking saw growth in mortgages, credit cards, and European retail, with total lending balances closing at GBP 481 billion, up GBP 22 billion or 5% [20][21] - Commercial banking gross net lending increased by 15% in 2025, with significant growth in targeted sectors [8][26] - Other operating income (OOI) was GBP 6.1 billion, up 9% year-on-year, with retail OOI growing by 12% [30] Market Data and Key Metrics Changes - Total deposits increased by GBP 13.8 billion or 3% in 2025, with retail deposits up GBP 5.5 billion and commercial deposits up GBP 8.5 billion [22][27] - The structural hedge notional stood at GBP 244 billion at year-end, contributing to a significant increase in hedge income to around GBP 5.5 billion [28] Company Strategy and Development Direction - The company is entering the final phase of its 5-year strategic plan, focusing on high-potential sectors such as housing, pensions, investments, and infrastructure [4][5] - The acquisition of Schroders Personal Wealth is aimed at enhancing the company's wealth offering and deepening relationships with mass affluent customers [7][8] - The company is committed to improving operating leverage and reducing the cost-income ratio to below 50% by 2026 [11][32] Management's Comments on Operating Environment and Future Outlook - The management is optimistic about the UK economy, forecasting resilient but slower growth, with interest rates expected to gradually fall in 2026 [4] - The company upgraded its return on tangible equity target for 2026 to greater than 16%, reflecting confidence in future performance [17][41] - Management highlighted the importance of cost discipline and strategic initiatives in driving future growth and shareholder returns [49][53] Other Important Information - The company announced a 15% increase in the ordinary dividend and a share buyback of up to GBP 1.75 billion, representing a total capital return of up to GBP 3.9 billion [2][39] - The tangible net asset value per share increased to 57 pence, up 4.6 pence in 2025 [36] Q&A Session Summary Question: Deposit performance and expectations for 2026 - The company noted strong deposit growth in 2025, with expectations for continued healthy performance in 2026, despite some seasonal variations [45][48] Question: Cost growth and management - The management emphasized cost discipline, projecting limited absolute cost growth in 2026, aided by strategic initiatives and declining inflation [49][50][52] Question: NII guidance and structural hedge - The company expects net interest income to grow in 2026, with margin expansion anticipated throughout the year, although some quarterly variations may occur [56][60]

该行同时更新了2026年财务指引，预计今年全年基本净利息收入将达149亿英镑，有形股本回报率 (ROTE)目标为16%，较去年夏季公布的指引上调1个百分点。 自2021年上任以来，纳恩积极推动银行收入结构多元化，在传统抵押贷款与信贷业务之外，着力拓展财 富管理与保险等业务板块。去年第四季度，其非传统业务收入达15.9亿英镑，约占总收入的三分之一。 这一转型增强了该行应对利率波动的能力。英国央行利率在过去一年已逐步降至3.75%。劳埃德银行与 其他同业机构亦通过将部分存款配置于固定收益资产(即结构性对冲策略)来缓释利率风险。 该银行上一轮17.5亿英镑的股票回购计划持续执行至2025年底。此次接续推出的新一轮回购彰显了管理 层对资本回报和业务前景的信心。 智通财经APP获悉，英国最大抵押贷款银行劳埃德银行集团(LYG.US)于美东时间周四盘前发布第四季度 财报，凭借核心银行业务及快速增长的保险与财富管理产品实现了强劲盈利，并宣布将追加17.5亿英镑 (约合24亿美元)的股票回购计划。 根据初步业绩，劳埃德银行去年第四季度税前利润达到19.8亿英镑，较去年同期增长逾一倍，并大幅超 越分析师平均预期17.2亿英镑。 ...

Core Viewpoint - Lloyds Banking Group reported a 12% increase in annual profit, surpassing expectations, driven by higher income that compensated for nearly £1 billion ($1.38 billion) in charges related to compensating customers for mis-sold motor finance [1] Financial Performance - The annual profit rose by 12%, indicating strong financial performance [1] - The increase in income was significant enough to offset the nearly £1 billion in charges [1] Customer Compensation - The company faced nearly £1 billion ($1.38 billion) in charges for compensating customers who were mis-sold motor finance [1]

Lloyds Bank share price continued its strong rally as investors reacted to the recent US bank earnings and as traders focused on the upcoming earnings and as traders focused on its upcoming earnings. ... ...

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Lloyds (LYG) - Lloyds currently holds a Momentum Style Score of A, indicating strong momentum characteristics [2] - The company has a Zacks Rank of 2 (Buy), suggesting it is positioned for potential outperformance [3] Price Performance - Over the past week, Lloyds shares increased by 1.48%, outperforming the Zacks Banks - Foreign industry, which rose by 1.38% [5] - In a longer timeframe, Lloyds shares have gained 18.16% over the past quarter and 79.54% over the last year, significantly outperforming the S&P 500's increases of 3.46% and 14.89%, respectively [6] Trading Volume - The average 20-day trading volume for Lloyds is 5,724,568 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, two earnings estimates for Lloyds have been revised upwards, with the consensus estimate increasing from $0.42 to $0.43 [9] - For the next fiscal year, two estimates have also moved higher, with no downward revisions during the same period [9] Conclusion - Given the strong momentum indicators and positive earnings outlook, Lloyds is identified as a 2 (Buy) stock with a Momentum Score of A, making it a potential candidate for near-term investment [11]

Group 1 - Lloyds share price has experienced a strong bull run this year, reaching its highest level since September 2008 [1] - The share price has increased by 430% over the last 12 consecutive months [1]

Core Viewpoint - Jefferies has raised the target prices for Barclays, Lloyds Banking Group, and National Westminster Bank, indicating a positive outlook for these banks in the current market environment [1] Group 1: Barclays Bank - Jefferies increased the target price for Barclays Bank from 470 pence to 560 pence, reflecting a significant upward adjustment [1] Group 2: Lloyds Banking Group - The target price for Lloyds Banking Group has been raised from 105 pence to 119 pence, suggesting improved expectations for the bank's performance [1] Group 3: National Westminster Bank - Jefferies has also raised the target price for National Westminster Bank Group from 630 pence to 720 pence, indicating a favorable outlook for the bank [1]

Group 1 - Lloyds share price reached 100p for the first time since September 2008, marking a significant milestone [1] - The share price has experienced a strong bull run, rising for seven consecutive months [1]