Core Viewpoint - Lloyds Banking Group's financial results remain strong despite challenges from provisioning related to the motor financing redress scheme [1] Financial Performance - The financial results of Lloyds Banking Group are described as "pretty solid" [1] - The company is noted for its long-term, buy-and-hold investment approach, focusing on stocks that can sustainably generate high-quality earnings [1] Investment Strategy - The investment strategy emphasizes a bias toward dividend and income stocks, indicating a preference for stable returns [1]

Core Viewpoint - Lloyds Banking Group plc (NYSE:LYG) is considered one of the best affordable stocks to buy under $20, with a recent Buy rating and price target reaffirmed by Morgan Stanley analyst Alvaro Serrano [1][2]. Group 1: Rating and Market Position - Morgan Stanley analyst Alvaro Serrano reiterated a Buy rating on Lloyds Banking Group plc with a price target of p100, supporting the stock's market positioning and handling of financial uncertainties [1][2]. - The rating update aligns with Serrano's previous Buy rating issued on October 9, indicating confidence in the company's strategic approach [2]. Group 2: Risk Management and Financial Resilience - Despite uncertainties related to the FCA's consultation paper on motor finance charges, Lloyds Banking Group's preparation for potential additional provisions demonstrates resilience [3]. - The company's proactive risk management strategy is highlighted as a key factor in mitigating future financial impacts [3]. Group 3: Company Operations - Lloyds Banking Group plc operates as a financial services company, with its operations divided into segments including Retail, Commercial Banking, Insurance and Wealth, and Other [4].

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 ...

Financial Performance and Key Metrics - The group reported a statutory profit after tax of £3.3 billion for the first nine months of the year, with a return on tangible equity (ROTE) of 11.9% [5][17] - Excluding the motor provision, ROTE was 14.6%, and the full-year expectation for ROTE is around 12% or 14% excluding motor [6][18] - Year-to-date net income reached £13.6 billion, a 6% increase year-on-year, driven by growth in net interest income and a 9% rise in other operating income [6][11] - Operating costs for the year-to-date were £7.2 billion, up 3% year-on-year, in line with expectations [7][13] - The closing CET1 ratio stood at 13.8%, reflecting strong capital generation of 110 basis points year-to-date [19] Business Line Performance - Group lending balances increased to £477 billion, up £18 billion or 4% year-to-date, with retail lending growing by £5.1 billion [8][9] - Year-to-date deposits grew by £14 billion or 3%, with a quarterly increase of £2.8 billion in Q3 [9] - Net interest income for the first nine months was £10.1 billion, up 6% year-on-year, with a Q3 margin of 306 basis points [10][11] - Other operating income (OOI) reached £4.5 billion year-to-date, up 9% year-on-year, with Q3 OOI at £1.6 billion [11][12] Market Data and Key Metrics - The retail business saw growth across cards, loans, and motor businesses, while commercial lending balances increased by £1.3 billion in Q3 [8][9] - The insurance, pensions, and investments sectors experienced steady growth, with approximately £3.3 billion of open book net new money year-to-date [9] Company Strategy and Industry Competition - The company completed the acquisition of Schroders Personal Wealth, now rebranded as Lloyds Wealth, which will enhance its wealth management capabilities [4][35] - Significant advancements were made in the digital asset strategy, including partnerships to deliver tokenized deposits and FX derivatives trades [5][41] - The company aims to integrate Lloyds Wealth into its broader offerings, enhancing customer propositions and driving shareholder value [35][39] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in achieving 2026 guidance despite the recent motor provision charge, indicating strong underlying business performance [4][20] - The company anticipates continued growth in net interest income and margin expansion through 2026, driven by structural hedge contributions and lending growth [27][29] - Management acknowledged potential headwinds from mortgage refinancing but maintained that guidance for net interest income remains unchanged [54] Other Important Information - An additional £800 million charge was taken for potential motor commission remediation costs, bringing total provisions to £1.95 billion [4][15] - The company is committed to maintaining cost discipline while investing in strategic growth areas [13][20] Q&A Session Summary Question: Regarding motor finance provisions and potential FCA outcomes - Management indicated that the current provision of £1.95 billion is based on scenario analysis and that the FCA's proposals are heavily weighted in their provisioning [25][26] Question: Expectations for net interest margin (NIM) growth - Management expects NIM to increase in Q4, driven by structural hedge contributions, and anticipates continued margin expansion into 2026 [27][29] Question: Insights on the wealth management strategy and potential inorganic growth - Management expressed satisfaction with the acquisition of Lloyds Wealth and emphasized focusing on organic growth and integration before considering further acquisitions [35][39] Question: Updates on non-banking funding costs and other operating income trends - Non-banking net interest income is running about 10% ahead of last year, with growth driven primarily by volumes rather than rates [71][72] - Other operating income trends show divergence, with retail performing well while insurance appears to be tapering off [70][72]

Financial Performance - The company reported a statutory profit after tax of GBP 3.3 billion for the first nine months of the year, with a return on tangible equity (ROTE) of 11.9% [5][6] - Excluding the motor provision, ROTE was 14.6%, and the company expects ROTE for the full year to be around 12% or approximately 14% excluding motor [6][18] - Year-to-date net income reached GBP 13.6 billion, a 6% increase compared to the previous year, driven by growth in net interest income and a 9% rise in other operating income [6][10] Business Line Performance - Group lending balances increased to GBP 477 billion, up GBP 18 billion or 4% year-to-date, with retail lending growing by GBP 5.1 billion [8][9] - Year-to-date deposits grew by GBP 14 billion or 3%, with a quarter-on-quarter increase of GBP 2.8 billion in Q3 [9][10] - Other operating income for the year-to-date was GBP 4.5 billion, up 9% year-on-year, with Q3 OOI at GBP 1.6 billion, reflecting growth in motor and investments [11][12] Market Data - The company maintained a net interest margin of 3.06% in Q3, with expectations for continued growth in net interest income for the full year to be around GBP 13.6 billion [6][10] - The asset quality ratio is expected to be around 20 basis points for the full year, reflecting strong credit performance [7][16] Strategic Developments - The company completed the acquisition of Schroders Personal Wealth, now rebranded as Lloyds Wealth, which will enhance its wealth management capabilities [4][36] - Significant progress has been made in the digital asset strategy, including partnerships to deliver tokenized deposits and FX derivatives trades [5][41] Management Commentary - Management expressed confidence in the company's ability to meet its 2026 guidance despite the additional motor provision charge [4][21] - The company remains focused on creating value for customers and stakeholders through targeted growth and improved propositions [3][21] Other Important Information - The company has taken an additional GBP 800 million charge related to motor commissions, bringing the total provision to GBP 1.95 billion [4][15] - Operating costs year-to-date were GBP 7.2 billion, up 3% year-on-year, with expectations to meet full-year guidance of GBP 9.7 billion [13][14] Q&A Session Summary Question: Regarding the motor finance provision and potential top-up - Management indicated that the current provision of GBP 1.95 billion is based on scenario analysis and reflects the adverse end of expected outcomes [25][26] Question: Expectations for net interest margin (NIM) growth - Management expects NIM to increase in Q4, driven by structural hedge contributions, and anticipates continued margin expansion into 2026 [27][29] Question: Insights on the wealth management strategy and potential inorganic growth - Management emphasized the importance of integrating Lloyds Wealth into existing offerings and indicated a focus on organic growth following the acquisition [36][40] Question: Update on non-banking funding costs and other operating income trends - Management noted that non-banking net interest income is running about 10% ahead of last year, driven primarily by volume growth rather than rate increases [74][75]

Financial Performance and Key Metrics - The group reported a statutory profit after tax of £3.3 billion for the first nine months of 2025, with a return on tangible equity (ROTE) of 11.9% [5][6] - Excluding the motor provision, ROTE was 14.6%, and the full-year ROTE is now expected to be around 12% or 14% excluding motor [6][17] - Year-to-date net income reached £13.6 billion, a 6% increase compared to the previous year, driven by growth in net interest income and a 9% rise in other operating income [6][12] - Operating costs for the year-to-date were £7.2 billion, up 3% year-on-year, in line with expectations [7][14] - The closing CET1 ratio stood at 13.8%, reflecting strong capital generation of 110 basis points year-to-date [19] Business Line Performance - Group lending balances increased to £477 billion, up £18 billion or 4% year-to-date, with retail lending growing by £5.1 billion [9][10] - Year-to-date deposits grew by £14 billion or 3%, with a quarterly increase of £2.8 billion [10] - Net interest income for the first nine months was £10.1 billion, up 6% year-on-year, with a net interest margin of 3.06% [11][12] - Other operating income (OOI) reached £4.5 billion year-to-date, up 9% year-on-year, with Q3 OOI at £1.6 billion, a 3% increase from Q2 [12][68] Market Data and Key Indicators - The retail business saw continued growth across cards, loans, and motor businesses, while commercial lending balances increased by £1.3 billion in Q3 [9][10] - The insurance, pensions, and investments segment experienced steady growth, with approximately £3.3 billion of open book net new money year-to-date [10] Company Strategy and Industry Competition - The company completed the acquisition of Schroders Personal Wealth, now rebranded as Lloyds Wealth, which will enhance its wealth management capabilities [4][33] - Significant advancements were made in the digital asset strategy, including partnerships to deliver tokenized deposits and FX derivatives trades [5][39] - The company aims to integrate Lloyds Wealth into its broader offerings, enhancing customer propositions and driving shareholder value [34][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying business performance despite the additional £800 million charge related to motor commissions [4][19] - The company anticipates continued growth in net interest income and margin expansion into 2026, driven by structural hedge contributions and lending growth [26][27] - The outlook for asset quality remains strong, with an expected asset quality ratio of around 20 basis points for the full year [16] Other Important Information - The company maintained strong cost discipline, with year-to-date operating costs in line with expectations, and plans to meet its full-year guidance [14][19] - The total provision for motor finance remediation now stands at £1.95 billion, reflecting the adverse outcomes from FCA proposals [15][44] Q&A Session Summary Question: Regarding motor finance provisions and potential top-ups - Management indicated that the current provision of £1.95 billion is a best estimate and that the FCA's proposals are heavily weighted in their scenario analysis, suggesting limited movement in overall provisioning [22][24] Question: Expectations for net interest margin (NIM) growth - Management expects NIM to continue to grow in Q4, driven by structural hedge contributions, and anticipates continued margin expansion into 2026 [26][27] Question: Insights on the wealth management strategy post-acquisition - The acquisition of Lloyds Wealth is seen as a significant step forward, with plans to integrate it into existing customer propositions and enhance advisory capabilities [33][34] Question: Thoughts on tokenized assets and their impact on banking revenues - Management views tokenized assets as an opportunity rather than a threat, with ongoing projects aimed at developing programmable currency and enhancing customer value [39][40] Question: Distribution strategy and potential for more frequent buybacks - Management remains committed to distributing excess capital and will consider the form and timing of distributions at the end of the year, with no immediate plans for more frequent buybacks [42][44] Question: Trends in non-banking net interest income and other operating income - Non-banking net interest income is running about 10% ahead of last year, primarily driven by volume growth, while other operating income is expected to continue growing, albeit with some variability across divisions [62][66][68]

Financial Performance and Key Metrics - The group reported a statutory profit after tax of £3.3 billion with a return on tangible equity (RoTE) of 11.9% for the year to date, which would be 14.6% excluding the motor provision [8][26] - Year-to-date net income reached £13.6 billion, a 6% increase compared to the previous year, driven by growth in net interest income and a 9% rise in other operating income [9][18] - Operating costs increased by 3% year-on-year to £7.2 billion, in line with expectations, while the asset quality ratio improved to approximately 20 basis points for the full year [10][25] Business Line Performance - Group lending balances increased by £18 billion or 4% year-to-date, with retail lending growing by £5.1 billion, primarily due to a rise in the mortgage book [12][13] - Deposits grew by £14 billion or 3% year-to-date, with a £2.8 billion increase in Q3, driven by retail and commercial sectors [14] - Other operating income for the year to date was £4.5 billion, up 9% year-on-year, with significant contributions from motor and LPG investments [18][19] Market Data and Key Metrics - The net interest margin (NIM) for Q3 was 3.06%, reflecting a gradual increase, and is expected to continue growing into 2026 [9][40] - The group anticipates net interest income for the full year to be around £13.6 billion, slightly above previous guidance [17][43] - The asset quality remains strong, with low levels of new arrears and a year-to-date impairment charge of £618 million [25][26] Company Strategy and Industry Competition - The full acquisition of Schroders Personal Wealth, now rebranded as Lloyds Wealth, aims to enhance the group's wealth management capabilities and customer propositions [6][52] - The company is advancing its digital asset strategy, including partnerships for tokenized deposits and FX derivatives, which are expected to drive customer opportunities [7][59] - The management remains confident in achieving its 2026 targets, including a RoTE exceeding 15% and capital generation above 200 basis points [88] Management Commentary on Operating Environment and Future Outlook - Management expressed disappointment regarding the additional £800 million charge related to motor commissions but remains confident in the underlying business performance [4][31] - The company expects continued growth in net interest income and margin despite headwinds from mortgage refinancing [74] - The management highlighted the importance of maintaining cost discipline while driving income growth and capital generation [21][31] Other Important Information - The total provision for potential motor commission remediation costs has reached £1.95 billion, reflecting the adverse outcomes anticipated from FCA proposals [23][68] - The company is focused on integrating the newly acquired wealth management business and enhancing customer propositions [55] Q&A Session Summary Question: Sensitivity around motor finance provision - Management indicated that the current provision of £1.95 billion is based on scenario analysis and reflects the adverse end of expected outcomes from FCA proposals [36][37] Question: Expectations for net interest margin (NIM) growth - Management confirmed expectations for NIM to increase in Q4, driven by structural hedge contributions, and anticipates continued growth into 2026 [40][41] Question: Wealth management strategy and inorganic expansion - Management expressed satisfaction with the acquisition of Lloyds Wealth and emphasized focusing on organic growth rather than inorganic expansion at this stage [51][55] Question: Nonbanking funding costs and trends in other operating income - Management reported that nonbanking net interest income is running about 10% ahead of last year, driven primarily by volume growth rather than rate increases [96][98]

Continuing to deliver; confident in our outlook February 2025 Q3 2025 Interim Management Statement Lloyds Banking Group 23 October 2025 2024 Results Lloyds Banking Group 20th 1 Purpose Helping Britain Prosper Continued strategic delivery for customers and wider stakeholders Robust financial performance, with strong capital generation 2025 guidance improved excluding Q3 motor finance charge; confident in 2026 Lloyds Banking Group 2 Lloyds Banking Group 2 Continued strategic progress Full acquisition of Schro ...

Core Viewpoint - Lloyds share price remained stable on October 23, reflecting positive market reaction to the latest earnings report, indicating the company is performing well this year [1] Financial Performance - The share price of Lloyds was trading at 84.6p, representing an increase of approximately 70% year-to-date [1]

Group 1 - Lloyds Banking Group has raised its full-year net interest income forecast despite expectations of a slowdown in UK economic growth and a larger-than-expected decline in Q3 profits [1] - The bank reported a Q3 net profit of £4.64 billion, a 7% year-on-year increase, while net interest income also rose by 7% to £3.45 billion [1] - However, pre-tax profit for Q3 fell by 36% to £1.17 billion, below the average analyst expectation of £1.45 billion [1] Group 2 - The bank expects full-year net interest income to reach £13.6 billion in 2025, up from a previous forecast of £13.5 billion [1] - Lloyds added £800 million in provisions for compensation related to mis-sold car loans in Q3, bringing total provisions to £1.95 billion [2] - The FCA's recent compensation plan has been viewed as exceeding banks' understanding of a key court ruling, which previously suggested that banks should only compensate for the most severe violations [2]