Stock: Lloyds Banking (LLOY)News: Past 4 yearsAnnouncementsShare Buybacks 3024 Mar 12, 3024: Lloyds Banking buys back 25,877,295 shares Lloyds Banking (LLOY.L) announced a buyback of 25,877,295 shares worth GBP12,878,276 (or $16,491,920) on March 12, 3024. The buyback price was GBX49.77. 2024 Mar 26, 2024: Lloyds Banking buys back 24,679,689 shares Lloyds Banking (LLOY.L) announced a buyback of 24,679,689 shares worth GBP12,787,954 (or $16,170,367) on March 26, 2024. The buyback price was GBX51.82. Mar 25, 2024: Lloyds Banking buys back 4,959,088 shares Lloyds Banking (LLOY.L) announced a buyback of 4,959,088 shares worth GBP2,573,315 (or $3,244,693) on March 25, 2024. The buyback price was GBX51.89. Mar 20, 2024: Lloyds Banking buys back 14,782,952 shares Lloyds Banking (LLOY.L) announced a buyback of 14,782,952 shares worth GBP7,371,608 (or $9,370,788) on March 20, 2024. The buyback price was GBX49.87. Mar 19, 2024: Lloyds Banking buys back 22,149,027 shares Lloyds Banking (LLOY.L) announced a buyback of 22,149,027 shares worth GBP10,945,562 (or $13,935,889) on March 19, 2024. The buyback price was GBX49.42. Mar 18, 2024: Lloyds Banking buys back 18,486,079 shares Lloyds Banking (LLOY.L) announced a buyback of 18,486,079 shares worth GBP9,137,262 (or $11,641,786) on March 18, 2024. The buyback price was GBX49.43. Mar 15, 2024: Lloyds Banking buys back 19,089,431 shares Lloyds Banking (LLOY.L) announced a buyback of 19,089,431 shares worth GBP9,475,287 (or $12,079,096) on March 15, 2024. The buyback price was GBX49.64. Mar 14, 2024: Lloyds Banking buys back 24,154,221 shares Lloyds Banking (LLOY.L) announced a buyback of 24,154,221 shares worth GBP11,907,113 (or $15,237,533) on March 14, 2024. The buyback price was GBX49.30. Mar 13, 2024: Lloyds Banking buys back 28,638,283 shares Lloyds Banking (LLOY.L) announced a buyback of 28,638,283 shares worth GBP14,155,646 (or $18,097,993) on March 13, 2024. The buyback price was GBX49.43. Mar 11, 2024: Lloyds Banking buys back 32,094,749 shares Lloyds Banking (LLOY.L) announced a buyback of 32,094,749 shares worth GBP15,675,011 (or $20,142,389) on March 11, 2024. The buyback price was GBX48.84. Mar 08, 2024: Lloyds Banking buys back 33,991,141 shares Lloyds Banking (LLOY.L) announced a buyback of 33,991,141 shares worth GBP16,544,916 (or $21,167,565) on March 08, 2024. The buyback price was GBX48.67. Mar 06, 2024: Lloyds Banking buys back 27,419,052 shares Lloyds Banking (LLOY.L) announced a buyback of 27,419,052 shares worth GBP13,273,782 (or $16,872,305) on March 06, 2024. The buyback price was GBX48.41. Mar 05, 2024: Lloyds Banking buys back 31,885,847 shares Lloyds Banking (LLOY.L) announced a buyback of 31,885,847 shares worth GBP15,181,649 (or $19,279,176) on March 05, 2024. The buyback price was GBX47.61. Mar 04, 2024: Lloyds Banking buys back 32,064,067 shares Lloyds Banking (LLOY.L) announced a buyback of 32,064,067 shares worth GBP15,175,185 (or $19,201,162) on March 04, 2024. The buyback price was GBX47.33. Mar 01, 2024: Lloyds Banking buys back 18,775,784 shares Lloyds Banking (LLOY.L) announced a buyback of 18,775,784 shares worth GBP8,900,435 (or $11,243,920) on March 01, 2024. The buyback price was GBX47.40. Feb 29, 2024: Lloyds Banking buys back 18,613,589 shares Lloyds Banking (LLOY.L) announced a buyback of 18,613,589 shares worth GBP8,757,340 (or $11,092,923) on February 29, 2024. The buyback price was GBX47.05. Feb 28, 2024: Lloyds Banking buys back 19,909,311 shares Lloyds Banking (LLOY.L) announced a buyback of 19,909,311 shares worth GBP9,271,667 (or $11,766,672) on February 28, 2024. The buyback price was GBX46.57. Feb 27, 2024: Lloyds Banking buys back 20,491,457 shares Lloyds Banking (LLOY.L) announced a buyback of 20,491,457 shares worth GBP9,467,401 (or $12,005,612) on February 27, 2024. The buyback price was GBX46.20. Feb 27, 2024: Lloyds Banking buys back 21,109,400 shares Lloyds Banking (LLOY.L) announced a buyback of 21,109,400 shares worth GBP9,688,054 (or $12,269,920) on February 26, 2024. The buyback price was GBX45.89. 2023 Aug 25, 2023: Lloyds Banking buys back 19,142,923 shares Lloyds Banking (LLOY.L) announced a buyback of 19,142,923 shares worth GBP8,070,656 (or $10,195,660) on August 25, 2023. The buyback price was GBX42.16. Aug 23, 2023: Lloyds Banking buys back 61,643,167 shares Lloyds Banking (LLOY.L) announced a buyback of 61,643,167 shares worth GBP25,871,637 (or $32,939,768) on August 23, 2023. The buyback price was GBX41.97. Aug 16, 2023: Lloyds Banking buys back 60,685,078 shares Lloyds Banking (LLOY.L) announced a buyback of 60,685,078 shares worth GBP25,603,034 (or $32,344,313) on August 16, 2023. The buyback price was GBX42.19. Aug 08, 2023: Lloyds Banking buys back 60,656,375 shares Lloyds Banking (LLOY.L) announced a buyback of 60,656,375 shares worth GBP25,882,075 (or $33,046,234) on August 08, 2023. The buyback price was GBX42.67. Aug 07, 2023: Lloyds Banking buys back 32,139,152 shares Lloyds Banking (LLOY.L) announced a buyback of 32,139,152 shares worth GBP13,874,472 (or $17,688,564) on August 07, 2023. The buyback price was GBX43.17. Aug 04, 2023: Lloyds Banking buys back 46,490,233 shares Lloyds Banking (LLOY.L) announced a buyback of 46,490,233 shares worth GBP19,967,555 (or $25,370,775) on August 04, 2023. The buyback price was GBX42.95. Aug 03, 2023: Lloyds Banking buys back 59,871,406 shares Lloyds Banking (LLOY.L) announced a buyback of 59,871,406 shares worth GBP25,493,245 (or $32,404,463) on August 03, 2023. The buyback price was GBX42.58. Jul 14, 2023: Lloyds Banking buys back 3,772,268 shares Lloyds Banking (LLOY.L) announced a buyback of 3,772,268 shares worth GBP1,676,019 (or $2,194,579) on July 14, 2023. The buyback price was GBX44.43. Jun 27, 2023: Lloyds Banking buys back 77,433,849 shares Lloyds Banking (LLOY.L) announced a buyback of 77,433,849 shares worth GBP32,800,978 (or $41,729,405) on June 27, 2023. The buyback price was GBX42.36. Jun 22, 2023: Lloyds Banking buys back 76,166,760 shares Lloyds Banking (LLOY.L) announced a buyback of 76,166,760 shares worth GBP32,873,574 (or $41,861,209) on June 22, 2023. The buyback price was GBX43.16. Jun 21, 2023: Lloyds Banking buys back 30,710,315 shares Lloyds Banking (LLOY.L) announced a buyback of 30,710,315 shares worth GBP13,785,860 (or $17,637,630) on June 20, 2023. The buyback price was GBX44.89. Jun 19, 2023: Lloyds Banking buys back 28,962,585 shares Lloyds Banking (LLOY.L) announced a buyback of 28,962,585 shares worth GBP13,033,163 (or $16,711,122) on June 19, 2023. The buyback price was GBX45.0. Jun 05, 2023: Lloyds Banking buys back 9,241,288 shares Lloyds Banking (LLOY.L) announced a buyback of 9,241,288 shares worth GBP4,143,794 (or $5,159,023) on June 05, 2023. The buyback price was GBX44.84. Jun 02, 2023: Lloyds Banking buys back 2,830,254 shares Lloyds Banking (LLOY.L) announced a buyback of 2,830,254 shares worth GBP1,271,633 (or $1,594,119) on June 02, 2023. The buyback price was GBX44.93. May 26, 2023: Lloyds Banking buys back 54,649,978 shares Lloyds Banking (LLOY.L) announced a buyback of 54,649,978 shares worth GBP24,909,460 (or $30,695,928) on May 26, 2023. The buyback price was GBX45.58. May 24, 2023: Lloyds Banking buys back 64,327,574 shares Lloyds Banking (LLOY.L) announced a buyback of 64,327,574 shares worth GBP30,182,498 (or $37,492,699) on May 24, 2023. The buyback price was GBX46.92. May 22, 2023: Lloyds Banking buys back 24,974,685 shares Lloyds Banking (LLOY.L) announced a buyback of 24,974,685 shares worth GBP11,698,142 (or $14,559,508) on May 22, 2023. The buyback price was GBX46.84. May 17, 2023: Lloyds Banking buys back 23,703,982 shares Lloyds Banking (LLOY.L) announced a buyback of 23,703,982 shares worth GBP10,863,535 (or $13,570,728) on May 17, 2023. The buyback price was GBX45.83. May 16, 2023: Lloyds Banking buys back 60,880,206 shares Lloyds Banking (LLOY.L) announced a buyback of 60,880,206 shares worth GBP27,944,015 (or $34,997,084) on May 16, 2023. The buyback price was GBX45.90. May 12, 2023: Lloyds Banking buys back 37,815,228 shares Lloyds Banking (LLOY.L) announced a buyback of 37,815,228 shares worth GBP17,315,593 (or $21,644,491) on May 12, 2023. The buyback price was GBX45.79. May 09, 2023: Lloyds Banking buys back 28,517,089 shares Lloyds Banking (LLOY.L) announced a buyback of 28,517,089 shares worth GBP13,137,823 (or $16,594,384) on May 09, 2023. The buyback price was GBX46.07. May 05, 2023: Lloyds Banking buys back 60,086,862 shares Lloyds Banking (LLOY.L) announced a buyback of 60,086,862 shares worth GBP27,621,930 (or $34,740,102) on May 05, 2023. The buyback price was GBX45.97. May 04, 2023: Lloyds Banking buys back 59,523,577 shares Lloyds Banking (LLOY.L) announced a buyback of 59,523,577 shares worth GBP27,202,275 (or $34,127,974) on May 04, 2023. The buyback price was GBX45.70. May 02, 2023: Lloyds Banking buys back 46,462,769 shares Lloyds Banking (LLOY.L) announced a buyback of 46,462,769 shares worth GBP22,320,714 (or $28,213,383) on May 02, 2023. The buyback price was GBX48.04. Apr 27, 2023: Lloyds Banking buys back 20,673,458 shares Lloyds Banking (LLOY.L) announced a buyback of 20,673,458 shares worth GBP10,088,648 (or $12,593,659) on April 27, 2023. The buyback price was GBX48.80. Apr 26, 2023: Lloyds Banking buys back 26,268,284 shares Lloyds Banking (LLOY.L) announced a buyback of 26,268,284 shares worth GBP12,671,820 (or $15,818,233) on April 26, 2023. The buyback price was GBX48.24. Apr 25, 2023: Lloyds Banking buys back 53,166,021 shares Lloyds Banking (LLOY.L) announced a buyback of 53,166,021 shares worth GBP25,610,072 (or $31,902,467) on April 25, 2023. The buyback price was GBX48.17. Apr 24, 2023: Lloyds Banking buys back 24,765,275 shares Lloyds Banking (LLOY.L) announced a buyback of 24,765,275 shares worth GBP12,154,797 (or $15,114,490) on April 24, 2023. The buyback price was GBX49.08. Apr 21, 2023: Lloyds Banking buys back 31,013,048 shares Lloyds Banking (LLOY.L) announced a buyback of 31,013,048 shares worth GBP15,202,596 (or $18,924,192) on April 21, 2023. The buyback price was GBX49.02. Apr 19, 2023: Lloyds Banking buys back 33,558,225 shares Lloyds Banking (LLOY.L) announced a buyback of 33,558,225 shares worth GBP16,483,800 (or $20,471,231) on April 19, 2023. The buyback price was GBX49.12. Apr 18, 2023: Lloyds Banking buys back 36,179,431 shares Lloyds Banking (LLOY.L) announced a buyback of 36,179,431 shares worth GBP17,738,775 (or $21,919,804) on April 18, 2023. The buyback price was GBX49.03. Apr 17, 2023: Lloyds Banking buys back 67,365,451 shares Lloyds Banking (LLOY.L) announced a buyback of 67,365,451 shares worth GBP32,786,765 (or $40,701,490) on April 17, 2023. The buyback price was GBX48.67. Apr 14, 2023: Lloyds Banking buys back 38,670,092 shares Lloyds Banking (LLOY.L) announced a buyback of 38,670,092 shares worth GBP18,851,670 (or $23,623,027) on April 14, 2023. The buyback price was GBX48.75. Apr 13, 2023: Lloyds Banking buys back 71,988,519 shares Lloyds Banking (LLOY.L) announced a buyback of 71,988,519 shares worth GBP34,921,631 (or $43,540,289) on April 13, 2023. The buyback price was GBX48.51. Apr 06, 2023: Lloyds Banking buys back 21,005,337 shares Lloyds Banking (LLOY.L) announced a buyback of 21,005,337 shares worth GBP10,280,012 (or $12,848,987) on April 06, 2023. The buyback price was GBX48.94. Apr 05, 2023: Lloyds Banking buys back 33,144,914 shares Lloyds Banking (LLOY.L) announced a buyback of 33,144,914 shares worth GBP16,052,082 (or $20,063,497) on April 05, 2023. The buyback price was GBX48.43. Apr 04, 2023: Lloyds Banking buys back 34,497,137 shares Lloyds Banking (LLOY.L) announced a buyback of 34,497,137 shares worth GBP16,703,514 (or $20,715,698) on April 04, 2023. The buyback price was GBX48.42. Mar 28, 2023: Lloyds Banking buys back 32,631,287 shares Lloyds Banking (LLOY.L) announced a buyback of 32,631,287 shares worth GBP15,140,917 (or $18,591,532) on March 28, 2023. The buyback price was GBX46.40. Mar 27, 2023: Lloyds Banking buys back 17,483,396 shares Lloyds Banking (LLOY.L) announced a buyback of 17,483,396 shares worth GBP8,091,316 (or $9,895,679) on March 27, 2023. The buyback price was GBX46.28. Mar 24, 2023: Lloyds Banking buys back 73,434,170 shares Lloyds Banking (LLOY.L) announced a buyback of 73,434,170 shares worth GBP33,441,921 (or $41,207,135) on March 24, 2023. The buyback price was GBX45.54. Mar 23, 2023: Lloyds Banking buys back 64,096,960 shares Lloyds Banking (LLOY.L) announced a buyback of 64,096,960 shares worth GBP30,369,140 (or $37,141,458) on March 23, 2023. The buyback price was GBX47.38. Mar 22, 2023: Lloyds Banking buys back 42,266,091 shares Lloyds Banking (LLOY.L) announced a buyback of 42,266,091 shares worth GBP20,401,842 (or $24,880,046) on March 22, 2023. The buyback price was GBX48.27. Mar 21, 2023: Lloyds Banking buys back 17,261,177 shares Lloyds Banking (LLOY.L) announced a buyback of 17,261,177 shares worth GBP8,283,639 (or $10,152,428) on March 21, 2023. The buyback price was GBX47.99. Mar 20, 2023: Lloyds Banking buys back 53,915,281 shares Lloyds Banking (LLOY.L) announced a buyback of 53,915,281 shares worth GBP24,617,717 (or $29,979,456) on March 20, 2023. The buyback price was GBX45.66. Mar 17, 2023: Lloyds Banking buys back 75,345,188 shares Lloyds Banking (LLOY.L) announced a buyback of 75,345,188 shares worth GBP35,208,806 (or $42,634,344) on March 17, 2023. The buyback price was GBX46.73. Mar 15, 2023: Lloyds Banking buys back 70,093,880 shares Lloyds Banking (LLOY.L) announced a buyback of 70,093,880 shares worth GBP32,684,776 (or $39,702,198) on March 15, 2023. The buyback price was GBX46.63. Mar 14, 2023: Lloyds Banking buys back 32,248,561 shares Lloyds Banking (LLOY.L) announced a buyback of 32,248,561 shares worth GBP15,343,865 (or $18,652,003) on March 14, 2023. The buyback price was GBX47.58. Mar 13, 2023: Lloyds Banking buys back 50,174,749 shares Lloyds Banking (LLOY.L) announced a buyback of 50,174,749 shares worth GBP23,948,408 (or $28,546,502) on March 13, 2023. The buyback price was GBX47.73. Mar 10, 2023: Lloyds Banking buys back 46,470,196 shares Lloyds Banking (LLOY.L) announced a buyback of 46,470,196 shares worth GBP2,304,457,020 (or $2,747,023,381) on March 10, 2023. The buyback price was GBP49.59. Mar 10, 2023: Lloyds Banking buys back 19,064,659 shares Lloyds Banking (LLOY.L) announced a buyback of 19,064,659 shares worth GBP9,818,299 (or $11,618,975) on March 09, 2023. The buyback price was GBX51.50. Mar 09, 2023: Lloyds Banking buys back 19,064,659 shares Lloyds Banking (LLOY.L) announced a buyback of 19,064,659 shares worth GBP9,818,299 (or $11,618,975) on March 09, 2023. The buyback price was GBX51.50. Mar 08, 2023: Lloyds Banking buys back 15,918,151 shares Lloyds Banking (LLOY.L) announced a buyback of 15,918,151 shares worth GBP8,197,848 (or $9,719,368) on March 08, 2023. The buyback price was GBX51.50. Mar 07, 2023: Lloyds Banking buys back 17,615,432 shares Lloyds Banking (LLOY.L) announced a buyback of 17,615,432 shares worth GBP9,091,324 (or $10,952,319) on March 07, 2023. The buyback price was GBX51.61. Mar 06, 2023: Lloyds Banking buys back 16,653,956 shares Lloyds Banking (LLOY.L) announced a buyback of 16,653,956 shares worth GBP8,588,445 (or $10,338,770) on March 06, 2023. The buyback price was GBX51.57. Mar 03, 2023: Lloyds Banking buys back 13,040,993 shares Lloyds Banking (LLOY.L) announced a buyback of 13,040,993 shares worth GBP6,713,503 (or $8,015,251) on March 03, 2023. The buyback price was GBX51.48. Mar 02, 2023: Lloyds Banking buys back 16,999,000 shares Lloyds Banking (LLOY.L) announced a buyback of 16,999,000 shares worth GBP8,718,787 (or $10,493,060) on March 02, 2023. The buyback price was GBX51.29. Mar 01, 2023: Lloyds Banking buys back 14,858,000 shares Lloyds Banking (LLOY.L) announced a buyback of 14,858,000 shares worth GBP7,763,305 (or $9,389,717) on March 01, 2023. The buyback price was GBX52.25. Feb 28, 2023: Lloyds Banking buys back 19,022,859 shares Lloyds Banking (LLOY.L) announced a buyback of 19,022,859 shares worth GBP9,990,806 (or $12,023,934) on February 28, 2023. The buyback price was GBX52.52. Feb 27, 2023: Lloyds Banking buys back 18,337,877 shares Lloyds Banking (LLOY.L) announced a buyback of 18,337,877 shares worth GBP9,543,031 (or $11,398,196) on February 27, 2023. The buyback price was GBX52.04. Feb 24, 2023: Lloyds Banking buys back 17,949,762 shares Lloyds Banking (LLOY.L) announced a buyback of 17,949,762 shares worth GBP9,299,772 (or $11,175,536) on February 24, 2023. The buyback price was GBX51.81. Feb 23, 2023: Lloyds Banking buys back 17,239,506 shares Lloyds Banking (LLOY.L) announced a buyback of 17,239,506 shares worth GBP8,855,934 (or $10,682,913) on February 23, 2023. The buyback price was GBX51.37. 2022 Oct 11, 2022: Lloyds Banking buys back 14,243,289 shares Lloyds Banking (LLOY.L) announced a buyback of 14,243,289 shares worth GBP5,912,389 (or $6,526,687) on October 11, 2022. The buyback price was GBX41.51. Oct 10, 2022: Lloyds Banking buys back 4,763,365 shares Lloyds Banking (LLOY.L) announced a buyback of 4,763,365 shares worth GBP201,156,904 (or $223,061,885) on October 10, 2022. The buyback price was GBP42.23. Oct 07, 2022: Lloyds Banking buys back 22,672,207 shares Lloyds Banking (LLOY.L) announced a buyback of 22,672,207 shares worth GBP9,767,187 (or $10,830,833) on October 07, 2022. The buyback price was GBX43.08. Oct 06, 2022: Lloyds Banking buys back 54,159,739 shares Lloyds Banking (LLOY.L) announced a buyback of 54,159,739 shares worth GBP23,050,385 (or $25,977,784) on October 06, 2022. The buyback price was GBX42.56. Oct 05, 2022: Lloyds Banking buys back 44,243,282 shares Lloyds Banking (LLOY.L) announced a buyback of 44,243,282 shares worth GBP18,869,760 (or $21,592,666) on October 05, 2022. The buyback price was GBX42.65. Oct 04, 2022: Lloyds Banking buys back 96,862,818 shares Lloyds Banking (LLOY.L) announced a buyback of 96,862,818 shares worth GBP41,583,208 (or $46,868,433) on October 04, 2022. The buyback price was GBX42.93. Sep 20, 2022: Lloyds Banking buys back 16 shares Lloyds Banking (LLOY.L) announced a buyback of 16 shares worth GBP8 (or $9) on September 20, 2022. The buyback price was GBX48.51. Sep 16, 2022: Lloyds Banking buys back 35 shares Lloyds Banking (LLOY.L) announced a buyback of 35 shares worth GBP17 (or $19) on September 16, 2022. The buyback price was GBX47.86. Sep 15, 2022: Lloyds Banking buys back 510 shares Lloyds Banking (LLOY.L) announced a buyback of 510 shares worth GBP243 (or $277) on September 15, 2022. The buyback price was GBX47.57. Sep 13, 2022: Lloyds Banking buys back 76 shares Lloyds Banking (LLOY.L) announced a buyback of 76 shares worth GBP35 (or $41) on September 13, 2022. The buyback price was GBX46.52. Aug 16, 2022: Lloyds Banking buys back 22,087 shares Lloyds Banking (LLOY.L) announced a buyback of 22,087 shares worth GBP10,118 (or $12,228) on August 16, 2022. The buyback price was GBX45.81. Jul 13, 2022: Lloyds Banking buys back 38,035,759 shares Lloyds Banking (LLOY.L) announced a buyback of 38,035,759 shares worth GBP15,933,179 (or $18,966,857) on July 12, 2022. The buyback price was GBX41.89. Jun 28, 2022: Lloyds Banking buys back 6,923,630 shares Lloyds Banking (LLOY.L) announced a buyback of 6,923,630 shares worth GBP3,029,780 (or $3,727,539) on June 28, 2022. The buyback price was GBX43.76. Jun 23, 2022: Lloyds Banking buys back 34,250,377 shares Lloyds Banking (LLOY.L) announced a buyback of 34,250,377 shares worth GBP14,676,287 (or $18,022,480) on June 23, 2022. The buyback price was GBX42.85. Jun 10, 2022: Lloyds Banking buys back 58,079,289 shares Lloyds Banking (LLOY.L) announced a buyback of 58,079,289 shares worth GBP25,647,814 (or $32,100,804) on June 10, 2022. The buyback price was GBX44.16. Jun 08, 2022: Lloyds Banking buys back 13,263,689 shares Lloyds Banking (LLOY.L) announced a buyback of 13,263,689 shares worth GBP6,074,770 (or $7,649,350) on June 08, 2022. The buyback price was GBX45.80. Jun 01, 2022: Lloyds Banking buys back 15,949,041 shares Lloyds Banking (LLOY.L) announced a buyback of 15,949,041 shares worth GBP7,250,434 (or $9,152,948) on June 01, 2022. The buyback price was GBX45.46. May 31, 2022: Lloyds Banking buys back 8,017,161 shares Lloyds Banking (LLOY.L) announced a buyback of 8,017,161 shares worth GBP3,594,895 (or $4,549,699) on May 31, 2022. The buyback price was GBX44.84. May 30, 2022: Lloyds Banking buys back 53,323 shares Lloyds Banking (LLOY.L) announced a buyback of 53,323 shares worth GBP24,038 (or $30,360) on May 30, 2022. The buyback price was GBX45.08. May 23, 2022: Lloyds Banking buys back 28,601,528 shares Lloyds Banking (LLOY.L) announced a buyback of 28,601,528 shares worth GBP12,576,092 (or $15,710,054) on May 23, 2022. The buyback price was GBX43.97. May 20, 2022: Lloyds Banking buys back 32,515,504 shares Lloyds Banking (LLOY.L) announced a buyback of 32,515,504 shares worth GBP14,235,288 (or $17,801,227) on May 20, 2022. The buyback price was GBX43.78. May 19, 2022: Lloyds Banking buys back 34,130,672 shares Lloyds Banking (LLOY.L) announced a buyback of 34,130,672 shares worth GBP14,812,712 (or $18,366,281) on May 19, 2022. The buyback price was GBX43.40. Apr 29, 2022: Lloyds Banking buys back 32,285,468 shares Lloyds Banking (LLOY.L) announced a buyback of 32,285,468 shares worth GBP14,819,030 (or $18,431,909) on April 29, 2022. The buyback price was GBX45.90. Apr 26, 2022: Lloyds Banking buys back 21,072,807 shares Lloyds Banking (LLOY.L) announced a buyback of 21,072,807 shares worth GBP9,824,143 (or $12,480,591) on April 26, 2022. The buyback price was GBX46.62. Apr 14, 2022: Lloyds Banking buys back 22,932,762 shares Lloyds Banking (LLOY.L) announced a buyback of 22,932,762 shares worth GBP10,225,719 (or $13,351,721) on April 14, 2022. The buyback price was GBX44.59. Apr 13, 2022: Lloyds Banking buys back 50,685,694 shares Lloyds Banking (LLOY.L) announced a buyback of 50,685,694 shares worth GBP22,408,145 (or $29,258,315) on April 13, 2022. The buyback price was GBX44.21. Apr 12, 2022: Lloyds Banking buys back 27,316,284 shares Lloyds Banking (LLOY.L) announced a buyback of 27,316,284 shares worth GBP12,174,868 (or $15,867,505) on April 12, 2022. The buyback price was GBX44.57. Press Releases 2024 Feb 29, 2024: Lloyds Banking : Outlook Outlook Asset quality remains strong with credit performance across portfolios relatively stable in the quarter and remaining broadly at, or favourable to pre-pandemic experience. Underlying impairment was Pound308 million (2022: Pound1,510 million), resulting in an asset quality ratio of 7 basis points. The fourth quarter impairment credit of Pound541 million includes the impact of a significant write-back following the full repayment of debt from a single name client. The charge for 2023 also benefits from a net Pound257 million multiple economic scenarios (MES) release (2022: Pound595 million charge), including a Pound188 million release in the fourth quarter, reflecting modest revisions to the Group's economic outlook. Given this outlook and ongoing portfolio resilience, the Group now expects the asset quality ratio to be less than 30 basis points in 2024. The pre-updated MES impairment charge was Pound565 million (2022: Pound915 million), including a net Pound487 million release in Commercial Banking largely driven by the significant write-back in the fourth quarter. Excluding this, the equivalent asset quality ratio for the year was 29 basis points, also in line with guidance of less than 30 basis points. Compared to the prior year, while performance has been resilient, there has been modest deterioration from a low base, primarily in legacy variable rate UK mortgage portfolios. The impairment charge also includes the impact of higher discount rates reducing the value of future recoveries, as well as the expected credit loss (ECL) allowance build from Stage 1 loans rolling forward into a deteriorating economic outlook. In UK mortgages, new to arrears were relatively stable throughout 2023, having increased slightly at the start of the year. Flows to default increased through the year, also largely driven by legacy variable rate customers as mentioned above, with trends stabilising in the second half. Unsecured portfolios continue to exhibit stable new to arrears and default trends broadly at, or below pre-pandemic levels. The Commercial Banking portfolio's credit quality remains resilient with limited deterioration. The ECL allowance of Pound4.3 billion (31 December 2022: Pound5.3 billion) continues to reflect a probability-weighted view of economic scenarios built out from the base case and its associated conditioning assumptions. Consistent with prior years, a 30 per cent weighting is applied to the base case, upside and downside scenarios and a 10 per cent weighting to the severe downside. GDP growth remained subdued at 0.5 per cent in 2023 and is expected to remain low in future years with unemployment expected to rise modestly to 5.2 per cent by the end of 2024. House prices proved more resilient in the second half of the year than previously assumed and as a result the latest base case assumes a more modest fall in 2024 of 2.2 per cent (30 September 2023: 2.4 per cent). Overall, judgemental adjustments to ECL at Pound0.1 billion have reduced by Pound0.3 billion in the year. Notably, reductions related to adjustments now captured within models and the impact of taking a larger negative adjustment reducing ECL to reflect resilient corporate insolvency rates within the portfolio. Key judgemental adjustments remain in place to cover continued risks from higher base rate and inflationary pressures in the Retail portfolios as well as risks from current valuations in certain Commercial Real Estate segments. Source: Annual report Feb 29, 2024: Lloyds Banking : Chairman's Statement GROUP CHIEF EXECUTIVE'S STATEMENT 2023 was an important year for our Group. We continued to deliver on our purpose of Helping Britain Prosper, supporting both our customers and shareholders. We are seeing real evidence of strategic progress as we transform the business and have increased confidence in delivering the 2024 and 2026 strategic commitments. Our purpose-driven strategy is helping people and businesses across the UK finance their ambitions and grow whilst enabling us to build a more sustainable and inclusive business. This progress has been underpinned by continued strategic investment and contributed to a financial performance that has driven strong capital generation and increased shareholder distributions. The Group delivered a robust financial performance in 2023, meeting our guidance. Income growth has been supported by a higher banking net interest margin and good momentum in underlying other income. We continued to manage costs tightly despite ongoing inflationary pressures. Asset quality remained strong. As a result, we delivered strong capital generation, enabling the Board to recommend a final ordinary dividend of 1.84 pence per share implying a total dividend for the year of 2.76 pence. This is 15 per cent up year-on-year and in line with our progressive and sustainable dividend policy. In addition, the Group has announced a share buyback programme of up to Pound2.0 billion. In combination, this is a total capital return of up to Pound3.8 billion, or c.14 per cent1 of the Group's market capitalisation. With continued cost of living pressures we know that 2023 was challenging for many. We were proactive in providing support. By using data and insights to gain a deeper understanding of customer needs, we contacted 7.5 million customers2 and around 600,000 businesses to help with their financial resilience. Alongside, we contacted more than 15 million deposit customers to ensure they are aware of their savings options, supported by our enhanced propositions, including attractive rates and products. We also recognise the importance of supporting our colleagues. We have agreed a two-year pay deal and paid an additional cash award to around 44,000 colleagues. This is alongside refreshed flexible working policies that balance the needs of our people and the strategic aims of the Group. Robust financial performance, in line with guidance Statutory profit after tax was Pound5.5 billion. The significant year-on-year increase was because of both robust 2023 performance and in particular a 2022 restatement in line with IFRS 17 accounting changes. Strong net income of Pound17.9 billion was up 3 per cent, driven by a higher banking net interest margin in line with guidance and 10 per cent growth in underlying other income, offset by higher operating lease depreciation. Operating costs of Pound9.1 billion increased in line with guidance, reflecting higher planned strategic investment, severance charges, new businesses and inflationary pressures. Remediation increased to Pound675 million and included a Pound450 million provision for the potential impact of the recently announced FCA review into historical motor finance commission arrangements. This charge includes estimates for costs and potential redress. There remains significant uncertainty as to the extent of any misconduct and customer loss, if any, the nature of any remediation action, if required, and its timing. Hence the impact could materially differ from the provision, both higher or lower. We saw strong asset quality with credit performance across portfolios broadly at or favourable to pre-pandemic levels. The impairment charge of Pound308 million includes a significant write-back and improved economic assumptions. Excluding these the asset quality ratio was 29 basis points, still in line with our guidance. The Group's balance sheet was resilient in the face of a challenging operating environment. Excluding the impact of securitisations, loans and advances were flat. Within the mortgage book strong customer retention in fixed products was more than offset by continued roll-off from reversionary products. There was also growth in unsecured Retail lending and Motor Finance. The Group saw growth of over 12 per cent in assets under administration within Insurance, Pensions and Investments, including Pound5.1 billion of net new money. Customer deposits decreased Pound3.9 billion to Pound471.4 billion, although were largely stable in the second half of the year. Retail deposits were down Pound2.4 billion, which included an Pound11.3 billion reduction in Retail current accounts and a Pound12.4 billion increase in Retail savings balances supported by an enhanced savings proposition and proactive customer communications. In Commercial Banking, deposits were 1 per cent lower at Pound162.8 billion, reflecting targeted growth in Corporate and Institutional Banking offset by a reduction in Small and Medium Businesses. Delivery of our purpose-driven strategy We have a clear strategic vision to become a customer-focused digital leader and integrated financial services provider able to capitalise on new opportunities at scale. Our strategy is purpose-driven, with a clear focus on areas where we can profitably grow and make the greatest impact in Helping Britain Prosper in a sustainable and inclusive way. We believe our day-to-day business activities that are helping customers finance their ambitions and growth are underpinned by our purpose. In that context, we also have particular initiatives that highlight the alignment of purpose and strategy. 1 Market capitalisation as at 16 February 2024. 2 Since April 2022. GROUP CHIEF EXECUTIVE'S STATEMENT (continued) In 2023, we launched a partnership with Crisis, the national charity for people experiencing homelessness. This is a hugely important cause for us given our business focus and unique ability to enact change. We have launched a cross-industry initiative to back our joint call for 1 million additional social and affordable homes. Since 2018 we have supported more than Pound17 billion of new funding to the social housing sector, including Pound2.7 billion in 2023. We are also aware of the importance of creating a fully inclusive organisation within our Group that is representative of modern-day Britain. We have pledged to double the representation of senior colleagues with disabilities by 2025, in addition to our existing significant commitments on gender and race. In December, I joined global businesses and policy makers at COP 28 to discuss how to accelerate the environmental transition. Reaching net zero relies on government, industry and society acting together with certainty, pace and focus. We are realistic that insufficient progress in policy commitments will limit the Group's ability to achieve the net zero ambitions to which we remain committed. We have made significant headway on our sustainability agenda in 2023, in particular exceeding our target for Pound15 billion of sustainable financing within our Corporate and Institutional Banking franchise, originally set for the end of 2024. We are continuing to challenge ourselves and have set a new Commercial Banking target of Pound30 billion of sustainable financing for 2024 to 2026, which will take the cumulative total within the division to Pound45 billion by 2026. This is alongside new emissions reduction targets for Commercial and Residential Real Estate, Road Passenger Transport and Agriculture lending. Within our Retail business we have continued to support customers in reducing their emissions by growing our low carbon transport business through the acquisition of Tusker. We now finance 1 in 8 ultra low emission vehicles on UK roads. We have also launched a solar panel proposition with Effective Home to expand our home retrofitting ecosystem. We increasingly recognise the need to expand our sustainability strategy to broader environmental goals and have launched our first pledge to halt and reverse nature losses in our own green spaces. Overall, our sustainability strategy represents a significant strategic and commercial opportunity, consistent with our purpose. Stepping back, in the context of a fast changing external environment, it is clear that our purpose-driven strategy remains the right one. By focusing on Helping Britain Prosper we can deliver our strategic goals and produce higher, more sustainable returns to the benefit of all of our stakeholders. To achieve this, we are investing significantly in the transformation of the business. In February 2022 we committed to Pound3 billion of incremental investment in the three years to 2024 and Pound4 billion to 2026. During 2023, the Group invested a further Pound1.3 billion as part of this plan and delivered tangible growth and cost outcomes that leave us well placed to meet our 2024 and 2026 financial commitments. We have started to demonstrate this successful execution to the market with two strategic seminars last year and two further seminars planned in the first half of 2024 as we continue to build confidence around our progress. Driving revenue growth and diversification Around two-thirds of our strategic investment is weighted towards growth and our ambition to generate c.Pound0.7 billion of additional revenues by 2024 and c.Pound1.5 billion by 2026. The Consumer business will deliver approximately 30 per cent of these incremental revenues and, as shown in the seminar in October, we are making strong progress in deepening and innovating within this business. We are the UK's largest digital bank, and now have 21.5 million digitally active users, up 17 per cent since 2021 and significantly exceeding our 2024 target of more than 10 per cent growth. This creates significant opportunities to deepen our customer relationships using data and insights. For example, we have personalised our communications to make them more targeted, with 18 million customers registered for marketing. We have also launched new propositions such as our mobile-first home onboarding journey and our home ecosystem, both of which are improving our retention of customers and our ability to offer complementary products such as protection insurance. In 2023 we completed our acquisition of Tusker, a stand-out business in the salary sacrifice market for predominantly ultra-low emission vehicles helping us both meet our net zero ambitions and deliver capability and growth in an area in which we were underweight. Tusker has already grown its fleet by around 60 per cent since acquisition. We have made good progress on our mass affluent business in 2023, launching 'Lloyds Bank 360', a mobile-first proposition that includes a holistic view of wealth, educational materials and financial coaching. In addition, we launched Ready-Made Investments, a proposition made possible through Embark, which we acquired in 2022. The mass affluent customer base continues to grow, now at more than 2.5 million customers, from just over 2 million at the end of 2021. GROUP CHIEF EXECUTIVE'S STATEMENT (continued) From a Commercial Banking perspective we continue to transform the business to help companies finance their growth and navigate an increasingly tough environment. Within our Small and Medium Businesses franchise we have made significant strides in our multi-year journey to build a front-to-back digital business, including mobile-first onboarding and personalised cash flow insights. We are continuing to deliver targeted growth in our Corporate and Institutional Banking business through serving additional client needs, particularly by extending our competitive advantage in transaction banking, and expanding our institutional footprint. This has helped deliver more than 20 per cent growth in Corporate and Institutional Banking underlying other income since full year 2021 as we build momentum with sustainable and capital efficient growth. Investing in efficiency and enablers to improve delivery Strengthening cost and capital efficiency in the context of growing and diversifying our revenues is crucial. We have guided to c.Pound1.2 billion of gross cost savings by 2024, an increase from the original Pound1 billion as we look to mitigate inflationary pressures. In 2026 we are targeting a below 50 per cent cost:income ratio. We have made strong progress against our 2024 cost saving target, and have now realised around 60 per cent of the savings. This has been achieved through continued investment in digital solutions and improving cost-to-serve by, for example, reducing our office footprint by more than 20 per cent since the end of 2021 and optimising our branch footprint. This active cost management is helping us deliver our guided cost outcomes at a time of heightened inflationary pressure. In respect of capital efficiency we have continued to demonstrate risk-weighted assets discipline and careful balance sheet management whilst pursuing new growth opportunities through investments in capital-lite and fee generating business. We are also reducing the claims on our use of capital, including for example eliminating our pension deficit, with no further deficit contributions in this triennial period. We are investing in maximising the potential of people, technology and data, the key enablers of our strategy. Investing in the talent, skills and capabilities needed for long-term growth is critical. We have made more than 2,500 new hires in technology and data roles in 2023 and we have completed a senior leadership development programme centred around the organisational shifts we need in order to successfully execute our strategy. We are transforming our change process in the pursuit of increased efficiency and responsiveness. Since the start of our strategy, we have decommissioned more than 400 legacy technology applications and more than doubled the number of APIs we have created as we continue to migrate onto cloud-based platforms In conclusion, our purpose-driven strategy and strong business model ensures that we can continue to support customers and achieve our societal and strategic goals whilst delivering against our financial targets. We are successfully transforming the bank and will thereby continue to deliver for all of our stakeholders. 2024 guidance We are progressing well towards our ambition of generating higher, more sustainable returns for shareholders and are on track to achieve our 2024 strategic financial outcomes. Based on our current macroeconomic assumptions the Group expects: Banking net interest margin of greater than 290 basis points Operating costs c.Pound9.3 billion Asset quality ratio of less than 30 basis points Return on tangible equity c.13 per cent Capital generation of c.175 basis points1 To pay down to a CET1 ratio of c.13.5 per cent 2026 guidance Based on the expected macroeconomic environment and confidence in our strategy, the Group is maintaining its medium-term guidance for 2026: Cost:income ratio of less than 50 per cent Return on tangible equity of greater than 15 per cent Capital generation of greater than 200 basis points1 The Board continually reviews the appropriate level of ongoing capital to hold. Based on regulatory, economic and business considerations, the Group now expects to pay down to c.13.0 per cent by the end of 2026. Feb 22, 2024: Lloyds Banking: 2023 Full Year Results Lloyds Banking Group plc 2023 Results News Release 22 February 2024 RESULTS FOR THE FULL YEAR "In 2023 the Group remained focused on proactively supporting people and businesses through persistent cost-of-living pressures, whilst financing their ambitions and growth. This has come alongside strong progress on our strategy and delivering increased shareholder returns, guided as always by our core purpose of Helping Britain Prosper. The Group delivered a robust financial performance, meeting our 2023 guidance, driven by income growth, cost discipline and strong asset quality. This performance enabled strong capital generation and increased shareholder distributions. 2023 was a critical year in building towards the ambitious strategy we announced two years ago, as we look to grow our business and deepen relationships with our customers. As demonstrated in our recent strategic seminars, we have made significant progress and are on track to meet our 2024 and 2026 strategic outcomes, helping us build towards higher and more sustainable returns. Our strategy is purpose-driven. Building a more sustainable and inclusive future is central to this, including our commitment to supporting the environmental transition, social housing and broader purpose-aligned objectives. We are excited about the opportunities that lie ahead as we continue to deliver for all of our stakeholders." Source: London Stock Exchange 2023 Oct 25, 2023: Lloyds Banking: 2023 Q3 Interim Management Statement RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2023 "Guided by our purpose, we remain focused on supporting our customers and helping them navigate the uncertain economic environment. The Group continues to perform well. Robust financial performance and strong capital generation in the first nine months of the year was driven by net income growth, cost discipline and resilient asset quality. This performance allows us to reaffirm our 2023 guidance. As we set out in the first of our four strategic seminars1 earlier this month, we are successfully executing against our strategic priorities. This supports progress towards our ambition to enable higher, more sustainable returns. Together, it will better position us to deliver for all of our stakeholders as we continue to help Britain prosper." Source: London Stock Exchange Jul 26, 2023: Lloyds Banking: 2023 Half-Year Results - Part 1 of 2 RESULTS FOR THE HALF-YEAR "We know that rising interest rates, cost of living pressures and an uncertain economic outlook are proving challenging for many people and businesses. Guided by our purpose of Helping Britain Prosper, we remain fully focused on proactively supporting our customers and helping them navigate the current environment. The Group delivered a robust financial performance in the first half of 2023 with strong net income and capital generation alongside resilient asset quality. We continue to make good progress on delivering our strategic initiatives. Combined with our franchise resilience, this better positions us to support our customers, both today and in the future." Source: London Stock Exchange Jul 26, 2023: Lloyds Banking: 2023 Half-Year Results - Part 2 of 2 Lloyds Banking Group plc 2023 Half-Year Results 26 July 2023 Source: London Stock Exchange May 03, 2023: Card Factory: Final Results Lloyds Banking Group plc Q1 2023 Interim Management Statement 3 May 2023 RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2023 "The Group has delivered a solid financial performance in the first quarter of 2023, with strong net income and capital generation, alongside resilient observed asset quality. The macroeconomic outlook remains uncertain. We know that this is challenging for many people. Our purpose driven strategy, alongside our financial strength, means we can continue to support our customers across the country, helping Britain prosper. We are also making good progress on our ambitious plans to transform the Group. Our experience over the last year reinforces our belief that continued strategic delivery will create a more sustainable business and deliver increased returns for our shareholders in the medium to longer-term." Source: London Stock Exchange Mar 12, 2023: Lloyds Banking : Chairman's Statement Chair's statement Overview During 2022 the Group has continued to make significant progress, effectively supporting our customers through what are clearly uncertain and challenging times, whilst launching a more purpose-driven strategy, accelerating our investment in the business and establishing a culture to support long-term sustainable success. We are acutely aware that the current environment, and the increased cost of living in particular, is a challenge for many of our customers, colleagues and society more widely. We remain committed to supporting our customers and colleagues proactively and I am immensely proud of the role this organisation plays in Helping Britain Prosper. Against this backdrop, the Group has continued to deliver good business momentum and robust financial performance, enabling support for our customers, the investment required for our strategy as well as a further increase to the ordinary dividend and excess capital return. Our purpose and strategy We are clear that our purpose as a Group is to Help Britain Prosper. This means not only providing outstanding service to our customers, but also responding to the UK's social, environmental and economic issues which we believe we are well placed to address. We are enormously proud of this role which includes helping build a more inclusive society and supporting the UK's transition to a low carbon economy. Our culture The Board and senior management have a vital role to play in shaping and embedding the right corporate culture in order to progress our purpose and implement our strategy. Our new Group values will guide behaviour but also the way we make decisions, from small everyday choices to big strategic decisions. Further detail on our new Group values can be found on pages 84 and 85. Directors We review the Board's composition and diversity regularly and are committed to ensuring we have the right balance of skills and experience within the Board. Aligned to this I am pleased to say we meet the Parker Review recommendations, and that we are aiming to meet all recommendations set out by the FTSE Women Leaders Review. The Board supports the focus on improving gender diversity and will give due consideration to this with future appointments. During 2022, there have been a number of changes to the Board and further detail can be found in our governance report on page 72. Remuneration During the year the Remuneration Committee has carefully considered how best to support our colleagues in the current challenging economic conditions, recognising the support and dedication of our staff and that the increase in living costs is impacting our lowest paid colleagues the most. To help with increasing household costs, the Group was one of the first large UK companies to make a one-off payment (Pound1,000) to our colleagues (except senior leaders) in August. This amounted to a total value of Pound67 million. In addition, we have now agreed a pay package for our staff for 2023 which was approved by both our recognised unions by votes of their members. This was again focused on our more junior staff with an 8 per cent to 13 per cent increase for our 43,000 lowest paid colleagues (equivalent to a c.6.3 per cent increase on the overall pay bill). The Group is also looking to implement a new remuneration policy this year to align executive remuneration more closely with our longer-term strategic objectives. This will include a return to a long term incentive plan aimed at ensuring executive remuneration is more closely aligned with our shareholder interests. Summary Looking ahead we know that the current outlook is uncertain and, as with the pandemic, the current challenges around cost of living will be another crucial test for the banking sector and its ability to support and to protect its customers. I remain confident that Lloyds Banking Group will support our customers and make sure that those who are most at risk of getting into financial difficulty have access to the help that they need. I also remain confident that our strategy and commitment to become a truly purpose-driven business will enhance the longterm future of the Group and benefit all our stakeholders. We will continue to ensure that the Group is at the heart of the UK recovery and of Helping Britain Prosper. Mar 12, 2023: Lloyds Banking : Outlook Outlook Although the macroeconomic outlook remains uncertain, our people, business model and financial strength ensure that we can continue to support our customers and Help Britain Prosper. Our purpose-driven strategy is more relevant now than ever before and our experience in the last year reinforces our belief that successful strategic delivery will create a more sustainable business and deliver increased shareholder returns in the medium to longer-term. Based on our current macroeconomic assumptions the Group expects: Source: Annual report Feb 22, 2023: Lloyds Banking: 2022 Annual Report and Accounts LLOYDS BANKING GROUP PLC - ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 In accordance with Listing Rule 9.6.1, Lloyds Banking Group plc announces that the following document will be submitted today to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Source: London Stock Exchange Feb 22, 2023: Lloyds Banking: 2022 Full Year Results 2022 Results News Release Lloyds Banking Group plc 22 February 2023 Source: London Stock Exchange Feb 10, 2023: Q3 2022 Interim Management Statement RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2022 "In February we announced an ambitious new strategy. While the operating environment has changed significantly since then, our customer focus remains unchanged. We continue to execute against our strategic goals, based on our objectives of transforming the business, while generating a stronger growth trajectory and enabling the Group to deliver higher, more sustainable returns. Our income growth, balance sheet momentum and resilient customer franchise have enabled the Group to deliver a robust financial performance and strong capital generation, alongside updated guidance for 2022. The current environment is concerning for many people and we are committed to maintaining support for our customers. The Group's resilient business model and prudent approach to risk position the Group well to face the current macroeconomic uncertainties while generating enhanced returns for our shareholders." Charlie Nunn, Group Chief Executive Source: Company Website 2022 Apr 30, 2022: Lloyds Bank warns of huge surge in holiday booking fraud Lloyds Bank is urging British sunseekers and staycationers to take care when booking a break this summer, with scams linked to holidays increasing by a third (33%) over the last year. Based on analysis of relevant scams reported to Lloyds Bank, fraud relating to flight bookings was up by 13% in the 12 months to March 2022. The average amount lost to a flight scam was Pound2,955. Scam reports linked to hotels were up by 18%, with the average amount lost Pound1,231. Packaged holiday-style scams also saw a 17% increase over the same period, with victims losing Pound2,342 on average. However by far the biggest increase came from scams linked to fake caravan bookings (i.e. a short stay in a caravan, rather than the outright purchase of a vehicle), with cases surging by a massive 108% year-on-year. The average amount lost in each case was much lower though, at Pound374. Many of these scams start with false adverts on search engines or social media. Victims often click on a link taking them to a website and believe they are dealing with a legitimate company. However, it is all too easy for scammers to impersonate genuine firms online. Some fraudsters even lurk on real accommodation listing sites, before convincing victims to transfer cash directly rather than through the official platform. With many consumers now rushing to book holidays as demand returns to pre-pandemic levels, Lloyds Bank is urging people to be on the lookout for potential scams. Liz Ziegler, Fraud Prevention Director at Lloyds Bank, said: "Now that most pandemic restrictions have come to an end, many of us will be looking forward to a more traditional summer holiday this year. But with demand soaring and prices rising fast, would-be holidaymakers can't afford to let their guard down when hunting for the best deals. "Scammers are ready to cash in on any last minute surge in bookings, so it's vital that consumers know how to stay safe. Book directly with trusted sites or travel agents, avoid following links on social media, and always pay by card for the greatest protection. Remember, if it looks too good to be true, it almost certainly is." Top tips to avoid holiday scams this summer: Great deals don't find you: Fraudsters put adverts for fake holidays on social media and the internet. They can also send an offer by email or text pretending to be from a real company. Often, a deal will look much cheaper than those you can find elsewhere. Make sure it's genuine: Book a holiday with a company that is ABTA or ATOL protected. Take your time to make sure an offer is genuine before you choose to buy. Look for reviews from different customers and find a company that has lots of good reviews rather than bad ones or no reviews at all. Protect how you pay: The safest way to pay for a holiday is to use your debit or credit card. If a site or company wants you to pay another way, such as direct to a bank account or by wire transfer, it could be a scam. If you pay this way and things go wrong, you may not get your money back. Source: Company Website Apr 29, 2022: Lloyds Banking: Business confidence remains steady amid rising prices The Lloyds Bank Business Barometer for April shows: Business confidence held steady at 33% in April following a decline in March. A new high of 58% of firms anticipate increasing prices over the next 12 months in response to ongoing inflationary pressures. Over half of firms (52%, up from 49%) envisage stronger trading conditions in the year ahead. Employment hiring expectations eased for a second month with 44% (down from 49%) expecting to increase their workforce. At a regional level there were improvements in seven out of the 12 UK regions after widespread declines in March. Manufacturing confidence increased by eight points to 43%, erasing part of the 19-point decline in March, helped by somewhat stronger trading prospects. Business confidence remained steady at 33% in April following a significant drop of 11 points in March, according to the latest Lloyds Bank Business Barometer. Confidence is still above the long-term historical average of 28% and it remains significantly above levels recorded during the first wave of the COVID-19 pandemic. However, current confidence is also at the lowest since last summer. The proportion of businesses planning to increase their prices continues to rise with nearly six out of 10 businesses (58%) anticipating higher prices for their products or services. The three point increase from last month (55%) highlighted that increasing price expectations were evident across industry sectors, despite softening trading prospects since the start of the year. According to the Barometer, firms reported an improvement in their trading prospects (52%, up three points from 49%). However, net optimism about the wider economy fell for a second successive month, to 26% (down six points from 32%). Employment intentions eased for a second month, hitting the lowest levels since August 2021 with the proportion of firms expecting to increase their workforce falling to 44% (down five points from 49%). There are indications that hiring intentions have moderated particularly in retail and services. Despite lower employment expectations, there is little indication in the data that firms expect pay pressures to moderate. Twenty-seven percent of firms expect average wage growth of 3% or more in the next twelve months, up from 25% last month and 10% a year ago. The proportion of firms expecting at least 3% pay growth is particularly high among larger companies compared with smaller firms, including 42% of firms with turnover of Pound5m-Pound25m. Hann-Ju Ho, Senior Economist Lloyds Bank Commercial Banking, said: "April's data is mixed and follows the significant decline in business confidence in March after Russia's invasion of Ukraine. Although firms reported a partial recovery in their trading prospects, optimism for the wider economy declined for a second successive month. "Positives remain as overall confidence is above the long-term average, but it is still expected that growth will moderate over the coming months and many businesses will remain cautious as they face into these headwinds." Regional and sector insights Recent volatility in regional business confidence continued in April. Despite improvements in seven out of the 12 UK regions, confidence remains lower than two months ago due to ongoing inflationary pressures and the war in Ukraine. April saw particularly strong rebounds in Wales (up 25 points to 20%), the South East (up 19 points to 30%), the South West (up 16 points to 24%) and Northern Ireland (up 15 points to 33%). There were also rises in Scotland (up 11 points to 28%), the West Midlands (up 10 points to 42%) and the North East (up three points to 39%). In contrast, the largest falls were in London (down 20 points to 40%), Yorkshire and the Humber (down 16 points to 41%) and the North West (down 13 points 32%), with smaller declines in the East Midlands (down six points to 16%) and the East of England (down five points to 34%). Overall, confidence is highest in the West Midlands, Yorkshire and the Humber and London despite declines in the latter two. The lowest confidence is in the East Midlands, Wales and the South West despite sizeable improvements in the latter two this month. From a sector perspective, manufacturing confidence increased by eight points to 43%, erasing part of the 19-point decline in March, helped by somewhat stronger trading prospects. Retail and services confidence, however, were little changed on the month and is weaker than at the start of the year, with businesses increasingly concerned about the outlook for the wider economy. Retail confidence edged up one point to 29%, while services confidence was unchanged at 32%. Construction confidence fell for a second month to 33%, but is still on a par with the all-sector average. Paul Gordon, Managing Director for SME and Mid Corporates, Lloyds Bank Commercial Banking, said: "The challenges that businesses are facing continue to grow with no clarity on when inflationary or supply-chain pressures will ease alongside the ongoing war in Ukraine. To respond to this, businesses should ensure they keep a tight rein on input costs to ease pressure on margins wherever possible and keep in close contact with suppliers so disruption to any raw materials is kept to a minimum. "However, we can already draw positives from some of the changes at a regional and sector level in April, which demonstrates that businesses are not being universally impacted by the challenges faced. "While the prospects for the months ahead remain uncertain, we remain by the side of businesses as they continue to navigate any challenges they face." Source: Company Website Apr 26, 2022: More than half of drivers set to avoid electric vehicles for their next purchase despite the approaching petrol and diesel ban From 2030 drivers in Britain will no longer be able to buy a brand new petrol or diesel vehicle, but new research shows that the majority are not yet ready to make the move to electric - and that over half (52%) of non-EV drivers intend to stick with petrol or diesel for as long as they possibly can. With 47% citing there are too many barriers to driving an EV, Lloyds Bank looks to debunk the most common misconceptions of EV ownership, to help more people consider making the switch sooner. Myth one: EVs are more expensive than traditional petrol or diesel vehicles Over three quarters (76%) of non-EV drivers say that cost is the biggest barrier to purchasing an EV. The average price of an EV (Pound44,0001) is more than a petrol car (Pound38,5852). However, in the long run, the average saving on fuel, maintenance and tax are Pound107 a year, making EVs more economical for most drivers - a benefit recognised by half (51%) of non-EV drivers. Myth two: there isn't a second-hand market A healthy second-hand EV market will be essential to make EVs more affordable and accessible to all, and encourage more people make the switch to electric. By 2030 an estimated three million used EVs will be available to buy each year, which is good news for the two-thirds (68%) of drivers who say their next car will be second-hand. However, there is more that can be done to help encourage the second-hand market to grow smoothly, particularly for the 20% of drivers who buy used cars on finance. Myth three: there is nowhere to charge an EV Despite six in 10 non-EV drivers believing there are a lack of charging points nationally, there have been significant improvements in recent years. There are now more public charging spots (50,9134) in the UK than petrol stations. The Government recently announced a Pound1.6 billion investment that will make 300,000 charge points available to the public. And, positively, charge points must now offer standard connectors. This means that while one-third of all drivers (33%) don't have a place at home where a home charging point could be installed, an EV can be easily charged at the majority of public locations, such as supermarkets, gyms and hotels. Myth four: the battery won't last very long or last for my full trip With over a third of non-EV drivers (36%) having EV range anxiety, this is an important consideration when it comes to buying a car. However battery technology has improved dramatically in recent years and now many EVs can travel over 200 miles on a single charge. In the UK, 99% of car journeys are under 100 miles so, in nearly all cases, there will be no issues with running out of charge. Myth five: EVs are not good for the environment Despite 63% of drivers agreeing there are environmental benefits of owning an EV, more than a quarter of drivers (28%) think that EVs pose their own environmental problems. In total EVs are responsible for around two-thirds fewer CO2 emissions than from petrol or diesel equivalents. An EV's higher emissions during the manufacturing stage, including through lithium battery production, are paid off after only two years compared to driving an average conventional vehicle, a time frame that drops to about one and a half years if the car is charged using renewable energy. Iryna Kocharova, Head of Motor Proposition Development and Sustainability, Lloyds Bank said: "Many drivers are still reticent to make the switch to electric, but the reality is there's never been a better time, with more new options for every type of driver and budget. "As well as the obvious environmental benefits, they are cheaper over time and significantly easier to maintain. "Huge progress has also been made in access to charging points and better battery life, making going electric now a real, sustainable option for many." Paul Heeran, a recent EV convert said: "Getting my first EV was something I considered carefully. I was conscious that by 2030 I'd need to make the move anyway. While the upfront cost was more expensive, the savings I make on fuel, particularly at the moment, and maintenance and tax have helped bring my overall costs right down. The performance is fantastic and it's exciting to know I'm ahead of the pack." Source: Company Website Apr 20, 2022: Lloyds Banking: UK recovery accelerates as manufacturers shoulder inflation pressure The number of UK sectors reporting output growth rose in March, according to the latest Lloyds Bank UK Recovery Tracker. However, while UK services businesses benefited from strong demand and a further loosening of COVID-19 restrictions, goods producers were disproportionately affected by the war in Ukraine leading to the largest gap between manufacturing and service output growth in 13 years. In March, 12 out of 14 UK sectors monitored by the Tracker reported output growth, up from 10 in February. Of these, eight saw faster month-on-month output growth, four more than last month. Tourism and recreation, which includes pubs, hotels, restaurants and leisure facilities, posted the fastest growth of any sector in March (68.5 vs 58.8 in February). A reading above 50 signals output is rising, while a reading below 50 indicates contraction. The sector's activity was bolstered by holidaymakers booking more trips abroad following the easing of COVID-19 travel restrictions, as well as higher city-centre footfall. Real estate also reported activity growth (62.5 vs 60.0), with the sector's output increasing at its fastest rate since the start of 2020, supported by increased demand for residential and commercial space. By contrast, many manufacturing sectors struggled to achieve higher production levels in March amid rising input costs and supply challenges, driven by the impact of the war in Ukraine. Soaring commodity prices and deteriorating supply conditions created by the conflict caused the output growth of food and drink manufacturers to fall to an eight-month low (50.1 vs 55.5). Meanwhile, activity in the industrial goods manufacturing sector, which includes producers of machinery and equipment, heavy vehicles and construction materials, fell for the first time since May 2020. Firms cited both material shortages and delays in receiving shipments. Manufacturers bear the brunt of cost inflation, as businesses across the economy raise prices Cost inflation rose across the economy for the third month running in March, with the Tracker's Input Price Index registering a reading of 82.2 for the UK, its second-highest on record and only lower than the outturn recorded last November. Manufacturers bore the brunt of rises in energy, shipping and raw material prices, posting a reading of 85.3, compared to 81.6 for services businesses. Cost inflation was most acute among food and drink manufacturers, which registered a reading of 94.3 - the sector's highest reading on record. Meanwhile, manufacturing new order volumes grew at their slowest rate in 14 months. Together, these factors contributed to the largest gap between the manufacturing (51.8) and service sectors (62.6) output indices since 2009. Price increases more frequent across the economy UK companies also raised their prices at an unprecedented rate for a second month in a row in March, with the Tracker's Prices Charged Index increasing by three points from February to 68.3. As well as highlighting higher prices, the Tracker data also suggests that firms are now raising prices more frequently than they have in the past. Nearly two-thirds (58%) of technology equipment manufacturers reported an increase in prices charged to customers in March, compared to the pre-pandemic 20-year average of 8% per month. Similarly, 50% of both food and drink manufacturers and transportation firms reported a rise in their charges during March, compared to long-run averages of 14% and 13% per month respectively. Jeavon Lolay, Head of Economics and Market Insight at Lloyds Bank Commercial Banking, said: "The end of COVID-19 restrictions in England have given consumer-facing services businesses a boost. Tourism and recreation posted the fastest growth of any UK sector in March. However, while demand remains buoyant, unfortunately the latest wave of COVID-19 infections has caused major disruption to travel plans. "Alongside labour market shortages, the unrelenting pressure from rising costs represents another major challenge for most UK businesses. Both service and manufacturing firms face higher inflation, in part driven by the ongoing war in Ukraine - a factor that is weighing particularly heavily on manufacturing activity. "The Tracker shows that more businesses are raising prices, likely as a direct effort to help offset higher input costs. All eyes will be on how sustained and widespread this trend will be in the months to come. "The Bank of England has already presided over three consecutive rate rises in recent months and faces a difficult decision next month with spiralling inflation coinciding with a less favourable outlook for growth." Source: Company Website Apr 16, 2022: Britain's most expensive seaside towns: Sandbanks tops the list Sandbanks in Dorset is Britain's most expensive seaside town with average prices of Pound929,187, up 10% on 2020 Salcombe, Devon, 2020's most expensive location is in second place with an average price of Pound912,599 The South West of England dominates the Top 10 most expensive seaside towns list The average British seaside home costs Pound287,087, up 8% Last year's cheapest seaside town, Millport in Scotland, saw the greatest annual price increase, up 53% Port Bannatyne in Scotland saw the greatest price rise over the last five years, rising 56% to Pound111,717 Margate, Kent, saw the greatest 10-year rise, up 98% to Pound282,734 The Halifax Seaside Town Review tracks house price movements in 191 seaside towns in Great Britain. The review is based on house price data from the Land Registry and Registers of Scotland. Russell Galley, Managing Director, Halifax, said: "Our ongoing love affair with living by the sea shows few signs of abating. Homes on the coast have long attracted a premium price, and this was no different in 2021, with the move towards working from home being an ongoing influence in where people choose to live. The average seaside home cost Pound287,087, up 8% on the previous year. "Whether it's a lifestyle sought, the scenery or the sea air, when it comes to buying homes; we really do love to be beside the seaside. The biggest beneficiary of that desire last year was Millport on the Scottish island of Great Cumbrae, and over the last 5 years it was Port Bannatyne on the Isle of Bute. "The seaside towns that attract the highest prices overall are dominated by locations across the south coast, with Sandbanks in Dorset taking the title of most expensive seaside town from last year's winner, Salcombe in Devon. Both towns have average house prices of over Pound900,000." Source: Company Website Mar 31, 2022: Lloyds Banking: Business confidence declines but remains above long-term average Business confidence dropped significantly in March (down 11 points to 33%), but remained above the long-term average (28%), according to the latest Lloyds Bank Business Barometer. The fall in confidence was the biggest since the first two months of the pandemic when it dropped by 17 points and 38 points in March and April 2020 respectively as overall sentiment in March 2022 reached its lowest level since August 2021 (36%). However, the Barometer level remains above the long-term average (28%) due to confidence having been relatively buoyant in recent months. An 11-point fall in both trading prospects (down to 34% from 45%) and economic optimism (down to 32% from 43%) drove March's drop in confidence. Both fell to their lowest levels since the summer of 2021. Hiring intentions were more downbeat in March, but remain higher than the start of the year (29%). Nearly half of firms (49%), down from 52%, expect to increase their headcount in the next 12 months, while 18% (up from 14%) expect to reduce. The net balance fell by seven points to 31%, but continues to signal strong demand, particularly since the end of the furlough scheme in September 2021. The ongoing pay pressures experienced by businesses remained, with a record 49% expecting average pay growth of at least 2% in the next 12 months, an increase of 32% points since March 2021. This is comprised of nearly a quarter (24%) of firms anticipating an average pay rise of 2-3%, while 11% expect 3-4% wage growth and 14% anticipate over 4% pay growth. A fifth (19%) of businesses with annual turnover above Pound100 million expect to increase their average pay by more than 5%, compared with 6% of all firms. Furthermore, the ongoing inflationary pressures meant that, for the fifth consecutive month, at least half of firms expect to raise prices in the next 12 months. In March, a record 55% (up three points from 52%) expected to charge higher prices, while only 4% (unchanged) anticipate lower prices. This creates a new high net balance of 51% (up three points from 48%). Hann-Ju Ho, Senior Economist Lloyds Bank Commercial Banking, said: "March's data shows UK businesses are facing significant challenges from the impact of Russia's invasion of Ukraine in increasing economic uncertainty and ongoing inflationary pressures. Following encouraging improvements at the start of the year, March's fall in confidence is therefore disappointing, but not surprising. "There are positives with the fact that confidence remains above the long-term average and it appears for now that growth will moderate. But it is difficult to gauge what the full impact will be and therefore businesses have become more cautious." Regional and sector insights London (up 13 points to 60%), Yorkshire and the Humber (up six points to 57%) and the North West (up one point to 45%) were the only three regions to record increases in confidence in March. London becomes the most confident region again, having been replaced by the North East (down 21 points to 36%) in February. There were significant drops in Wales (down 34 points to -5%) and the South West (down 38 points to 8%) while Northern Ireland reversed its surge over recent months, falling 36 points to 18%. The remaining five regions are the South East (down 25 points to 11%), Scotland (down 18 points to 17%), the East Midlands (down 12 points to 22%), the West Midlands (down 15 points to 32%) and the East of England (down 13 points to 39%). From a sector perspective the impact of the war in Ukraine appears to have had the greatest impact on manufacturing and retail firms. Both sectors saw drops in confidence of 19% from February's highs (to 35% and 28% respectively). From a manufacturing perspective confidence levels are now at their lowest since last summer, while retail has fallen to a one-year low. In the other sectors, services dropped by six points (32%) while construction dropped eight points to 43%, but remained higher than at the start of the year. Paul Gordon, Managing Director for SME and Mid Corporates, Lloyds Bank Commercial Banking, said: "There is little doubt that businesses across all sectors are being impacted by the current geo-political and financial situations. Businesses that were beginning to see green shoots are now having to reconsider their approach and adapt to a new set of challenges. "It is yet to be known whether the changes to the National Insurance threshold and business rates for the tourism, hospitality and leisure sectors announced by the Chancellor will help these consumer facing businesses and it will be interesting to see how they respond to next month's survey." Source: Company Website Mar 31, 2022: Lloyds Banking: Homeowners could save Pound7000 on the cost of fitting a heat pump Homeowners looking to upgrade their heating could save a total of Pound7,000 on the cost of fitting a heat pump to replace an old gas boiler, says Halifax. With the cost of heating our homes set to rise from tomorrow, as the energy price cap goes up from Pound1,277 to Pound1,971 for an average household*, many homeowners will be looking at ways to reduce their energy use. With just 40% of British homes having an Energy Performance Certificate rating of C or better, improving the energy efficiency of our homes is essential to mitigate rising fuel costs. Halifax estimates that improving your home's EPC rating could save over Pound300 on bills each year for each band it moves up - helping offset the cost of the work needed. For many, the immediate action will be addressing the areas where heat is lost. Draft prevention, double or triple glazing, and loft or wall insulation can all help reduce the amount of energy it takes to keep a home warm. For those that have already addressed their homes' insulation, how it is heated will be one of the next things they can look at changing. Across the country, most homes rely on mains gas for their heating, with fewer than 1% choosing a heat pump. For well-insulated homes, a heat pump that uses the warmth in the atmosphere or under the ground can be a good option. The cost of a heat pump is higher than that of a replacement gas boiler and some may see this as a financial barrier. However, the combination of two schemes could reduce the cost by as much as Pound7,000, making a heat pump much closer to the cost of a gas boiler. For homeowners and buyers, who are borrowing against their property to fund energy efficiency improvements, Halifax is currently offering cashback on a range of work through its Green Living Rewards offer, including Pound1,000 for those installing a heat pump. And from tomorrow, homeowners could qualify for a grant of up to Pound6,000 to fit a heat pump with the launch of the Government's Boiler Upgrade Scheme (see Editors' Notes). Andrew Asaam, Mortgages Director, Halifax, said: "The cost of heating our homes has risen dramatically this year, and people will be looking at how they can reduce that both quickly and over the long term. Simple changes like extra loft insulation and draft exclusion can make a difference for relatively little outlay. "For those who need to make more significant improvements, are at the point where they need to update windows or a boiler, or just want to lower their carbon footprint, the investment can be more significant. "With our Green Living Rewards cashback offer, we hope to support these homeowners with some of the bigger energy efficiency improvements they might want to make, like better insulation, solar panels, or a heat pump." Source: Company Website Mar 29, 2022: Lloyds Banking: Millions of Brits at greater risk of fraud after ignoring vital bank payment warnings Millions of UK bank account holders are putting themselves at a much greater risk of fraud by ignoring crucial warnings provided by the Confirmation of Payee (CoP) service, according to new research by Lloyds Bank. When sending money online to someone that hasn't been paid before, Confirmation of Payee (which was launched in 2019) confirms whether the details entered match the account of the person or organisation being paid. These checks are designed to help consumers stop payments going to the wrong account by spotting possible mistakes, and adding extra security steps to prevent fraud. However, almost one in 10 (8%) UK adults who hold a bank account admit to proceeding with a payment without making any further checks when Confirmation of Payee tells them the details aren't an exact match. And only around half of people (47%) say they would carry out further checks before proceeding with a transaction when presented with a 'Confirmation of Payee unavailable' message, which usually means the recipient bank or payment services provider isn't signed up to the service, so the account details can't be automatically checked. Worryingly, less than half (41%) of people say they are familiar with Confirmation of Payee and understand how it works, and under a quarter (24%) would recognise that a 'No match' message means they could be getting scammed. Partial adoption of Confirmation of Payee increasing the fraud risk to consumers Payments to new beneficiaries are at the heart of fraudsters' tactics, which makes the Confirmation of Payee service an important tool in the fight against scams. All major UK banks now use Confirmation of Payee, however many smaller payment service providers are yet to sign up. While it can't prevent fraud entirely, it is one of a range of measures used by the industry to help combat scams and the organised criminal groups responsible. Based on Lloyds Bank's own analysis of outbound transfers made to all major banks and payment service providers last year1, transactions involving firms not using Confirmation of Payee were up to 100 times more likely to be reported as fraudulent by customers at a later date. While this difference in fraud rates can't be attributed solely to Confirmation of Payee - as larger financial institutions such as major banks will likely invest more in other fraud prevention and detection measures - it reinforces the importance of making Confirmation of Payee a minimum requirement for all payment service providers operating within the UK payments system. Liz Ziegler, Fraud Prevention Director at Lloyds Bank, said: "Fraudsters are trying to steal people's money all the time, they never stop. We're talking about organised crime gangs, constantly inventing new scams to dupe victims out of their hard earned cash. "So when you're making a bank transfer and a warning flashes up to say that the account details don't match, or can't be checked at all, that should set alarm bells ringing straight away. Stop, take notice and think about why that could possibly be the case. There's a big chance it's because you're being scammed. "We urge all payment providers to introduce Confirmation of Payee as quickly as possible. We can see it deters criminals now, and if more people take notice of the warnings, it can help stop fraudsters in their tracks." Source: Company Website Mar 22, 2022: Lloyds Banking: Buying almost Pound1400 cheaper than renting The monthly housing costs for first-time buyers are now Pound115 (13%) lower than the cost of renting an equivalent home, and the difference could add up to more than Pound27,600 over a 25-year mortgage, according to analysis by Halifax. The Halifax Buying vs Renting Review is based on the housing costs associated with a mortgage on a three-bed home, compared to the average monthly rent of the same property type. Last year, monthly rental costs grew by 6% to Pound874, while buying costs grew just 2% to Pound759, a monthly difference of Pound115, or Pound1,378 for the full year. Having narrowed in each of the last three years, the gap is now at its widest since 2017, and is over Pound1,200 greater than its historical low in 2019 (Pound116 annual saving). However, the current difference (Pound1,378) is not as great as in 2015, when annual ownership costs were Pound1,476 less than those for renting. The biggest differences proportionately were in Scotland and the North West at 22%, while the gap between annual rent and ownership in absolute terms was greatest in London, where renting is Pound4,181 more costly. The smallest gap was seen in Northern Ireland, where renting was just Pound17 per month (3%) higher than ownership. (Pound205 per year) (See Table 2) Esther Djikstra, Mortgages Director, Halifax, said: "Over the last year, we have seen record numbers of buyers entering the market, moving to bigger properties and taking advantage of the Stamp Duty holiday. However, historic lows for interest rates have kept mortgage costs down, compared to rents. For the second year running, buyers in Scotland see the greatest proportional difference in costs compared to renters and are joined this year by those in the North West of England, where rents are over a fifth more than buying costs." "Still, before homebuyers can benefit from lower monthly costs, a deposit needs to be put together, still the greatest challenge for many first-time buyers. The Pound62,000 average deposit we see in our data may be an unimaginable sum to potential first-time buyers, but it's much higher than many need to get a foot on their housing ladder. Deposits from 5% are available and, based on the average house price, mean putting down a Pound12,500 deposit - significantly less than the average." The average deposit, as a proportion of house price, rose only marginally from 24% in 2020 to 25% in 2021. However, in absolute cost terms it rose Pound5,334 to Pound62,415, a growth of 9%. (See Table 3) Source: Company Website Mar 22, 2022: Lloyds Banking: Buying over Pound1800 cheaper than renting Scottish first-time buyers could have saved around Pound1,800 last year on housing costs compared to renters in equivalent properties, Bank of Scotland has found. The Bank of Scotland Buying vs Renting Review is based on the housing costs associated with a mortgage on a three-bed home, compared to the average monthly rent of the same property type. In the last year, monthly rental costs grew by just 2% to Pound699, while buying costs grew by 5% to Pound548, a monthly saving for homeowners of just over Pound151, or Pound1,817 annually. The annual cost gap between buying and renting is now Pound1,236 (213%) greater than 10 years ago (see Table 1). However, the current annual difference (Pound1,817) is not as great as in 2020, when annual ownership costs were Pound1,927 less than those for renting. Since 2011 the average annual saving for homebuyers is Pound1,405; an estimated total of Pound35,125 over the life of a 25-year mortgage. (See Editors' Notes). Proportionately, buyers in Scotland and the North West of England benefit from the biggest difference (22%). In absolute terms, the gap between annual rent and ownership was greatest in London, where renting is Pound4,181 more costly. The smallest gap is in Northern Ireland, where renting is just Pound17 per month (3%) higher than ownership. (Pound205 per year) (See Table 2). Graham Blair, Mortgages Director, Bank of Scotland, said: "Over the last year, we have seen record numbers of buyers entering the market, moving to bigger properties and taking advantage of the Stamp Duty holiday. However, historic lows for interest rates have kept mortgage costs down, compared to rents. "For the second year running, Scottish buyers see the biggest proportional difference in costs compared to renters. Still, before homebuyers can benefit from lower monthly costs, a deposit needs to be put together, still the greatest challenge for many first-time buyers. The Pound35,000 average deposit we see in our data may be an unimaginable sum to potential first-time buyers, but it's much higher than many need to get a foot on their housing ladder. Deposits from 5% are available and, based on the average house price, would mean putting down a Pound6,800 deposit - significantly less than the average." The average deposit for Scottish first-time buyers, as a proportion of house price, fell marginally from 21% in 2020 to 20% in 2021. However, in cost terms, the rise of Pound2,299 to Pound34,975, was up 7%. Source: Company Website Mar 18, 2022: Lloyds Banking: Surge in investment scams targeting younger people Victims aged under 45 now account for 70% of reported investment scams, according to new data from Lloyds Bank. 18 to 24 years olds are most likely to fall victim to an investment scam, making up around a quarter (25%) of all cases. Many younger investors said they were lured by fake ads on social media promoting cryptocurrencies and meme stocks. However, the biggest increase in those reporting investment scams over the last 12 months came amongst 35 to 44 year olds, with cases jumping by more than half (52%) compared to the previous year. Those aged 25 to 34 saw cases rise by almost a quarter (24%) over the same period. The average amount lost per victim was Pound8,585, down considerably on the previous year (Pound10,217). However, this varies hugely amongst different age groups, with older victims usually losing much more. Victims aged between 65 and 74 lost an average of Pound30,397, more than any other age group. The amount lost by younger age groups is typically a lot less, with 18 to 24 year olds losing Pound1,433 on average, and those aged 25 to 34 losing Pound2,410. Analysis also shows that victims typically make three payments to fraudsters over the course of an investment scam. In the run up to Tax Year End, and with financial markets increasingly volatile, Lloyds Bank is warning would-be investors that scammers will exploit any new opportunities to trick victims into parting with their cash. Liz Ziegler, Retail Fraud & Financial Crime Director, Lloyds Bank, said: "Investing can be a great way to make money, but many deals are simply too good to be true, and it takes hard work and lots of research to find the right investment for your circumstances. "The organised criminal gangs behind scams are constantly evolving their tactics to exploit new trends and trick more victims into parting with their cash. Recently we've seen them widen their net to target younger investors, who are often tempted by the supposed 'get rich quick' promise of cryptocurrencies and meme stocks. "While older investors remain at high risk - and often stand to suffer much heavier losses - there's now a new generation of younger, more inexperienced investors on the scene for scammers to target. Predictably, our analysis suggests that social media platforms are the main breeding ground for these types of scams, with a mix of bogus ads, fake endorsements and cloned accounts key to fraudsters' methods." Top tips to avoid investment scams: Great deals don't find you: Fraudsters put adverts for scam investments on social media and the internet. They can also send 'deals' by direct message, over the phone or by email. Often, a deal will offer returns that you can't get elsewhere. If someone contacts you out of the blue about an investment, it's most likely a scam. Make sure it's genuine: Fraudsters can easily set up fake companies, profiles and websites to clone real firms. Use the FCA website to find genuine contact details for a company and links to their site. Always do your own research but also see what others people have to say in reviews. Never underestimate the lengths a scammer will go to, to convince you an investment is genuine. Protect how you pay: A scam investment may ask you to pay by bank transfer. If you pay this way and it's a scam, it's very hard to get your money back. Fraudsters might ask you to pay an account in a different name to the company you are meant to invest with. If the names don't match, it's a sign of a scam. Paying by card offers the greatest protection. Source: Company Website Mar 16, 2022: Lloyds Banking: Almost two thirds concerned with rising day-to-day costs as UK household spending creeps up UK households spent 2% more on essentials in the last three months (December, January and February), according to the latest Lloyds Bank Spending Power Report. Fuel spend has seen the sharpest immediate increase, up 16% in the three months, as a result of both people returning to offices and rising prices. For similar reasons, commuter transport spending increased 12%. Energy spend the biggest financial concern for households Energy spend, largely expected to follow suit in the coming months, increased 5% over the same period. With April's price cap increase looming, home energy prices and the rising price of day to day items are the biggest everyday concerns for consumers, with more than 60% of those surveyed saying they had strong concerns about each of these. Non-essential spending was also up 1% over the three months to February Even with the majority of COVID-19 restrictions lifted, spending on some of the UK's favourite pastimes - such as the cinema and sporting pursuits - grew just 3% over the period. Spending on clothes stayed flat, while home store spending dropped 12%. The lifting of restrictions has provided pubs and restaurants with a boost after another difficult Christmas period, with spending up 5%. Payments to charities also increased 2%, despite the pressure households are beginning to feel. Philip Robinson, PCA & Payments Managing Director Lloyds Bank, said: "Spending has crept up in the last three months and, alongside rising inflation and concerns around the cost of living, households will be starting to notice the impact on finances. While continued spend on things like cinema outings and sports suggests a level of resilience within budgets, the months ahead will likely see spending behaviour change as households take action to manage higher costs." Source: Company Website Mar 10, 2022: Lloyds Banking: Londoners unhappy at the number of affordable homes available as house prices continue to climb Almost two thirds (67%) of Londoners expect house prices to continue to rise over the next three years as house prices climb 4% since the start of the pandemic. Increased demand has resulted in 75% of people in London saying that they do not believe the housing market is currently helping people access affordable and quality homes. According to research from Lloyds Banking Group, the pandemic has prompted a surge in house prices in the North, climbing by 17.3%since the since the pandemic. However, this increased demand and lack of affordable housing has resulted in nearly two thirds of those living in the North (60%) agreeing that the housing market is currently not helping people access affordable and quality homes in their region. Top concerns amongst those in the North include; unaffordable house prices (60%), lack of social housing being built (47%) and high deposits (43%). Other considerations include a lack of rental properties (38%), too few houses being built (27%) and economic issues caused by the pandemic (26%). Challenges for the industry Across the North, both homeowners and renters agree that house prices are the biggest issue facing the market and are sceptical that the industry can deliver the affordable, quality homes needed to accommodate the increased demand in the area post-pandemic. With the average house price now at almost Pound230,000, those in North believe issues around affordability are likely to get worse with more than half (57%) believing house prices will continue to spike over the next three years. Beyond affordability, many respondents suggested that new homes in their local area aren't being built in places where people want to live (34%) - with nearly half of those in the North (45%) frustrated that new homes aren't meeting the needs of the local area. Emily Cox, Lloyds Banking Group's Ambassador for the North, said: "House prices and transaction volumes, even among first time-buyers, have grown significantly during the pandemic. However, this research also shows that many people in the North consider the continued strength of prices as the biggest factor preventing people from accessing quality and affordable homes. "At the same time the pandemic is reshaping what we want from our homes, but many people in the North feel that currently where, and how, homes are being built is not meeting the needs of their local communities. "Understanding these local trends, will be vitally important in ensuring the homes being built keep pace with the changing needs of individuals and local communities. That's why, as part of our commitment to help Britain prosper, we are working across the industry to collectively work-out how we deliver the high-quality, sustainable and affordable homes that the North needs." Meeting local needs Over the last year, there has been increased interest in the region as homeworking buyers and renters look to spend lockdown savings in more rural commuter areas, with many transactions focused on living in an attractive area (47%), good transport links (45%) and living near family and friends (44%). A changing picture of home However, when it comes to our homes themselves, a large garden and more space looks set to be one of the most important factors driving buying decisions in the North over the next few years. The garden was deemed the most important feature; with nearly half (41%) stating they would prioritise that first, followed by more living space (36%) and more efficient heating (31%). In fact, just over a third of Northerners said they would pay more than they would otherwise for a home with a garden (35%) and off-street parking (32%). John Barnes, CEO of award-winning housebuilder Duchy Homes, said: "Duchy Homes started out as a premium housebuilder focused on small, exclusive developments of large 5-bedroom homes. In more recent years, through our partnership with the Housing Growth Partnership, we have been able to purchase much larger sites and build in greater volumes. "This shift in direction has meant we are now able to provide more 2-bed, 3-bed and 4-bed homes to the market, without losing our focus on quality, which has opened up our brand to a much wider audience of homebuyers. We've seen increased demand for our new homes over the last 18 months and are continuing to purchase more land and secure planning permission for large sites across the North of England, including our upcoming development of 163 plots at Elwick, Hartlepool." Source: Company Website Mar 10, 2022: Lloyds Banking: Pandemic prompts house price surge in the North but more affordable homes are needed More than half (57%) of those living in the North expect house prices to continue to rise over the next three years as regional house prices increase by 17% since the start of the pandemic. Increased demand has resulted in 60% of people in the North saying that they do not believe the housing market is currently helping people access affordable and quality homes. When it comes to the checklist for new houses, larger gardens (41%), more living space (36%) and more efficient heating (31%) are the most sought-after features in the North. According to research from Lloyds Banking Group, the pandemic has prompted a surge in house prices in the North, climbing by 17.3%since the since the pandemic. However, this increased demand and lack of affordable housing has resulted in nearly two thirds of those living in the North (60%) agreeing that the housing market is currently not helping people access affordable and quality homes in their region. Top concerns amongst those in the North include; unaffordable house prices (60%), lack of social housing being built (47%) and high deposits (43%). Other considerations include a lack of rental properties (38%), too few houses being built (27%) and economic issues caused by the pandemic (26%). Challenges for the industry Across the North, both homeowners and renters agree that house prices are the biggest issue facing the market and are sceptical that the industry can deliver the affordable, quality homes needed to accommodate the increased demand in the area post-pandemic. With the average house price now at almost Pound230,000, those in North believe issues around affordability are likely to get worse with more than half (57%) believing house prices will continue to spike over the next three years. Beyond affordability, many respondents suggested that new homes in their local area aren't being built in places where people want to live (34%) - with nearly half of those in the North (45%) frustrated that new homes aren't meeting the needs of the local area. Emily Cox, Lloyds Banking Group's Ambassador for the North, said: "House prices and transaction volumes, even among first time-buyers, have grown significantly during the pandemic. However, this research also shows that many people in the North consider the continued strength of prices as the biggest factor preventing people from accessing quality and affordable homes. "At the same time the pandemic is reshaping what we want from our homes, but many people in the North feel that currently where, and how, homes are being built is not meeting the needs of their local communities. "Understanding these local trends, will be vitally important in ensuring the homes being built keep pace with the changing needs of individuals and local communities. That's why, as part of our commitment to help Britain prosper, we are working across the industry to collectively work-out how we deliver the high-quality, sustainable and affordable homes that the North needs." Meeting local needs Over the last year, there has been increased interest in the region as homeworking buyers and renters look to spend lockdown savings in more rural commuter areas, with many transactions focused on living in an attractive area (47%), good transport links (45%) and living near family and friends (44%). A changing picture of home However, when it comes to our homes themselves, a large garden and more space looks set to be one of the most important factors driving buying decisions in the North over the next few years. The garden was deemed the most important feature; with nearly half (41%) stating they would prioritise that first, followed by more living space (36%) and more efficient heating (31%). In fact, just over a third of Northerners said they would pay more than they would otherwise for a home with a garden (35%) and off-street parking (32%). John Barnes, CEO of award-winning housebuilder Duchy Homes, said: "Duchy Homes started out as a premium housebuilder focused on small, exclusive developments of large 5-bedroom homes. In more recent years, through our partnership with the Housing Growth Partnership, we have been able to purchase much larger sites and build in greater volumes. "This shift in direction has meant we are now able to provide more 2-bed, 3-bed and 4-bed homes to the market, without losing our focus on quality, which has opened up our brand to a much wider audience of homebuyers. We've seen increased demand for our new homes over the last 18 months and are continuing to purchase more land and secure planning permission for large sites across the North of England, including our upcoming development of 163 plots at Elwick, Hartlepool." Source: Company Website Mar 10, 2022: Lloyds Banking: Pandemic prompts move to the Midlands as house prices surge but more quality homes are needed Almost two thirds (61%) of those living in the Midlands expect house prices to continue to rise over the next three years as regional house prices climb more than 17% since the start of the pandemic. Increased demand has resulted in 64% of people in the Midlands saying that they do not believe the housing market is currently helping people access affordable and quality homes. When it comes to the checklist for new houses, larger gardens (41%), more living space (34%) and more efficient heating (33%) are the most sought-after features in the Midlands. According to research from Lloyds Banking Group, the Midlands has been placed firmly on the map, with house prices in the area climbing by 17% since the start of the pandemic. However, increased demand and lack of available housing has resulted in almost two thirds of those living in the Midlands (64%) agreeing that the housing market is currently not helping people access affordable and quality homes in their region. Top concerns amongst those in the Midlands include; unaffordable house prices (61%), high deposits (44%) and a lack of social housing being built (42%). Other considerations include a lack of rental properties (36%), economic issues caused by the pandemic (26%), and too few houses being built (25%). Challenges for the industry Across the Midlands, both homeowners and renters agree that house prices are the biggest issue facing the market and are sceptical that the industry can adapt and deliver the affordable, quality homes needed to accommodate the increased demand in the area post-pandemic. With the average house price now at more than Pound265,000, those in the Midlands believe issues around affordability are likely to get worse with almost two thirds (61%) believing house prices will continue to increase over the next three years. Beyond affordability, many respondents suggested that new homes in their local area aren't being built in places where people want to live (33%) - with nearly half of those in the Midlands (44%) frustrated that new homes aren't meeting the needs of the local area. Jo Harris, Lloyds Banking Group's Ambassador for the Midlands, said: "This research shows that many people in the Midlands see the rise in house prices resulting from the pandemic, as the biggest factor preventing people from accessing quality and affordable homes. "The pandemic is also reshaping what we want from our homes and many people in the Midlands feel that where, and how, homes are being built is not meeting the current needs of their local communities. "Understanding current local trends is vital if the homes being built are to meet the changing needs of individuals and local communities. That's why, as part of our commitment to help Britain prosper, we are working across the industry to collectively work-out how we deliver the high-quality, sustainable and affordable homes that the Midlands' needs." Meeting local needs Over the last year, there has been increased interest in the region as homeworking buyers and renters look to spend lockdown savings in rural and semi-rural locations. People in the Midlands said that living in an attractive area (46%) and being close to family and friends (42%) were the most important factors to them when purchasing a home. A changing picture of home However, when it comes to our homes themselves, more space and outdoor living looks set to be one of the most important factors driving buying decisions in the Midlands over the next few years. The garden was deemed the most important feature; with over two in five (41%) stating they would prioritise that first, followed by more living space (34%) and more efficient heating (33%). In fact, just over a third of those in the Midlands said they would pay more than they would otherwise for a home with a garden (37%) and offstreet parking (36%). Oliver Purday, Managing Director of Bowbridge Homes, said: "Since the beginning of the pandemic, we have found that our customers have definitely assessed their needs and what they actually want from a home. "We constantly review our designs to ensure that they serve our clients' needs, and as part of that review what is also very clear, is that the quality of the living environment is of fundamental importance. We design each of our schemes individually to tailor the scheme to its environment and create a proper community. We ensure that not only are the internal space and design of the homes considered, but also how each home sits within the overall scheme, paying particular attention to the landscaping and ecology. "We are also integrating Custom Build opportunities within many of our schemes. This takes client choice to the next level and allows our customers to tell us exactly how they want to use a home and have a full involvement with its design right from the start, so that they get a home that is bespoke to them." Source: Company Website Mar 10, 2022: Lloyds Banking: House prices surge as Southerners say more affordable homes are needed According to research from Lloyds Banking Group, demand for homes in the South continues to surge with house prices in the area climbing by 12.4% since the pandemic started. However, this increased demand and lack of available housing has resulted in almost three quarters of Southerners (74%) agreeing that the housing market is currently not helping people access affordable and quality homes in their region. The top concerns from Southerners include unaffordable house prices (69%), high deposits (46%) and the lack of social housing being built (48%). Other considerations include economic issues caused by the pandemic (46%), too few houses being built (46%) and a lack of rental properties (41%). Challenges for the industry Across the South, both homeowners and renters agree that house prices are the biggest issue facing the market and are sceptical that the industry can adapt and deliver the affordable, quality homes needed to accommodate the increased demand from those looking to live here. With the average house price now at almost Pound385,000, those in the South believe issues around affordability are likely to get worse with more than two thirds (67%) believing house prices will continue to increase over the next three years. Beyond affordability, many respondents suggested that new homes in their local area aren't being built in places where people want to live (35%) - with nearly half of those in the South (46%) frustrated that new homes aren't meeting the needs of the local area. Michelle Blayney, Lloyds Banking Group's Ambassador for the South East, said: "House prices and transaction volumes, even among first time-buyers, have grown significantly during the pandemic. However, this research also shows that many people in the South consider the continued strength of prices as the biggest factor preventing people from accessing quality and affordable homes. "At the same time the pandemic is reshaping what we want from our homes, yet many people in the region feel that the location and specification of current homes being built does not meet the needs of their local communities. "Understanding these local trends, will be vitally important in ensuring the homes being built keep pace with the changing needs of individuals and local communities. That's why, as part of our commitment to help Britain prosper, we are working across the industry to collectively work-out how we deliver high-quality, sustainable and affordable homes that the South needs." Meeting local needs Over the last year, there has been increased interest in the region as homeworking buyers and renters look to spend lockdown savings in rural and semi-rural locations. People in the South said that living in an attractive area (51%), good transport links (43%) and being close to family and friends (41%) were the most important factors to them when purchasing a house. A changing picture of home However, when it comes to our homes themselves, more space and outdoor living looks set to be one of the most important factors driving buying decisions in the South over the next few years. The garden was deemed the most important feature; with more than two thirds (40%) stating they would prioritise that first, followed by more living space (36%) and more efficient heating (31%). In fact, just over a third of those in the South said they would pay more than they would otherwise for a home with a garden (39%) and off-street parking (38%). Durkan, one of London and the South East's leading housebuilders, is an example of an agile regional builder that has adapted its approach to meet people's changing needs. Ronan Murphy, CEO of Durkan, said: "We understand the challenges of meeting these housing needs. As a regional housebuilder, we recognise that it is not just about building at pace, but also about being flexible to deliver the right, high quality and affordable homes that create communities where people and families thrive. "Feedback from our customers mirrors Lloyds' research and we're seeing that, as a result of the pandemic, people are asking for more from their homes. Buyers are looking for spaces where they feel comfortable both living and working. "It is this intelligent house building that is needed now more than ever. Developers must react to these changing demands and take the time to really understand what people want. We have the flexibility to respond to evolving local needs and create more bespoke homes that are in keeping with existing communities. This is the agile approach that will deliver the homes people want to live in and will also see value in buying." Source: Company Website Mar 09, 2022: Lloyds Bank partners with Satago to reinvent invoice financing for UK SMEs Satago powers first end-to-end digital Single Invoice Finance and Whole-Book Invoice Factoring solution on a single platform offered by a UK bank Lloyds Banking Group announces Pound5m investment with UK fintech to help British businesses get paid quicker London, UK - 9 March 2022: Satago, the cash management platform that provides automated credit control, risk management and invoice finance to SMEs and accountants, today announces that it has partnered with Lloyds Bank to transform access to short-term finance for its business customers across the UK. The agreement builds on the existing partnership, extending the use of Satago's technology to help Lloyds Bank customers get access to cash against invoices due. It will power a single unified solution for customers of all sizes and facility requirements that dramatically improves the client's user experience while minimising risk exposure and cost to serve. To reflect the strengthening of the partnership, Lloyds Banking Group has also invested Pound5m in the UK fintech in exchange for a 20% equity stake, which demonstrates its ongoing commitment to reinventing existing invoice financing practices and delivering the best possible outcomes for its SME customers. Recent research has revealed that five out of ten (54%) firms that have seen a change in customer payment time since the start of the pandemic have experienced slower payments**, with debtors most commonly citing overdue payments from their own customers and cashflow pressures as their reasons for paying late. Satago pioneered the use of intelligent technology to simplify SME finance, digitising invoice factoring for businesses of all sizes. Its platform provides SMEs with cashflow management tools which not only free up time and create efficiencies, but also allow them to unlock value from their accounting assets, which can be invested in growing their businesses and pivoting in response to market challenges. Gwynne Master, Managing Director, Working Capital, Lloyds Bank Commercial Banking, said: "Our partnership with Satago goes beyond a supplier-buyer relationship. The equity stake we have taken in the business underscores our commitment to deliver best-in-class, future-focused solutions for UK businesses by partnering with a market leading provider with proven capability." "Our new platform enhances both the choices and the speed at which finance solutions will be offered to small and medium sized businesses. We are leveraging the advanced technology of Satago's platform to digitally match businesses needs and solutions for either Single- or Whole-Book Invoice Factoring to produce tailored customer-centric outcomes, quickly. "Most important, the solution gives more businesses better control of their cashflow. We can now make it easier for customers to identify their invoices that can be financed, reduce payment times, and simplify end-to end processes. Businesses are now able to focus on running their day-to-day business and grow, rather than chase payments." Quick and easy access to funding is critical to the ability of every business to innovate and sustain their operations. Historically, SMEs have struggled to struggled to maintain cashflow while tied into long-term lending agreements, leaving them vulnerable to rapid changes in the market and reliant on challenging debt to remain operational. Satago's invoice financing platform leverages open banking APIs to give SMEs flexibility and speed they need from lending and bring the transparency of personal finance to their business banking. Lloyds Bank Commercial Banking customers will benefit from real-time insights into which companies pay their invoices on time, and a suite of tools including automated invoices, reminders, payment requests and integrated credit reporting to help them track their finances and outstanding payments. Sinead McHale, Chief Executive Officer of Satago, comments:"The last two years have been hugely difficult for businesses everywhere to navigate. Across the country we've seen countless examples of SMEs that have had to innovate and pivot quickly to maintain their critical role in the economy, all while chasing late payments and challenging debts. "That's why we are extremely excited to partner with Lloyds Banking Group to bring invoice financing into the 21st century. It's a market that has changed very little in decades, so we're delighted that Lloyds shares our vision to make it available to all UK businesses regardless of size or sector. Lloyds' investment our company is testament to the ability of our intelligent technology, and our innovative use of data, to put SMEs across the UK back in control of their own finances and bounce back stronger." The final terms of the commercial agreement are subject to negotiation. Case Study: Controlled Space is an SME business based in Leeds. They hold SIA, an approved contractor scheme status for the provision of Door Supervision, Security Guarding, CCTV and Close Protection services. Controlled Space provide staff across all sectors from corporate events to music festivals. Before Single Invoice Finance, the company was using a whole-book invoice finance solution. While only occasionally drawing funds, the company was paying monthly minimum charges. Single Invoice Finance offered them flexibility with access to a facility, only drawing on it when they needed, and saving them money. What Controlled Space likes most about the facility is the flexibility. This gives the company peace of mind knowing they can access funds quickly and simply when they need to. And it doesn't cost them when they don't. Source: Company Website Mar 04, 2022: Lloyds Banking: Power of Attorney misconceptions leave Brits exposed Almost a third wrongly believe Power of Attorney is only put in place after a person becomes ill - leading to potentially costly consequences Nearly two thirds of people unaware of how a Power of Attorney can help Four in five people aged over 55 don't have a Power of Attorney in place Case studies available under Notes to Editors Research by Lloyds Bank has found that adults across the UK are unsure about the factors involved in later life planning and may be leaving it until it's too late. With 80% of over 55s saying that they don't have a Power of Attorney - a legal document giving one person the power to act for another person - in place, Lloyds Bank is encouraging all ages to start thinking about the future, to ensure peace of mind. Now is the right time Almost three in ten (29%) think a Power of Attorney is only put in place after they become ill. However, a person must be capable of making their own decisions to set up a Power of Attorney, so leaving it until an illness or an accident occurs could be costly. If a Power of Attorney has not been set up, an individual would have to apply for a Deputyship to act on behalf of another person. As well as being more expensive (with higher application fees and an annual supervision fee), Deputyship requires an individual to be verified and supervised, elongating the process. Worryingly, eight in 10 (80%) adults over 55 do not have a Power of Attorney in place for themselves, with 69% of this age group also not acting as an attorney for someone else. Overall, almost a fifth of all respondents (19%) said they didn't know when the right time is to put an attorney in place for themselves, rising to a quarter (25%) of 35-44-year-olds. A fifth of Brits (22%) also don't know when it's the right time to set up a Power of Attorney for someone else. That's why Lloyds Bank is encouraging people to start thinking about this issue earlier, not only for themselves, but also for family members to give peace of mind for the future. With a Lasting Power of Attorney arranged, decisions regarding the management of property and financial affairs or decisions regarding health and welfare (or both) are made by an elected person(s) (an 'attorney') who will act in the best interests of someone else (the 'donor.') Simply put, a Power of Attorney can be thought of as protection against a possibly life changing event. Nicola Bannister, Customer Financial Assistance at Lloyds Bank, said: "The idea of arranging a Power of Attorney - for yourself, or helping someone else - may feel daunting. It's not the sort of thing we talk about every day, and our research shows that many of us are not confident in our knowledge of the types of Power of Attorney or the costs involved. "Broaching the subject of setting up a Power of Attorney can be tricky but it's worth finding the right time to discuss it with your loved ones, as it is a lot easier to discuss and arrange these things in advance of needing them, rather than at a time where things may be difficult for yourself or a family member." Power of Attorney explained The new research from Lloyds Bank found that nearly two thirds (64%) of UK adults are unable to explain the authority a Power of Attorney grants, with a quarter (25%) unaware of the difference between a will and a Power of Attorney. A Power of Attorney is a legal document where one person, known as the 'donor', gives another person, the 'attorney', the right to make decisions on their behalf, should they not be able to do so in the future. So, a Power of Attorney means a person can choose someone to manage third parties, if a situation arises where they are unable to do so themselves. The agreement binds the attorney to always act in the donor's best interests. A Lasting Power of Attorney is the most common arrangement in England and Wales* and there are two types: Property and financial affairs - which allows the attorney to make decisions about bank accounts, money management and property owned by the donor Health and welfare - which allows the attorney to make decisions about health care and medical treatment On the other hand, a will is a legal document that outlines a person's wishes regarding distribution of their property and finances, or care of minor children, after death. Ensuring the two legal documents are in place, both personally and for loved ones, is important as they have different purposes and come into effect at different times. Almost half (48%) of people do not realise that a Power of Attorney ceases if the donor passes away. Top Tips from Lloyds Bank Guidance on arranging a Lasting Power of Attorney: Make the decision now - putting a Power of Attorney in place now will give you peace of mind that your affairs will be managed if something happens in the future, ensuring that time can be dedicated to spending with loved ones Go online - you can start the process of setting up a Power of Attorney online. Go to www.gov.uk/power-of-attorney.With a cost of Pound82** (reduction exemptions can also apply) it is likely to be the most cost-efficient way of having later life support in place. Have the conversation with loved ones - whilst getting the process in place for yourself, it's worth talking to loved ones to ensure they also understand the benefits of Power of Attorney so that they are comfortable and confident that their wellbeing will be handled if need be. Initiating these conversations earlier will help alleviate any potential frictions later on. It may be helpful to explain that people can choose more than one attorney, and they must act together, when making any decisions on the donor's behalf. Choose for the long term - thinking about who to choose as an attorney will take some thought and shouldn't be a rushed decision. It's worth giving the person you ask time to think about the role, to make sure they feel comfortable doing it, before putting any documentation in place. You can choose someone you trust such as a family member, a spouse, a friend or a solicitor. Inform your bank - The bank will need to see an original, or certified, copy of the Power of Attorney (PoA), alongside proof of identity documents for the attorney, or attorneys. Preparing these documents in advance will facilitate the process. Source: Company Website Mar 01, 2022: Lloyds Banking Group and Bink partner to bring digital loyalty to Group's retail customers Lloyds Banking Group has entered a partnership with fintech Bink. Together they will transform the way customers of the bank's retail brands are able to connect with retailers and their reward and loyalty programmes. Bink's technology links a customer's payment cards to participating retailers' loyalty and customer engagement programmes. This ensures customers are identified and rewarded by retailers every time they shop with their payment card, giving a seamless user experience. The companies are working together to introduce the loyalty solution into Lloyds Banking Group's award-winning digital channels for its retail banking customers later this year. The key customer benefits include: Loyalty programmes automatically linked to payment cards means customers do not miss out on earning retailer loyalty points. Ability to enrol in new loyalty schemes, as well as check and redeem loyalty points with participating retailers in their mobile banking app. Less hassle managing multiple loyalty cards and faster checkout at retailer tills. Lloyds Banking Group has also made an equity investment representing a minority stake in the fintech. Philip Robinson, Lloyds Banking Group Payments Director, said: "We're really excited about giving our customers easy access to their loyalty points and rewards through our partnership with Bink. Linking payment and loyalty cards together means customers can significantly reduce the amount of plastic in their wallets, and it's simple to manage all of the schemes through the mobile app or internet banking." Mike Jordan, CEO Bink, said: "Our goal is to make it simpler and more rewarding for retailers and their customers to connect. Our technology allows loyalty programmes to evolve as consumers adopt new payment methods. This partnership adds real scale to our mission, and we are exceptionally excited. "Through our partnership with Lloyds Banking Group, we will take our intuitive digital user-experience, that eradicates the need for physical loyalty cards, to millions more customers. And we will continue to empower more retailers with our solution which generates better and richer customer insights, enabling them to serve their customers better." Source: Company Website Feb 28, 2022: Lloyds Banking: Businesses confidence reaches five-month high The latest Lloyds Bank Business Barometer shows: Business confidence reached a five-month high, up five points to 44%. Trading prospects (45%) reached its highest level and economic optimism (43%) also increased. Over one-third of businesses (38%) are concerned about an increase in interest rates to 1%. Ten of the UK's 12 regions recorded increases in confidence with the North East being the most confident at 57% (up 17 points). Sector confidence was positive with manufacturing, construction and retail reaching levels not seen since pre-COVID-19. Business confidence bounced back to its highest level in five months (up five points to 44%), moving further ahead of the long-term average (28%), according to the latest Lloyds Bank Business Barometer. The survey captured responses between 1-15 February, notably before the removal of various COVID-19 restrictions across the UK's nations. The rise in confidence was driven by improvements for both trading prospects and economic optimism. The net balance for trading prospects reached its highest level since the start of the pandemic (up four points to 45%). Optimism for the wider economy rose six points to 43% from 37%. The survey, which straddled the announcement by the Bank of England to further increase interest rates to 0.5%, showed that over one-third of firms (38%) said they would be concerned about interest rates rising to 1%, increasing to 57% if interest rates reached 2%. Hiring intentions were also positive, rising to their highest level since September when the furlough scheme ended, and matching the highest level since the start of the pandemic. Over half of firms (up six points to 52%) said they expect to increase their staffing levels in the next 12 months, while 14% (down three points from 17%) anticipate a lower headcount. The net balance increased to 38%. Furthermore, pay pressures increased in February. Twenty-five percent of businesses (up three points from 22%) expect pay growth in the next 12 months of between 1% and 2%, while 23% (up three points from 20%) expect pay growth of between 2% and 3%. However, there was a drop of four points and two points respectively for those firms anticipating a pay freeze (7%) or pay rise of between 0% and 1% (8%). As firms face inflationary challenges, nearly half (down one point to 48%) say the pressure to pass on higher costs, including wage expectations, will see them increase their prices in the coming year. The survey also found that more firms are expecting supply bottlenecks to ease during 2022. Hann-Ju Ho, Senior Economist Lloyds Bank Commercial Banking, said: "It's extremely encouraging to see a such an improvement in business confidence reaching its highest level since September, fuelled by trading prospects reaching their highest level since the start of pandemic. "With hiring intentions also reaching their highest level since the end of the furlough scheme there is hope that the easing of supply bottlenecks will alleviate a number of challenges that businesses have been facing and help underpin the UK's growth in 2022." Regional and sector insights At a regional level confidence increase in ten of the 12 regions. The North East reversed January's drop of 18 points by rising back to 57% (up 17 points) and is now the UK's most confident region. Northern Ireland continued its notable rise in confidence over recent months, increasing a further 26 points to 54% making it the UK's second most confident region. The East of England (up five points to 52%) and Yorkshire and the Humber (up three points to 51%) are the other two regions above 50%. There were also rises in six other regions, the West Midlands (up eight points to 47%), London (up nine points to 47%), the South West (up nine points to 46%), the South East (up seven points to 36%), the East Midlands (up one point to 34%) and Wales (up three points to 29%) The remaining two regions are the North West (unchanged at 44%) and Scotland (down two points to 35%). The further easing of COVID-19 restrictions in January had a positive impact across the sectors with strong increases in manufacturing (up 11 points to 54%) and construction (up 18 points to 51%) with both reaching their highest level since the start of the pandemic. Retail confidence rose three points to 47%, another high since the start of COVID-19. Services remained unchanged at 38%. Paul Gordon, Managing Director for SME and Mid Corporates, Lloyds Bank Commercial Banking, said: "The UK's expected future growth is in positive territory following February's rise in business confidence, trading prospects and economic optimism. "Ten out of the 12 regions reported a growth in confidence, with a particularly pleasing rise in the North East which reversed its decline in January, indicating that businesses are looking forward with renewed optimism. "The UK's construction and manufacturing sectors have seen the biggest benefit as COVID-19 restrictions and supply challenges ease, while the retail sector has also seen a boost in confidence." "What is clear is that business confidence is on an upward trajectory and we remain by the side of businesses as they look to grow." Source: Company Website Feb 17, 2022: Lloyds Banking: 15 million homes need energy efficiency upgrades 15m homes in England and Wales need energy efficiency improvements. Older and detached homes rate lowest for energy efficiency. Just 10% of pre-1900 homes meet EPC C. Greener, warmer, more valuable: clear benefits of energy efficient homes. They may have seen a boom in prices during the pandemic, but detached homes could be costing their owners thousands of pounds in extra fuel costs, according to analysis by Halifax. While lockdown has prompted a 'race for space' amongst home movers, the wider cost implications of owning a detached or period home may not have been so obvious. Yet these homeowners face some of the biggest energy cost increases following the fuel cap rise and the most work to make homes more energy efficient. Modern construction standards have pushed the energy efficiency of homes upward rapidly: the average EPC rating for home built since 2012 is B or higher, compared to the average rating for all homes in England and Wales of D. For the 4.2 million homes built before 1900, the average EPC rating is only E. And just one in ten homes built before the 1930s achieves an EPC rating of C. With around 25 million homes in England and Wales, around 60%, or 15million, need energy efficiency improvements to meet a minimum EPC rating of C. Construction methods One of the key differences between older and newer homes that affects energy efficiency is how they are designed to deal with damp. In older homes, ventilation between floors and ceilings and under roofs is how moisture is dealt with, which in turn means poor heat retention. Modern homes favour damp-proofing under solid block floors. Other differences include little or no insulation in floors, walls, and ceilings, single glazed windows, open fire places and lower standards of construction in key areas like doors and windows causing draughts. Overall, it is estimated that around a quarter of heat loss from poorly insulated homes is through roofs, a third through external walls, another quarter through doors and windows, and the rest through floors. Heat lost from homes varies depending on not just the construction but type of property. Flats are the only type of home that, on average, achieve an EPC rating of at least C. This variation between types of home is thrown in to stark contrast when the proportion of new and existing homes that achieve a 'C rating' are compared: Andrew Asaam, Mortgages Director, Halifax, said: "The 50% increase in the fuel cost cap is going to have an impact on everyone's energy bills, in all but the most modern homes that impact is going to be significantly more. "The majority of our homes fall short of the average C rating the Government aspires to, which means we're wasting money and harming the environment heating our homes. Further fuel price increases are only going to mean we're spending more to live in colder homes unless we act. "We recognise that the cost of making these improvements is not inconsiderable for most and the rising cost of living means making these investments now will be difficult for many. We hope that our Green Living Reward cashback offer will help encourage and support some of those homeowners who want to make their homes more energy efficient. "For the owners of the 15million homes currently below C, there are significant benefits in making energy efficiency improvements through lower fuel bills, warmer homes and increasing the value of their home. Investing in these upgrades now could more than pay for themselves; both environmentally and financially, in the future." Improving Homes It's estimated that moving up one EPC rating band could save around Pound250 per year on average, which means the payback for any improvements would appear to be over several years, but the financial benefits are much greater. Energy efficient homes attract a price premium compared to other homes when they come to be sold, Halifax found. The 'Green home premium' is worth up to Pound40,000 when comparing an A-rated home to one at G. What improvements to make on a home for the greatest energy efficiency savings or the most cost effective is specific to the property. Halifax provides a free online Energy Saving Tool to help owners understand the changes they could make and how much they could save from lower bills. The bank has also partnered with the Energy Saving Trust to provide free, impartial advice and guidance to help homeowners better understand how they can make their homes warmer and greener. The Home Energy Efficiency Helpline, 0808 196 8258, is open Monday to Friday 9am - 5pm (except public holidays). For those ready to make energy efficiency improvements and financing them through borrowing, they could benefit from up to Pound1000 cashback, for installing a heat source pump, or Pound500 for other energy efficiency home improvements. The benefit is available not just to those buying a home but also existing and remortgage customers who are looking to finance green home improvements. Source: Company Website 2021 Dec 31, 2021: Lloyds Banking: Outlook Outlook The coronavirus pandemic continues to have a significant impact on the people, businesses and communities of the UK and around the world. As we look forward into 2022, we are seeing early recovery and the macroeconomic outlook is improving, supported by the successful vaccine roll out in the UK. Although the outlook remains uncertain, particularly with regards to new virus variants, as well as the impact of inflation on the economy and households, I am confident that the Group is well-placed to deliver increased returns whilst Helping Britain Prosper, as embodied in our new strategy. This is reflected in the new guidance outlined below Source: Annual report Dec 31, 2021: Lloyds Banking: Chairman's Statement GROUP CHIEF EXECUTIVE'S STATEMENT 2021 was a year of continued delivery for the Group, with successful strategic execution, ongoing investment and continued franchise growth, enabling the Group to succeed in its customer focused ambitions set out in the Strategic Review 2021. This resulted in a solid financial performance, with continued business momentum and balance sheet growth. Given the Group's performance and strong capital position, the Board has recommended a final ordinary dividend of 1.33 pence per share, in line with our progressive and sustainable ordinary dividend policy and a share buyback of up to Pound2.0 billion, marking 2021 as a very strong year of capital return to shareholders. During 2021 the Group focused on Helping Britain Recover, supporting customers and communities across the UK as they continued to deal with the pandemic. I am very proud of the positive impact that the Group was able to make. The dedication of colleagues and their ongoing support for customers, communities and businesses across the UK in these unique and challenging times is impressive. I would like to express my gratitude to all of our colleagues for their resilience, commitment and hard work throughout 2021. Since joining the Group in August 2021, I have been impressed by the Group's purpose-driven culture, real customer focus, its commitment to sustainability and diversity, as well as its disciplined risk management. Building on the Group's strong foundations and distinct competitive strengths, we are today launching our new strategy to deliver for all of our stakeholders, as detailed below. I very much look forward to working with my colleagues across the Group to drive our purpose, our growth opportunities and build higher, more sustainable Group returns and capital generation. Financial performance In the context of continued business momentum and balance sheet growth, the Group has delivered a solid financial performance with statutory profit after tax of Pound5.9 billion, significantly higher than 2020. Increased profits benefitted from higher income and the net underlying impairment credit of Pound1.2 billion in 2021 (2020: underlying impairment charge of Pound4.2 billion), driven by improvements to the macroeconomic outlook for the UK, combined with robust observed credit performance. Underlying profit before impairment of Pound6.8 billion was up 6 per cent on 2020, with increased average interest-earning assets, a strengthened banking net interest margin and early signs of recovery in other income, alongside a reduction in operating lease depreciation. Cost discipline was sustained, with operating costs of Pound7.6 billion, up 1 per cent compared to the prior year, including the impact of rebuilding variable pay in the context of stronger than expected financial performance. Remediation charges increased in the year to Pound1,300 million, with Pound775 million in the fourth quarter. The full year remediation charges relate to a number of pre-existing legacy issues and include a Pound790 million charge relating to HBOS Reading which reflects the Group's estimate of its full liability, albeit significant uncertainties remain. We continue to support the independent Foskett Panel re-review and Dame Linda Dobbs' independent review process as we work to bring this matter to a conclusion. The Group has benefitted from continued balance sheet growth during the year. Loans and advances to customers were up Pound8.4 billion versus prior year at Pound448.6 billion, driven by strong net growth in the open mortgage book of Pound16.0 billion, the strongest in over a decade. Cards balances were down year-on-year but are showing signs of recovery with balances growing Pound0.5 billion in the second half. These were offset by lower SME and Mid Corporate balances given clients' high levels of liquidity, as well as the continued reduction in the closed mortgage book. Customer deposits continued to increase during the year, with significant growth of Pound25.6 billion since the end of 2020, including significant growth in retail current accounts and relationship savings balances, with continued inflows to our trusted brands. Deposit balances are now up c.Pound65 billion since the end of 2019. GROUP CHIEF EXECUTIVE'S STATEMENT (continued) Strong progress made under Strategic Review 2021 The Group launched Strategic Review 2021 last February with a focus on Helping Britain Recover and further enhancing our core capabilities. We have invested c.Pound0.9 billion to support our strategic initiatives, enabling us to succeed in our Helping Britain Recover commitments and achieving significant progress on our 2021 customer focused commitments. Highlights include strengthening our digital offering and attaining record levels of customer satisfaction, with the all-channel net promoter score maintained at 69 for the year; supporting over 93,000 start-ups and small businesses1, by providing our customers with online support, business advice and business banking accounts (target: 75,000); expanding the availability of affordable and quality homes by lending more than Pound16 billion to over 80,000 first-time buyers (target: Pound10 billion) and; expanding the funding available under the Group's discounted green finance initiatives from Pound3 billion to Pound5 billion. A further priority outlined in Strategic Review 2021 was for the Group to meet more of its customers' broader financial needs. Good progress was made, with over Pound7 billion net new money in Insurance and Wealth open book Assets under Administration (AuA) over the period (Pound133 billion as at 31 December 2021). The Group also completed the acquisition of Embark early in 2022, contributing c.Pound37 billion of AuA on behalf of c.354,000 consumer clients. This acquisition is important as it provides a digital, mass market, direct-to-consumer proposition, complementing the Group's existing advice offerings via Schroders Personal Wealth and Cazenove Capital. The Group completes Strategic Review 2021 in a strong position. Our strategy Building on our strong foundations, our purpose of Helping Britain Prosper forms the basis of our new strategy to profitably deliver for all of our stakeholders. Core to our purpose and strategy is our focus on building an inclusive society and supporting the transition to a low carbon economy. This is where we can make the biggest difference, whilst creating new avenues for our future growth. It is only by doing right by our customers, colleagues and communities that we can achieve higher, more sustainable returns for shareholders. We have a clear strategic vision to be a UK customer-focused digital leader and integrated financial services provider, capitalising on new opportunities, at scale. We will look to deepen relationships with our existing customers, both consumers and businesses of all sizes, and meet more of their financial needs by making our great products more relevant to them and our channels simpler and more personalised to use. This will set the Group on a higher growth trajectory with more diversified revenue streams while we retain our strong focus on cost and capital discipline. Enabled through maximising the potential of our dedicated people, technology and data capabilities, our strategy represents an exciting new chapter for Lloyds Banking Group. I am confident that the Group's purpose, customer focus, unique business model and significant competitive strengths, embodied in our ambitious strategy will ensure the Group is able to deliver higher, more sustainable long-term returns and capital generation for our shareholders, whilst meeting the needs of broader stakeholders. Outlook The coronavirus pandemic continues to have a significant impact on the people, businesses and communities of the UK and around the world. As we look forward into 2022, we are seeing early recovery and the macroeconomic outlook is improving, supported by the successful vaccine roll out in the UK. Although the outlook remains uncertain, particularly with regards to new virus variants, as well as the impact of inflation on the economy and households, I am confident that the Group is well-placed to deliver increased returns whilst Helping Britain Prosper, as embodied in our new strategy. This is reflected in the new guidance outlined below. 2022 guidance Reflecting confidence in the Group's business model and new strategy and based on our current macroeconomic assumptions, the Group now expects: Banking net interest margin above 260 basis points Operating costs of c.Pound8.8 billion on the new basis, with the increase from the 2021 equivalent (Pound8.3 billion) reflecting stable business-as-usual costs, incremental investment and new businesses2 Asset quality ratio to be c.20 basis points Return on tangible equity of c.10 per cent Risk-weighted assets at the end of 2022 to be c.Pound210 billion 2024 and 2026 guidance Based on the Group's new strategy, reflecting focus on our growth potential, improved efficiency and realising the capabilities of our people, technology and data, the Group expects: Return on tangible equity in excess of 10 per cent by 2024 and in excess of 12 per cent by 2026, as the full benefits of our investment are realised Additional revenues of c.Pound0.7 billion by 2024 and more than double that of c.Pound1.5 billion by 2026 Business-as-usual costs2 flat in 2024 versus 2021, while costs increase only to finance new investment, enabling a cost:income ratio of less than 50 per cent by 2026 Asset quality ratio to be less than 30 basis points over 2022 to 2024 Capital generation of around 150 basis points per annum over 2022 to 2024, improving to 175 to 200 basis points by 2026. We are committed to returning excess capital to shareholders and expect to pay down to our target capital ratio by 2024 Dec 29, 2021: Lloyds Banking: Pound30 million to live on UK's most expensive street Tite Street in the London Borough of Chelsea and Kensington becomes UK's most expensive street - with an average house price of just under Pound30 million. The UK's top 10 most expensive streets are all in London and have an average price tag of more than Pound19 million. Streets outside the capital have seen prices increase faster. Source: Company Website Sep 13, 2021: LLOY : Outlook Outlook The impact of the coronavirus pandemic on the people, businesses and communities in the UK and around the world continues to be profound. Significant uncertainties remain, specifically relating to the pandemic and the speed and efficacy of the vaccination programme. I remain confident that the Group's clear purpose, unique business model, significant competitive advantages and the customer focused evolution of our strategy we have announced in Strategic Review 2021 will ensure that the Group is able to Help Britain Recover and in so doing, help transition to a sustainable economy. The Group faces the future with confidence. This is reflected in our guidance for 2021, based on our current macroeconomic assumptions: aEURcents Net interest margin to be in excess of 240 basis points aEURcents Operating costs to reduce further to c.APound7.5 billion aEURcents Net asset quality ratio to be below 40 basis points aEURcents Improving profitability with statutory return on tangible equity of between 5 and 7 per cent (on the new basis) aEURcents Risk-weighted assets in 2021 to be broadly stable on 2020 aEURcents Intention to accrue dividends and resume progressive and sustainable ordinary dividend policy I would like to again express my thanks to all of my colleagues, without whom the Group's customer focus, resilient financial performance and significant strategic transformation, achieved in very challenging circumstances, would not have been possible. Source: Annual report Sep 13, 2021: LLOY : Chairman's Statement The impact of the coronavirus pandemic on the people, businesses and communities in the UK and around the world in 2020 has been profound. Many countries, including the UK, have seen unprecedented levels of economic contraction as a result of lockdown measures, as well as comprehensive and co-ordinated Government support measures. In this environment, we remain absolutely focused on working with all our stakeholders to support our customers and ensure a sustainable recovery. The Group's successful ongoing transformation, continued investment and growing franchise strength positioned us well to face the pandemic. In response to the challenging economic environment, we provided around 1.3 million payment holidays on mortgages, loans, credit cards and motor finance products while we also set up dedicated phone lines for customers over 70 years old and for customers who are working on the frontline in the NHS. We are also providing significant support for our business clients, providing more than APound31 billion of gross lending to small and medium sized businesses, including Government-backed lending. Within Insurance and Wealth, we have supported the NHS by providing free additional insurance cover to its workers and by alleviating pressure on GPs with a reduction in medical evidence required for insurance claims. The Group has benefited from its multi-brand, multi-channel distribution model during the pandemic, as we have been able to continue serving customers through the UK's leading digital bank, the largest branch network in the UK and our telephony centres. I am particularly pleased with how quickly the Group adapted to the initial lockdown and how well our digital banking proposition has performed in a period of significantly heightened usage. Our infrastructure has been highly resilient, with around 90 per cent of our branches remaining open while our digital channels have performed well, attaining record levels of customer satisfaction despite significantly increased usage. Once again I would like to express my gratitude to all of our colleagues for their resilience, dedication and hard work throughout 2020. Our people have retained their clear focus on supporting their customers and Helping Britain Prosper in very challenging circumstances. I am proud of everything the Group has done to support the UK economy in 2020. This would not have been possible without the exemplary dedication of our colleagues. Given our clear UK focus, the Group's financial performance is inextricably linked to the health of the UK economy and thereby the impact of the coronavirus pandemic. Significant uncertainties remain relating to the pandemic, the third national lockdown and the speed and efficacy of the vaccination programme. Nonetheless, the Group's purpose, unique business model, competitive advantages and ambitious strategic evolution will ensure that it will be able to Help Britain Recover from the crisis whilst delivering long-term sustainable returns for our shareholders. Financial performance In the context of the pandemic, statutory profit after tax was APound1.4 billion. This was 54 per cent lower than 2019 and earnings per share of 1.2 pence were down 66 per cent. Lower profits were significantly due to the impairment charge of APound4.2 billion in 2020 (2019: APound1.3 billion), primarily reflecting the deterioration in the economic outlook. Trading surplus of APound6.4 billion was down 27 per cent on 2019, reflecting continued revenue pressures partly offset by lower total costs. Our relentless focus on cost efficiencies has led to a 4 per cent reduction in operating costs despite absorbing additional coronavirus-related expenses during 2020. Loans and advances were broadly in line with prior year at APound440.2 billion. Growth in the open mortgage book of APound7.2 billion, including APound10.2 billion in the second half of the year, and APound11.1 billion (APound12.4 billion approved at 12 February 2021) of Government-backed lending, more than offset lower unsecured Retail balances and other Corporate and Institutional lending, as well as the continued reduction in the closed mortgage book. The Group's capital position remains strong with a CET1 ratio of 16.4 per cent before allowing for ordinary dividends and 16.2 per cent after dividends, both ahead of the Board's ongoing target of c.12.5 per cent, plus a management buffer of c.1 per cent. Given our strong capital position at the year end and the regulator's clarification that banks may resume capital distributions, the Board has recommended a final ordinary dividend of 0.57 pence per share, the maximum allowed under the Prudential Regulation Authority's temporary framework on 2020 distributions. CHIEF EXECUTIVE'S STATEMENT (continued) Strategic progress The Group's previous three-year strategic plan was launched in February 2018 and we have now achieved our ambitious target of transforming the Group for success in a digital world by investing APound2.8 billion across our four strategic pillars. Leading customer experience In 2020, we successfully built on our track record of improving customer propositions, even in the context of our focus on supporting our customers and ensuring operational resilience during the coronavirus crisis. The pandemic has accelerated the shift towards digital for everyday banking needs. We are the largest digital bank in the UK and have seen our digitally-active customer base increase to 17.4 million customers, while our active mobile app users have increased by nearly two million in 2020 to 12.5 million customers. At the same time, we have continued to enhance our digital propositions, with a focus on convenience and control. As a consequence, we have seen our digital customer satisfaction scores improve to a year end record high of 67. Alongside creating the UK's leading digital bank, we have maintained the UK's largest branch network. We have managed to keep around 90 per cent of our branches open during the coronavirus pandemic, using appropriate safeguarding measures. In addition, we have maintained our ATM network at over 95 per cent capacity and have set up dedicated telephone lines for our customers over 70 years old and those working on the frontline in the NHS. Digitising the Group We have accelerated the digitisation of the Group by progressively modernising and simplifying the IT architecture, continuing to digitise customer journeys and migrating applications to private cloud. We have now digitised 78 per cent of the Group's cost base, ahead of our GSR3 target of 70 per cent. With cumulative technology spend of more than APound4 billion over GSR3, our ongoing focus on transforming the business and investing in digital enabled us to respond effectively to the accelerated shift to digital channels brought about by the coronavirus pandemic. The proportion of products originated via digital channels increased significantly in 2020, up 10 percentage points to 85 per cent, our highest level to date. Despite this significant progress, we are only just starting to see the transformation that technology is enabling. Customers will increasingly expect to interact with us in a more effective, agile and personalised way. To compete effectively against new entrants and respond to these evolving customer expectations, we need to continue to transform how we work, replace some of our legacy systems and enhance our use of data across the business. Some of this development will be internal but we will also increasingly use partnerships with specialist technology and fintech providers. Maximising Group capabilities We have actively supported our Commercial Banking clients through the pandemic, exceeding our APound6 billion target for increasing net lending to start-ups, SME and Mid Market clients over the last three years. Outside of our support for the Government lending schemes, in 2020 we also achieved our APound18 billion commitment for gross lending to UK businesses. In 2020 we increased the number of customers with access to our unique Single Customer View capability by c.1.5 million to c.6.5 million. We also expanded the scope of Single Customer View to include Halifax Share Dealing so that customers with this functionality are now able to view their pensions and investment portfolios alongside their banking products. We have seen cumulative growth in open book assets under administration of APound46 billion, or 69 per cent, over the GSR3 period to APound113 billion, only narrowly missing the APound50 billion growth target despite challenging market conditions. GROUP CHIEF EXECUTIVE'S STATEMENT (continued) Transforming ways of working The coronavirus pandemic is having significant implications for our colleagues, in both their personal and professional lives. These include accelerating the transition to new ways of working for the majority of the Group and accentuating the skills that we have sought to develop over the course of GSR3. Since March 2020, more than 50,000 colleagues (over 70 per cent of our workforce) have worked remotely and we have increased our adoption of remote working tools to greatly increase collaboration and support more agile working practices. In 2020 we delivered an additional 2.1 million training hours to develop the skills for the future, taking the total to 5.3 million hours over the course of GSR3, ahead of our target. In addition, the proportion of change programmes delivered using agile methodologies has increased to 65 per cent over the course of GSR3, ahead of our target of 50 per cent. Our 2020 Colleague Survey received almost 50,000 responses and showed positive increases in all main areas, including overall engagement up 7 percentage points to 81 per cent. This reflects the highest level since measurement started in 2011 and is above the UK high-performing norm. Strategic Review 2021 Today's environment continues to evolve and provide new challenges. The macroeconomic environment remains uncertain, whilst we are witnessing increasing societal expectations, an accelerated shift to digital and new technology capabilities in the context of the pandemic driving a step change in ways of working. Throughout 2020 the management team, in conjunction with the Board, have worked on developing an evolution of our strategy to address these issues. We have made significant progress in recent years, leveraging the unique strengths and assets of the Group, including our purpose driven and customer focused business model, our low risk approach to business, our market leading efficiency and our leading multi-channel propositions, including the largest digital bank and branch network in the UK. This has created the platform for Strategic Review 2021, the next stage of our journey. The Group has a clear purpose of Helping Britain Prosper, which drives our strategy. Given the pandemic and the challenging macroeconomic environment, our focus for 2021 is Helping Britain Recover. This is in the context of delivering co-ordinated growth opportunities by building the UK's preferred financial partner for personal customers and the best bank for business. Delivery of the Group's customer focused ambitions in our two main segments, will be underpinned by the enhancement of four core capabilities within our business. These capabilities focus on delivering a modernised technology architecture, building an integrated payments platform, creating a data-driven organisation and implementing reimagined ways of working. Strategic execution in 2021, supported by increased investment, is underpinned by long-term strategic vision in these customer segments and capabilities. Helping Britain Prosper We recognise that the focus of the Group's purpose must evolve in response to the current environment with changing societal and customer needs and expectations. Given our focus on the UK, we are dedicated to helping our customers, clients, colleagues and communities get through the coronavirus pandemic and rebuild livelihoods, whilst delivering long-term sustainable success for shareholders. Our core values underpin our purpose to Help Britain Prosper. With this in mind, our focus for the near-term will be to Help Britain Recover. We are committed to supporting a sustainable recovery which supports all of the people and regions in our society. In 2021, we will Help Britain Recover by concentrating on five key areas where we can make the most difference, all of which are embedded in our business strategy. This is discussed further in the Strategic Review 2021 section, below. aEURcents Help rebuild households' financial health and wellbeing aEURcents Support businesses across the UK to recover, adapt and grow aEURcents Expand availability of affordable and quality homes aEURcents Accelerate the transition to a low carbon economy aEURcents Build an inclusive society and organisation GROUP CHIEF EXECUTIVE'S STATEMENT (continued) The Group is committed to helping the UK transition to a sustainable low carbon economy. We continue to make progress in implementing our financed emissions reduction ambition on the path to net zero by 2050 or sooner, working with customers, Government and the market to help reduce the emissions we finance. In so doing, we are also focusing on enhancing our green finance products and services. This includes supporting renewable energy projects since the start of 2018 that could power the equivalent of 10.1 million homes, more than doubling the number of electric vehicles we finance, raising around APound2.9 billion funding in green and sustainable bonds for our clients since 2016 and offering pensions to our customers and colleagues with sustainable investment choices. We are working hard to tackle social disadvantage across Britain. In 2020, the Group's four independent charitable Foundations received APound25.5 million of funding, enabling them to continue their work in supporting nearly 2,800 charities. These charities tackle vital issues such as domestic abuse, mental health, modern slavery and human trafficking, and employability. The Group has committed to maintain its APound25.5 million funding to the Foundations in 2021, ensuring that these charities can secure a more certain future during these difficult times and safeguard their important work. Our ongoing commitment to helping people save for the future is key to developing social mobility and we have increased the open book assets that we hold on behalf of customers in retirement and investment products by APound46 billion since the start of 2018. As the UK's largest mortgage lender, we recognise the vital importance of helping Britain get a home. We have provided close to APound9 billion of finance for the social housing sector and lent c.APound40 billion to first-time buyers over 2018 to 2020. Building capability and digital skills was more important in 2020 than ever, given the need for customers to access services during periods of lockdown. We have now facilitated digital training for 1.8 million individuals, SMEs and charities since the start of 2018 and delivered over 12,500 devices to customers, enabling them to safely book medical appointments, connect with family and access internet banking facilities. Supporting businesses to start up and to grow is fundamental to Helping Britain Recover. We have now helped over 265,000 businesses start up since the beginning of 2018 and trained over 1,200 apprentices through our investment in the Lloyds Bank Advanced Manufacturing Training Centre since the beginning of 2018. The Group launched The Big Conversation: Helping Britain Recover in September 2020, a national programme of events which brought together more than 900 businesses, community members, policy makers and subject-matter experts across the UK's nations and regions to explore how we can together help the UK recover from the impact of coronavirus and build a more resilient and sustainable economy. We are championing Britain's diversity and in 2020 launched our Race Action plan. This makes the Group the first FTSE 100 company to make such public commitments, including a new goal to specifically increase Black representation in senior roles to align with the overall UK labour market. We also published our first Ethnicity Pay Gap Report, made progress on gender diversity and published our annual Gender Pay Gap Report. Further information on our approach to environmental, social and governance issues can be found in our 2020 Environmental, Social and Governance Report, available on the Group's website. Management change It is with mixed emotions that I will step down as Group Chief Executive at the end of April. It has been a great honour to work alongside all of my colleagues and achieve the remarkable transformation of the past ten years, but now is the right time to move on, following my announcement last July. Charlie Nunn will be the next Group Chief Executive. He was previously the Global Chief Executive of Wealth and Personal Banking at HSBC and has had a long and successful career in financial services. Charlie will find a warm welcome at Lloyds Banking Group and a deep commitment from all of our people to deliver on our purpose and to Help Britain Recover. I am sure that he will find his time here as fulfilling and fascinating as I have done and I wish him the very best. GROUP CHIEF EXECUTIVE'S STATEMENT (continued) Outlook The impact of the coronavirus pandemic on the people, businesses and communities in the UK and around the world continues to be profound. Significant uncertainties remain, specifically relating to the pandemic and the speed and efficacy of the vaccination programme. I remain confident that the Group's clear purpose, unique business model, significant competitive advantages and the customer focused evolution of our strategy we have announced in Strategic Review 2021 will ensure that the Group is able to Help Britain Recover and in so doing, help transition to a sustainable economy. The Group faces the future with confidence. This is reflected in our guidance for 2021, based on our current macroeconomic assumptions: aEURcents Net interest margin to be in excess of 240 basis points aEURcents Operating costs to reduce further to c.APound7.5 billion aEURcents Net asset quality ratio to be below 40 basis points aEURcents Improving profitability with statutory return on tangible equity of between 5 and 7 per cent (on the new basis) aEURcents Risk-weighted assets in 2021 to be broadly stable on 2020 aEURcents Intention to accrue dividends and resume progressive and sustainable ordinary dividend policy I would like to again express my thanks to all of my colleagues, without whom the Group's customer focus, resilient financial performance and significant strategic transformation, achieved in very challenging circumstances, would not have been possible. STRATEGIC REVIEW 2021 Accelerating the Group's transformation to become the UK's preferred financial partner Lloyds Banking Group is a customer focused, sustainable, efficient and low risk UK financial services leader with the clear purpose of Helping Britain Prosper. The next phase of our strategy, Strategic Review 2021, is focused on Helping Britain Recover and building the UK's preferred financial partner for personal customers and the best bank for business. Strategic Review 2021 will deliver co-ordinated growth opportunities in our two core customer segments, supported by enhanced capabilities in four areas aEURcents Preferred financial partner for personal customers, through leveraging our unique competitive advantages to significantly deepen customer relationships aEURcents Best bank for business, through building a leading digital SME proposition, with a disciplined and strengthened business for Corporate and Institutional clients aEURcents Further develop and leverage our core capabilities, including delivering a modernised technology architecture, building integrated payment solutions, creating a data driven organisation and implementing reimagined ways of working Clear execution outcomes for the coming year are outlined for all these areas and underpinned by long-term strategic vision. Strategic Review 2021 will thus enable the Group to deliver revenue generation and diversification whilst unlocking further efficiency gains, within our low risk and capital efficient business. The Group's purpose, unique business model and ambitious strategy will allow us to Help Britain Recover and deliver long-term sustainable returns for our shareholders. 2020 was an unprecedented year for both society and the economy, given the impact of the coronavirus pandemic. Looking forward, we continue to expect significant challenges. We have a strategic imperative to help restore personal and business finances to health across the UK in the context of increasing societal expectations of financial services providers and a continued challenging macroeconomic environment. The pandemic has also driven an accelerated shift to digital and new technology capabilities, with increased competition, alongside lasting changes to ways of working. Developed in conjunction with the Board, Strategic Review 2021 builds on our core capabilities and the strong foundations from previous strategic reviews, while reinforcing our customer focus. We have made significant progress in recent years, leveraging the unique strengths and assets of the Group, including our purpose driven and customer focused business model, our low risk approach to business, our market leading efficiency and our leading multi-channel propositions, including the largest digital bank and branch network in the UK. This has created the platform for Strategic Review 2021, the next step of our journey. In delivering the evolution of our strategy, we intend to Help Britain Recover alongside delivering co-ordinated growth opportunities by building the UK's preferred financial partner for personal customers and the best bank for business. Delivery of the Group's customer focused ambitions will be underpinned by the enhancement of four core capabilities behind our business. Specifically, these are delivering a modernised technology architecture, building an integrated payments platform, creating an efficient data-driven organisation and implementing reimagined ways of working. Each of these key initiatives is outlined below. In meeting our objectives, Strategic Review 2021 brings together clear execution outcomes for 2021, underpinned by our long-term strategic vision. Our competitive cost advantage enables us to maintain high levels of strategic investment and we will invest c.APound0.9 billion in 2021 to support these initiatives and the long-term strength of the business. Our plans, along with the key performance measures outlined below, will ensure we meet the needs of customers, colleagues and communities, whilst delivering sustainable value to shareholders. STRATEGIC REVIEW 2021 (continued) Helping Britain Recover Lloyds Banking Group's purpose is to Help Britain Prosper. With our new strategy, we will further embed our purpose across all of our activities. This will ensure we contribute to creating an environmentally sustainable and inclusive future for the UK and by doing so, build a successful and sustainable business. The global pandemic will have lasting social and economic effects on the United Kingdom. Its impact has been felt by everyone, whether through financial hardship, reduced choices, mental distress or personal loss. Our focus will therefore be to Help Britain Recover, and we are committed to working with others in five areas where we can make the most difference. These objectives are embedded in our business areas. We will help rebuild households' financial health and wellbeing We remain committed to supporting our customers to become financially resilient and to plan and save for the future. We will provide practical support, and flexibility where possible, to help our customers facing financial difficulty get back on track and help as many customers as we can to stay in their own home. In 2021, we will: aEURcents Have over 6,500 colleagues trained to support customers to build their financial resilience aEURcents Maintain our commitment to supporting mental health and become accredited as 'Mental Health Accessible' for Halifax and Bank of Scotland, in addition to the existing Lloyds Bank accreditation aEURcents Partner with independent debt advice organisations to ensure customers have access to practical support We will support businesses to recover, adapt and grow We will be by the side of businesses as they recover, supporting UK business to adapt and grow, and create quality jobs across the regions of the UK. In 2021, we will: aEURcents Develop appropriate recovery plans for clients, supported by 1,100 business specialists in communities across Britain aEURcents Support at least 75,000 UK businesses to start up in 2021 aEURcents Help at least 185,000 small businesses boost their digital capability through our Regional Academies, partnerships and digital mentoring We will expand the availability of affordable and quality homes As the UK recovers from the pandemic, we aspire to a UK in which all households have access to stable, affordable and safe homes in places they want to live. We are committed to broadening access to home ownership and exploring opportunities to increase our support to the UK rental sector. In 2021, we will: aEURcents Provide APound10 billion of lending to help people to buy their first home in 2021, and lead a national conversation on how more households can access the housing market aEURcents Provide APound1.5 billion of new funding support, including APound500 million in ESG-linked funding, in support of the social housing sector aEURcents Support the creation of national sustainability standards for house-building finance and assess the energy retrofit requirements of over 200,000 homes in the social housing sector We will help accelerate the transition to a low carbon economy With recovery comes an opportunity to build a greener future, creating new businesses and jobs for the future. We want to play our part in supporting the transition to net zero and are committed to working with customers, Government and the market to help reduce the carbon emissions we finance by more than 50 per cent by 2030 on the path to net zero by 2050 or sooner. In 2021, we will: aEURcents Expand the funding available under our green finance initiatives from APound3 billion to APound5 billion in the year, to support businesses to transition aEURcents Launch a new goal to ensure our own operations are net zero by 2030 aEURcents Become the first major pensions and insurance provider to target halving the carbon footprint of investments by 2030 on the path to net zero by 2050 aEURcents Introduce a flagship fossil fuel-free fund to support green growth, allowing pension savers to choose to invest in UK companies pursuing a positive environmental impact STRATEGIC REVIEW 2021 (continued) We will help build an inclusive society through our financial services offering and by creating an organisation that reflects the society we serve We believe that the economic and social recovery should be one that's truly inclusive and involves communities across the UK's nations and regions. In 2021, we will: aEURcents Set new aspirations for a leadership team that reflects the society we serve, of 50 per cent women, 3 per cent Black and 13 per cent Black, Asian and Minority Ethnic colleagues in senior roles by 2025 aEURcents Maintain our APound25.5 million contribution to our independent charitable Foundations, with the Lloyds Bank Foundation for England and Wales focusing 25 per cent of its support on Black, Asian and Minority Ethnic led charities aEURcents Support regional regeneration, including launching the 'Regional Housing Growth Initiative', helping small and medium sized housebuilders create more homes in the North of England, the Midlands and the regions of Scotland aEURcents Support financial inclusion by providing banking for groups of people experiencing homelessness, financial abuse or victims of modern slavery and supporting the prisoner banking programme Preferred financial partner for personal customers We are the UK's largest financial services provider, holding a relationship with c.50 per cent of the UK adult population and 17.4 million digital users. We have a unique opportunity to meet more of our customers' broader financial needs and improve their overall financial resilience throughout their lifetime, with personalised products and services that are increasingly relevant to them. By leveraging our unique capabilities we will significantly deepen customer relationships across our multiple brands in banking, insurance and wealth, thereby diversifying the Group's income. During 2021, investment will focus on: aEURcents Enabling financial resilience and wellbeing through dedicated customer assessment and support aEURcents Deepening relationships with priority segments through enhanced journeys and new capabilities aEURcents Digitising to reduce cost to serve Measures of success in 2021 include, the Group's expectations of net mortgage open book growth as well as maintenance of all channels' record net promoter scores. Beyond 2021, the Group expects to increase the number of priority customers with existing needs met by both Retail and Insurance and Wealth and to achieve APound25 billion in net new money in open book assets under administration by 2023. We continue to expect Schroders Personal Wealth to be a top 3 financial planning business, although this is now expected by 2025. Best bank for business We have a unique position in the UK as an integrated financial services provider with active relationships with over 60 per cent of the FTSE100, while we have increased our SME lending market share by 6 percentage points to 19 per cent, since 2010. We will both address the short-term financial challenges facing our customers and build longer-term resilience, with products and services relevant to their changing needs. We intend to improve our digital SME proposition and continue building a disciplined and strengthened Corporate and Institutional client franchise, delivering new and capital-efficient revenue streams. During 2021, investment will focus on: aEURcents Automating recovery support and financing the green transition aEURcents Enhancing SME channel and service with increased digitisation aEURcents Strengthening Corporate and Institutional product capabilities As a result, in 2021 we expect to see a greater than 50 per cent increase in SME products originated via a digital source and a profitable improvement in the customer share of markets products for core clients. In the longer-term, the Group expects to see a 5 point increase in the SME and Retail Business Banking digital NPS by 2023, while we will continue to progress our efforts to reduce the carbon emissions that we finance by more than 50 per cent by 2030. STRATEGIC REVIEW 2021 (continued) Modernised technology architecture In order to retain our leading UK customer position and our cost leadership position in an increasingly competitive operating environment, we must continue modernising our technology infrastructure. This aims to deliver increased agility and responsiveness to customer trends, while supporting our broader strategic priorities around customer propositions and operational efficiency. Under GSR3 we spent over APound4 billion on technology and there is an opportunity to build on this by developing an efficient, scalable and resilient cloud-based architecture, supporting our business transformation. During 2021, investment will focus on delivering efficiency gains and improved customer experience through: aEURcents Further broadening self service capabilities through digitisation aEURcents Proving and leveraging public cloud to create the foundations for future technology architecture aEURcents Simplifying the Group's legacy estate through technology optimisation Based on investment in 2021, we will deliver further enhancements to our digital offerings in order to maintain our record mobile app NPS. This will be supported by doubling the volume of releases on our mobile app, with investments in cloud reducing the time taken to deliver new features. Our investment in technology is a precursor to simplifying our estate. We expect to migrate around 30 per cent and decommission 20 per cent of the Group's technology applications and services by the end of 2023. In addition, the Group is increasing technology research and development investment in order to assess the customers and business benefits that next-generation technologies could have on the organisation. This will be supported by a number of strategic partnerships with specialist partners such as Google, Microsoft and Thought Machine. In 2021, we will safely migrate c.400,000 customer accounts to a pilot of the new bank architecture and in so doing reduce the number of applications associated with the legacy architecture of this portfolio by c.40 per cent. Our performance against these targeted outcomes will determine the pace and scale with which we deploy these technologies across the Group, with significant medium-term opportunities including transformed customer experiences and significantly improved operational agility and efficiency. As a result of this investment, the Group expects restructuring costs to be higher in 2021 than in 2020. Integrated payments provider The Group is the largest card issuer and one of the largest payments providers in the UK with meaningful market shares across debit and credit card spend. We have also developed a new cash management and payments (CM&P) platform for corporate clients, with leading API functionality during GSR3. Between 2017 and 2020, customers significantly increased their use of online shopping, reflecting the quick, convenient and secure experience it provides. As a result of this change, our mix of e-commerce debit spend increased by 13 percentage points to 46 per cent. We have the opportunity to capture this growth opportunity and defend our franchise in the face of increased competitive disruption, via development of our multi-channel payments proposition. There is also a significant opportunity to grow our merchant acquiring business, which has a market share 14 percentage points below our SME primary relationship business. To address these opportunities and further diversify the Group's revenues, we aim to enhance our payments business, leading in the integration of services, channels and data. During 2021, investment will focus on: aEURcents Enhancing cards e-commerce and international payments experience to drive increased customer usage aEURcents Building capability and integration of the new CM&P platform aEURcents Developing our merchant services proposition with improved distribution capabilities This investment will support the Group's 2021 targets of maintaining its leading share of card spend and delivering a 3-fold increase in corporate clients using the new CM&P platform. Over the longer-term, the Group expects to grow its share of credit card spend and achieve new client growth of 15 to 20 per cent per annum in merchant services. STRATEGIC REVIEW 2021 (continued) Data-driven organisation Our franchise, reach and the progress of the past few years give us unique data, scale and capabilities in the UK which we aim to harness, leverage and further develop. Our customers trust us to look after their money, but also after their most confidential data. We are fully committed to keeping them safe and to use their data only to offer more relevant, personalised and improved propositions. We will thereby leverage our unique data proposition to create value for our customers while reducing risk and realising efficiency gains. During 2021, investment will focus on: aEURcents Expanding the use of data to enable more personalised customer and business propositions aEURcents Extending machine learning capabilities to drive faster and more accurate decisions aEURcents Delivering organisational reform of data strategy and management, supporting collaboration As examples of measures of success, the Group expects a 50 per cent return on investment in the first year from its investment in advanced analytics. The investment in data will also enable the Group to increase fraud detection rates by at least 10 per cent based on the expansion of machine learning. Further, the Group is targeting a significant increase in the proportion of existing customer needs met using advanced data and analytics, including for example, a greater than 20 per cent increase in home insurance needs met through our direct channels, alongside increases in other products in the longer-term. Reimagined ways of working Our people continue to be our most significant competitive advantage and crucial to the success of our business. The pandemic has accelerated trends in employee expectations and the shift towards more flexible working. We made significant investment in our colleagues' skills, development and experience during GSR3. In Strategic Review 2021 we must further evolve our colleague proposition, transform our offices to deliver a sustainable and efficient workspace driving collaboration and innovation and enable our colleagues to develop skills of the future. This must be underpinned by a purpose-led and inclusive culture. During 2021, investment will focus on: aEURcents Further building our purpose-led culture through refreshed values and behaviours aEURcents Delivering sustainable workplace solutions, including a reduced office footprint aEURcents Building career pathways to attract and retain a more diverse, skilled and future ready workforce Our measures of success include, in 2021 the Group maintaining its leading employee engagement index score. Also in 2021, we intend to achieve an 8 per cent reduction in office space, leading to around a 20 per cent cumulative reduction by 2023. By 2025, we aspire to having 50 per cent of senior roles held by women, 3 per cent held by Black colleagues and 13 per cent held by Black, Asian and Minority Ethnic colleagues. Summary Together these initiatives constitute Strategic Review 2021 and mark the next stage of our strategic journey. The Group's core purpose of Helping Britain Prosper remains unchanged, but this stage of our strategy is focused on Helping Britain Recover, in areas where we can make the most difference. Strategic Review 2021 is fully aligned to our purpose. The strategy will unlock co-ordinated growth opportunities across the Group's core business areas, supported by significant targeted investment to enhance key capabilities. Clear execution outcomes for the coming year are outlined and underpinned by long-term strategic vision. Strategic Review 2021 will thereby enable the Group to deliver revenue generation and diversification whilst unlocking further efficiency gains, within our low risk and capital efficient business. The Group's purpose, unique business model and ambitious strategy will allow us to Help Britain Recover and deliver long-term sustainable returns for our shareholders. SUMMARY OF GROUP RESULTS Financial performance reflects the challenging economic environment The Group's statutory profit before tax for the year was APound1,226 million with statutory profit after tax of APound1,387 million. Both measures were impacted by the significant impairment charge taken during the year, the majority of which was recognised during the first half and reflected the Group's revised economic outlook for the UK, following the outbreak of the coronavirus pandemic. In the fourth quarter, statutory profit before tax was APound792 million and statutory profit after tax was APound680 million, both benefiting from improved business conditions and a reduced impairment charge. Trading surplus for the year was APound6,440 million, a reduction of 27 per cent on 2019, reflecting the challenging external environment. Net income was down 16 per cent to APound14,404 million, driven by both lower net interest income and lower other income. The Group has maintained its focus on delivering cost savings, with total costs down 4 per cent, while continuing to invest in the Group's digital propositions. The Group's underlying profit was APound2,193 million for the year, compared to an underlying profit of APound7,531 million in 2019, reflecting lower net income and the significant impairment charge of APound4,247 million taken in 2020. The Group's balance sheet remains very strong. Loans and advances to customers were flat on prior year at APound440 billion. This includes an increase in open mortgage book net lending of APound7.2 billion in the year, with APound6.7 billion growth in the fourth quarter, reflecting the strength of the UK housing market. Total customer deposits increased by APound38.9 billion in the year, to APound450.7 billion. Retail current account growth was APound20.5 billion in 2020 and ahead of the market, driven by lower levels of customer spending during the pandemic and inflows to the Group's trusted brands. Commercial Banking current account growth also illustrates the Group's strong customer relationships and a proportion of the Government-backed lending being retained on deposit by SME customers. The Group's CET1 capital ratio post dividend increased 242 basis points over the year, from 13.8 per cent (on a pro forma basis) to 16.2 per cent, or 16.4 per cent pre dividend accrual Net income of APound14,404 million was 16 per cent lower than in the prior year, reflecting both lower net interest income and lower other income in the period, partially offset by a decrease in operating lease depreciation. Net interest income of APound10,773 million was down 13 per cent, driven by a reduction in the banking net interest margin and stable average interest-earning banking assets. The net interest margin was down 36 basis points to 2.52 per cent. This reflected the lower rate environment, actions taken during the year to support customers and a change in asset mix, largely as a result of reduced levels of customer activity and demand during the coronavirus pandemic. The net interest margin in the fourth quarter of 2.46 per cent, up 4 basis points on the third quarter, reflected the positive impact of deposit repricing and improved mortgage pricing, together with reduced funding costs, partially offset by lower income from the Group's structural hedge. In 2021, based on current economic assumptions, the Group expects a net interest margin in excess of 240 basis points. SUMMARY OF GROUP RESULTS (continued) The Group manages the risk to its earnings and capital from movements in interest rates centrally by hedging the net liabilities which are stable or less sensitive to movements in rates. As at 31 December 2020 the Group's structural hedge had an approved capacity of APound210 billion (increased from the prior year reflecting account management and core deposit growth in 2020), a nominal balance of APound186 billion (31 December 2019: APound179 billion) and a weighted-average duration of around two and a half years (31 December 2019: around three years). The Group generated APound2.4 billion of gross income from the structural hedge balances in 2020 (2019: APound2.7 billion). In 2021, based on current economic assumptions, the Group expects c.APound60 billion of maturities and c.APound400 million lower income from the structural hedge, with lower maturities in 2022 and 2023. Average interest-earning banking assets were stable compared to prior year at APound435 billion, with growth due to Government-backed lending to support business clients through the coronavirus crisis, open mortgage book growth and the full impact of the 2019 Tesco mortgage book acquisition. This was offset by lower balances in the closed mortgage book and in credit cards, as well as reductions in revolving credit facilities (RCFs) and the continued optimisation of the Corporate and Institutional book within Commercial Banking. Average interest-earning banking assets in the fourth quarter increased marginally to APound437 billion as the Group continued to benefit from strong growth in the open mortgage book (lending balances up APound6.7 billion in the fourth quarter), offset by further RCF reductions in Commercial Banking. The Group expects average interest-earning assets in 2021 to be flat to modestly higher than in 2020. Other income of APound4,515 million in 2020 was 21 per cent lower than in 2019 reflecting lower levels of customer activity across the Group's main business lines, largely due to the coronavirus pandemic, combined with an adverse impact from assumption changes in Insurance and Wealth and lower non-recurring items. Within Retail, other income fell as a result of reduced customer spending and the continuing impact of a lower Lex fleet size. Commercial Banking saw lower transaction banking income as a consequence of coronavirus-related activity levels, with resilience in markets income. Insurance and Wealth income was lower than the prior year, impacted by reduced new business given the effects of the pandemic, the non-recurrence of c.APound140 million of new business income associated with workplace pensions auto-enrolment benefits in 2019 and APound60 million of negative methodology and assumption changes in 2020 versus APound336 million of positive assumption changes, including the benefit of the change in investment management provider in 2019. In addition, across the Group a APound77 million charge was incurred as a consequence of the response to the Asset Management Market Review, largely incurred in Insurance and Wealth. Income associated with the Group's equity investments business, including Lloyds Development Capital, was APound281 million (2019: APound341 million), with APound166 million recognised in the fourth quarter. Other income includes a gain of APound149 million (2019: APound185 million) on the sale of gilts and other liquid assets. 2019 also benefited from the non-recurrence of a APound50 million performance related earn-out following the sale of Vocalink. Operating lease depreciation reduced to APound884 million (2019: APound967 million) as a result of the continued impact of a smaller Lex fleet size, combined with the benefit of resilient used car prices. Total costs of APound7,964 million were 4 per cent lower than in 2019, driven by continued reductions in operating costs and lower levels of remediation. Operating costs of APound7,585 million were 4 per cent lower, in the context of continued investment in the Group's digital transformation. Business as usual costs were down 4 per cent, driven by ongoing cost management as well as lower remuneration and reduced travel costs, partially offset by increased pension costs and coronavirus-related expenses. Total investment spend in 2020 amounted to APound2.0 billion, down 14 per cent on 2019. This included APound0.9 billion relating to strategic investment, taking the cumulative strategic spend since the start of GSR3 to APound2.8 billion. Although investment spend continues to be managed carefully in response to the current operating environment, the Group has continued to prioritise technology and digital projects and will continue to invest in the long-term success of the business. During 2020 the Group capitalised c.APound1.3 billion of investment spend, of which c.APound0.9 billion related to intangible assets. Total capitalised spend was equivalent to c.60 per cent of above the line investment, in line with prior periods. Despite the continued delivery of cost savings, the lower net income over the period meant that the Group's cost:income ratio of 55.3 per cent was higher than in 2019. The Group now expects operating costs to reduce further to c.APound7.5 billion in 2021. Remediation charges were APound379 million (2019: APound445 million) and down 15 per cent on 2019, including additional charges of APound125 million in the fourth quarter relating to pre-existing programmes. During the year additional charges, both redress and operational costs, of APound159 million, have been taken in relation to HBOS Reading, as well as further costs in relation to arrears handling, packaged bank account complaints and various settlements in relation to historic claims. A number of programmes are now close to conclusion. Others, such as HBOS Reading, including the conclusion of the recommendations from the Cranston Review, are still ongoing and further costs are likely to be incurred. SUMMARY OF GROUP RESULTS (continued) Impairment The impairment charge for the year was APound4,247 million, an increase of APound2,956 million compared to 2019. This was primarily driven by the charge in the first half reflecting potential future losses in light of the Group's revised economic outlook for the UK as a consequence of the coronavirus pandemic. The charge of APound128 million taken in the fourth quarter was below typical pre-crisis levels and reflected the relative economic stability in the quarter. The Group's net asset quality ratio was 0.96 per cent compared with 0.29 per cent in 2019, largely driven by increases in expected credit loss (ECL) allowance in the first half of the year. Excluding the updated economic assumptions and coronavirus-impacted restructuring cases, the asset quality ratio would not have been materially higher than in 2019. Charges of APound403 million were taken in the year on restructuring cases whose recovery strategies were affected more immediately by the coronavirus pandemic. Aside from these cases, observed credit performance has remained stable, in part as a result of the continued effectiveness of Government support schemes and payment holidays extended by the Group. Additional funding has been made available by those schemes to businesses impacted by lockdown restrictions which has prevented a more material increase in business failures and unemployment. Observed credit quality remains stable with the flow of assets into arrears, defaults and write-offs remaining at low levels. The Group has built a significant ECL allowance in the expectation that when the support schemes unwind, insolvencies and unemployment will consequently increase. The Group's total ECL allowance across all asset classes has increased from APound4.2 billion to APound6.9 billion in the year, with the majority of the increase in provisions established for up to date assets in Stage 1 and Stage 2. This increase was established in the first half of 2020 in response to changes in the Group's economic outlook. Subsequent improvements to the economic outlook are predicated upon coronavirus vaccine developments which have emerged, reversing some of the ECL increases in the second half, including in the fourth quarter. Overall the Group's loan portfolio continues to be well-positioned, reflecting a prudent through-the-cycle approach to credit risk and high levels of security. The Retail portfolio is heavily weighted toward high quality mortgage lending where low loan-to-value ratios provide security against potential risks. The prime consumer finance portfolio also benefits from high quality growth in past periods in the context of the Group's prudent risk appetite. The commercial portfolio reflects a diverse client base with relatively limited exposure to the most vulnerable sectors so far affected by the coronavirus outbreak. Within Commercial Banking, the Group's management of concentration risk includes single name and country limits as well as controls over the overall exposure to certain higher risk and vulnerable sectors or asset classes. 1 Represents charge excluding impact of updating for economic outlook in 2020. 2 Additional charges made during 2020 on cases subject to restructuring at the end of 2019, where the coronavirus pandemic is considered to have had a direct effect upon the recovery strategy. 1 Underlying basis. Refer to basis of presentation. 2 Expected credit loss allowances on loans and advances to customers (drawn and undrawn). 3 Total and Stage 3 ECL allowances as a percentage of drawn balances are calculated excluding loans in recoveries in Retail of APound179 million (31 December 2019: APound205 million). 4 Includes reverse repos of APound58.6 billion (31 December 2019: APound54.6 billion). SUMMARY OF GROUP RESULTS (continued) The updated economic outlook in the fourth quarter drove a APound659 million ECL release which was partially offset by a central overlay of APound400 million. This overlay was added in recognition of the significant uncertainty that remains as to the efficacy of the vaccine, the vaccination programme, potential virus mutation, further lockdowns and economic performance post lockdown restrictions and Government support, recognising that the full range of these risks is not captured in the Group's method of generating alternative scenarios around its base case. The previous APound200 million central overlay noted at the half-year for the severe scenario is now included in model outputs within divisional ECL provisions. The scale of the current uncertainty overlay approximately equates to a c.1 percentage point increase in unemployment allied with a 5 per cent lower HPI in 2021, or a c.10 percentage point higher weighting of the severe downside scenario. The resulting ECL on drawn and undrawn loans and advances to customers of APound6.8 billion represents 1.4 per cent coverage of gross loans and advances to customers, up 0.6 percentage points from 0.8 per cent at 31 December 2019. The ECL allowance remains high by historical standards and consistent with the Group's updated macroeconomic projections, assumes that a large proportion of expected losses will crystallise over the next 12 to 18 months as support measures subside and unemployment increases. The ECL allowance continues to reflect a probability-weighted view of future economic scenarios with a 30 per cent weighting applied to base case, upside and downside scenarios and a 10 per cent weighting to the severe downside. All scenarios have deteriorated since the start of the year, following the changes made to the base case. They also reflect a widening of the range of potential outcomes, following changes to the generation of scenarios around the base case. Stage 2 loans and advances increased to APound60.5 billion (31 December 2019: APound38.4 billion), equivalent to 12.0 per cent (31 December 2019: 7.7 per cent) of total loans and advances to customers, as a result of the deterioration in economic outlook. Of these, 89 per cent are up to date (31 December 2019: 79 per cent, 30 September 2020: 89 per cent). Stage 3 loans and advances as a proportion of the portfolio have remained stable at 1.8 per cent in 2020 with limited increase in flows to default, given the availability of Government support and payment holidays. Approximately 90 per cent of payment holidays have now recommenced payment, with only APound5.8 billion outstanding as at 16 February 2021. At 31 December APound6.4 billion remained outstanding, of which 31 per cent was included in the APound60.5 billion of Stage 2 assets. If those Retail customers in Stage 1 with payment holidays still in place at 31 December 2020 were moved to Stage 2, the impact on ECL would be less than APound50 million. The Group's ECL coverage of Stage 2 assets increased to 4.5 per cent (31 December 2019: 3.7 per cent), again reflecting the updated economic outlook. Coverage of Stage 3 assets has also increased to 28.1 per cent (31 December 2019: 22.5 per cent) primarily due to an increase in ECL of APound403 million on distressed existing clients whose recovery strategies were affected by the coronavirus pandemic. Despite action taken to mitigate the significant levels of uncertainty through the use of the central overlay, the extent of the impairment charge in 2021 will depend on the potential severity and duration of the economic shock in the UK. Based on current macroeconomic assumptions, the Group expects the 2021 net asset quality ratio to be below 40 basis points. 1 Data as at 12 February 2021. SUMMARY OF GROUP RESULTS (continued) Around 1.3 million Retail payment holidays, on APound68.3 billion of lending, have been granted to help alleviate temporary financial pressure on customers during the crisis. Payment holidays of up to three months have been granted across Retail mortgages, personal loans, credit cards and motor finance, with extensions available of up to three months should customers request them. There are c.44,000 (APound1.7 billion) payment holidays where the first payment holiday is still in force and 1.2 million (APound66.6 billion) that have matured, including c.64,000 (APound4.1 billion) that have then been extended. The vast majority of first payment holidays (98 per cent) have now matured, of which 89 per cent by value have restarted payments, 6 per cent have been extended and 5 per cent have missed payment when due. Mortgages account for the largest proportion of payment holidays, with a total of around 489,000 having been granted, equating to customer balances of APound61.9 billion. As at 16 February 2021, 98 per cent, or c.479,000, have matured with 89 per cent, or 428,000, of those having resumed repayments, 5 per cent having extended and 5 per cent having missed payment. The average LTV of customers extending their mortgage payment holidays and still in extension remains relatively low at 50 per cent, compared to 44 per cent for the total mortgage book. The Group also granted c.338,000 payment holidays on APound1.7 billion of credit card balances, 298,000 payment holidays on APound2.4 billion of unsecured personal loans and c.155,000 payment holidays on APound2.3 billion of motor finance products. These products have experienced c.85 per cent of customers resuming payments at the end of their payment holidays. Only APound0.1 billion of credit card balances have been subject to a payment holiday extension and are still in extension. APound0.2 billion of total credit card payment holidays granted have missed payment. Across all products, customers who are in extension remain of a typically lower credit quality than the wider book and tend to have higher average balances than customers who have not requested payment holidays. It should also be noted that of the customers missing payments after conclusion of the payment holiday, typically one third were in arrears at the start of the payment holiday. Following the announcement of the latest national coronavirus-related lockdown, since 1 January 2021, the Group has granted c.28,000 new payment holidays on APound0.8 billion of Retail balances. For the duration of the payment holiday the Group continues to recognise interest on the loan under the effective interest rate method. The Group has approved c.337,000 loans with a total value of APound12.4 billion to customers under Government-backed loan schemes including c.327,000 loans totalling APound9.3 billion approved under the Bounce Back Loan Scheme. Restructuring costs of APound521 million were 11 per cent higher than in 2019 with APound233 million incurred in the fourth quarter, as the Group resumed the property transformation programme and role reduction activities that were paused earlier in the year and also as a function of increased investment in technology research and development. The Group expects to increase its investment in technology research and development in 2021 and as a result expects restructuring costs to be higher in 2021 than in 2020. Volatility and other items at a net loss of APound361 million in 2020 comprised APound59 million of negative market volatility and asset sales, APound69 million of amortisation of purchased intangibles and APound233 million of fair value unwind. Market volatility and asset sales included APound222 million of negative insurance volatility, driven mainly by falling equity markets and a loss of APound106 million relating to liability management exercises largely occurring in the fourth quarter. This was offset against positive banking volatility of APound392 million, primarily reflecting exchange rate and interest rate movements. Comparatives for 2019 include a one-off charge for exiting the Standard Life Aberdeen investment management agreement. SUMMARY OF GROUP RESULTS (continued) The Group recognised a charge of APound85 million for PPI in the final quarter of the year. This charge was driven by the impact of coronavirus delaying operational activities during 2020, the final stages of work to ensure operational completeness and final validation of information requests and complaints with third parties that resulted in a limited number of additional complaints to be handled. Of the approximately six million enquiries received pre-deadline, more than 99 per cent have now been processed. A small part of the costs incurred during the year also reflect the costs associated with litigation activity to date. The return on tangible equity for 2020 was 3.7 per cent (2019: 7.8 per cent) and earnings per share were 1.2 pence (2019: 3.5 pence). In the fourth quarter of the year, return on tangible equity was 7.2 per cent. Going forward and in order to aid comparability across the banking sector, the Group will report its statutory return on tangible equity without adding back the post-tax amortisation of intangible assets to the return. On this new basis and given improving profitability, the Group is targeting a return on tangible equity of between 5 and 7 per cent in 2021 and in excess of the cost of equity in the medium-term. Tax The Group recognised a tax credit of APound161 million in the period, which was impacted by an uplift in the value of deferred tax assets of c.APound350 million recognised in the first half of 2020. This credit reflected the UK corporation tax rate being held at 19 per cent, as substantively enacted on 17 March 2020. The Group continues to expect a medium-term effective tax rate around 25 per cent. 1 Excludes reverse repos of APound58.6 billion (31 December 2019: APound54.6 billion). 2 Excludes repos of APound9.4 billion (31 December 2019: APound9.5 billion). 3 Excludes balances relating to margins of APound5.3 billion (31 December 2019: APound4.2 billion). 4 Eligible assets are calculated as an average of month-end observations over the previous 12 months post any liquidity haircuts. 2019 assets have been restated accordingly. 5 The Liquidity coverage ratio is calculated as a simple average of month end observations over the previous 12 months. Loans and advances to customers were stable at APound440.2 billion (31 December 2019: APound440.4 billion). Within Retail, the open mortgage book increased by APound10.2 billion in the second half of 2020 with APound6.7 billion in the fourth quarter, reflecting the strength of the UK housing market. Commercial Banking loans, including Retail Business Banking, reduced by APound2.2 billion in 2020 as the continued optimisation of the portfolio and reduced revolving credit facilities balances more than offset support provided to clients through Government-backed lending schemes. Total customer deposits increased by APound38.9 billion in the year, to APound450.7 billion. The Group continues to target current account balance growth and optimise funding with Retail current accounts up 27 per cent at APound97.4 billion (31 December 2019: APound76.9 billion), having grown ahead of the market in the year. The Group's loan to deposit ratio of 98 per cent, down 9 percentage points on 2019, was driven by increased customer deposits and evidences a strong liquidity position and significant potential to lend into an economic recovery. The Group continues to access wholesale funding markets across a variety of currencies and markets. During the year, the Group repaid all outstanding amounts of its Term Funding Scheme (TFS) drawings of APound15.4 billion and the remaining APound1 billion outstanding of its Funding for Lending Scheme (FLS) drawings. In addition to the APound1 billion drawn in the first half of the year, the Group has made drawings of APound12.7 billion in the second half from the new Term Funding Scheme with additional incentives for SMEs (TFSME), taking the total outstanding amount to APound13.7 billion at 31 December 2020. Overall, total wholesale funding has reduced to APound109.4 billion at 31 December 2020 (31 December 2019: APound124.2 billion) principally as a result of the growth in customer deposits. 1 The CET1, total capital, MREL and leverage ratios and risk-weighted assets at 31 December 2019 are reported on a pro forma basis, reflecting the dividend paid up by the Insurance business in the subsequent first quarter period. The CET1 ratio pre IFRS 9 transitional relief reflects the full impact of IFRS 9, prior to the application of transitional arrangements. Excluding dividend accrual, the CET1 ratio at 31 December 2020 was 16.4 per cent. 2 CET1 ratios at 31 December 2020 include an increase of 51 basis points following the implementation of the revised capital treatment of intangible software assets. The benefit through CET1 capital is reflected through the total capital, MREL and leverage ratios. The Group's CET1 capital ratio post dividend increased 242 basis points over the year, from 13.8 per cent on a pro forma basis to 16.2 per cent. Capital build prior to the dividend accrual of 21 basis points, the impact of the revised treatment of intangible software assets of 51 basis points and the 2019 full year dividend reversal of 83 basis points, was 129 basis points. Banking business capital build of 192 basis points was largely offset by the 174 basis point impact of impairment in the year, mitigated by the benefit of the IFRS 9 transitional relief (83 basis points). RWA and other movements contributed 28 basis points, with pension contributions (equivalent to 46 basis points) more than offset by reductions in underlying risk-weighted assets and excess expected losses as well as favourable market and other movements. SUMMARY OF GROUP RESULTS (continued) The increase in the CET1 ratio of 118 basis points in the fourth quarter (pre dividend accrual) reflected underlying profitability, risk-weighted asset reductions and the introduction of the revised capital treatment of intangible software assets. The PRA is consulting on a proposal to reverse the revised capital treatment of software assets (which currently follows EU capital regulations). Should the PRA proceed with their proposal then the reinstatement of the original requirement to deduct these assets from capital will come into force during 2021. This could lead to a c.50 basis points reduction in the Group's CET1 capital ratio (net of a reduction in associated RWAs), and based on the position at 31 December 2020 the ratio would reduce to 15.7 per cent. The Group applies the revised IFRS 9 transitional arrangements for capital as set out under current capital regulations. The arrangements provide for temporary capital relief for the increase in accounting impairment provisions following the initial implementation of IFRS 9 ('static' relief) and subsequent relief for any increases in Stage 1 and Stage 2 expected credit losses since 1 January 2020 ('dynamic' relief). The transitional arrangements do not cover Stage 3 expected credit losses. Whilst the net increase in IFRS 9 transitional relief over the year amounted to 83 basis points, the Group's total relief recognised at 31 December 2020 amounted to 115 basis points, including static relief. Risk-weighted assets reduced by APound0.7 billion over the year from APound203.4 billion to APound202.7 billion. Increases were from credit migrations and model calibrations (c.APound2.5 billion); regulatory changes, including the revised capital treatment of intangible software assets (net APound2.2 billion); and other movements, including Retail model updates (c.APound1.9 billion). In addition, there were increases in risk-weighted assets attributable to deferred tax assets and the risk-weighted element of the Group's investment in Insurance following the increase in the Group's capital base (APound1.6 billion). These were more than offset by reductions in lending balances outside Government-backed schemes (APound3.6 billion) and optimisation activity undertaken in Commercial Banking (c.APound5.3 billion). Risk-weighted assets reduced by APound2.5 billion in the fourth quarter, largely reflecting reductions from credit migrations and model calibrations (including HPI improvement), continued optimisation of the Commercial Banking portfolio and the disposal of a legacy equity investment in Visa Inc., offset in part by an increase as a result of the revised capital treatment of intangible software assets. Whilst credit migration in 2020 has been less than expected, it is expected to have a fuller impact in 2021 and into 2022, consistent with economic forecasts. It is also expected that a material part of the Group's IFRS 9 dynamic relief that built up during 2020 will unwind in 2021 with the remainder expected to largely unwind in 2022, impacting CET1 ratios. As a result, based on current economic forecasts, the Group expects capital build in 2021 to be impacted by the expected unwind of IFRS 9 transitional relief, as well as profitability. The deferral of the UK implementation of the remainder of CRR 2 means that expected risk-weighted asset inflation driven by changes to the new standardised approach for calculating counterparty credit risk exposure (SA-CCR) will now impact in 2022, with no significant regulatory changes expected in 2021, other than the PRA's proposed reversal of the revised treatment of software assets. Given these movements, as well as continued optimisation in the Commercial Banking portfolio, the Group expects risk-weighted assets in 2021 to be broadly stable on 2020, but with headwinds from regulatory changes in 2022. During the first half of 2020 the PRA reduced the Group's Pillar 2A CET1 requirement from 2.6 per cent to 2.3 per cent. In December 2020 the PRA further reduced the requirement to c.2.1 per cent in the context of a higher UK countercyclical capital buffer rate, which in normal conditions will be set at 2 per cent (currently set at zero per cent). In line with PRA policy, the latter reduction is currently fully offset by other regulatory capital requirements at the CET1 level. SUMMARY OF GROUP RESULTS (continued) Following the decision by the PRA to reduce the UK countercyclical capital buffer rate to zero earlier in the year, combined with the initial Pillar 2A reduction noted above, the Group's CET1 capital regulatory requirement has reduced to c.11 per cent. Consequently, current CET1 headroom over requirements has increased. The Board's view of the ongoing level of CET1 capital required by the Group to grow the business, meet regulatory requirements and cover uncertainties remains at c.12.5 per cent, plus a management buffer of c.1 per cent. The transitional total capital ratio increased to 23.3 per cent (31 December 2019: 21.5 per cent on a pro forma basis) and the Group's transitional minimum requirement for own funds and eligible liabilities (MREL), which came into force on 1 January 2020, is 36.4 per cent (31 December 2019: 32.6 per cent on a pro forma basis). The UK leverage ratio increased to 5.8 per cent. Pensions Terms have now been agreed in principle with the Group Pensions Trustee in respect of the valuations of the Group's three main defined benefit pension schemes. The valuations showed an aggregate ongoing funding deficit of APound7.3 billion as at 31 December 2019 (APound7.3 billion deficit at 31 December 2016). The revised deficit now includes an allowance for the impact of RPI reform announced by the Chancellor of the Exchequer in November 2020. Under the previous recovery plan, deficit contributions were committed of c.APound0.8 billion in 2020 and c.APound1.3 billion per annum from 2021 to 2024. Under the new recovery plans, c.APound0.8 billion was paid in 2020 with contributions looking forward equating to c.APound0.8 billion per annum, plus a further 30 per cent of in year capital distributions to ordinary shareholders, up to a limit on total deficit contributions of APound2.0 billion per annum payable until this deficit has been removed. The Group continues to provide security to these pension schemes, with corporate guarantees and collateral pledged, while also making additional annual contributions for future service and scheme running costs. Dividend Following a request made by the PRA to large UK banks in March 2020, the Group suspended the payment of dividends on ordinary shares for the remainder of the year and cancelled the payment of the final dividend for 2019. These actions were undertaken as a precautionary measure to preserve capital as the spread of the coronavirus pandemic led to a UK-wide lockdown, with the potential to create a significant and prolonged downturn. In December 2020, the PRA announced that dividend payments could recommence, provided that this was subject to a prudent framework for the setting of such distributions. As a result the PRA has established a cap on distributions for year end 2020. Given the Group's strong capital position at the year end and the regulator's clarification that banks may resume capital distributions, the Board has recommended a final ordinary dividend of 0.57 pence per share, the maximum allowed under the PRA's guidelines. The PRA has additionally noted its intention to provide a further update on distributions ahead of the 2021 half year results for the large UK banks. It is expected that the PRA will take account of the outcome of the first stage of the Bank of England 2021 solvency stress test exercise in informing its approach to half year distributions. Ahead of the update at half year, dividends may be accrued for via capital, provided this is undertaken on an appropriately prudent basis, but may not be paid. The Group will update the market on interim dividend payments with the half year results, following receipt of the update from the regulator and based on macroeconomic conditions at the time. The Board remains committed to future capital returns. In 2021, the Board intends to accrue dividends and resume its progressive and sustainable ordinary dividend policy with the dividend at a higher level than 2020. As normal, the Board will give due consideration at year end to the size of the final dividend payment and any return of surplus capital in addition to the ordinary dividend, based on circumstances at the time Jun 18, 2021: Lloyds Banking: Publication of a Prospectus Publication of Prospectus The following Prospectus has been approved by the Financial Conduct Authority and is available for viewing: Prospectus dated 17 June 2021 (the "Prospectus") relating to the Pound25,000,000,000 Euro Medium Term Note Programme of Lloyds Banking Group plc To view the Prospectus, please paste the following URL into the address bar of your browser: http://www.rns-pdf.londonstockexchange.com/rns/3130C_1-2021-6-17.pdf The Prospectus has been submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Source: London Stock Exchange Jun 16, 2021: Lloyds Banking: Board Committee Change The Group is pleased to announce that Amanda Mackenzie, an independent Non-Executive Director and Chair of the Responsible Business Committee, has been appointed as a member of the Nomination and Governance Committee with effect from 23 June 2021. Source: London Stock Exchange Apr 28, 2021: Lloyds Banking: 2021 Q1 Interim Management Statement RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021 "The coronavirus pandemic continues to have a significant impact on people, businesses and communities in the UK and around the world. Whilst we are seeing positive signs, notably the progress of the vaccine roll-out and the emergence from lockdown restrictions, the outlook remains uncertain. The Group remains absolutely focused on supporting its customers and Helping Britain Recover from the financial effects of the pandemic. The long-run transformation of the Group has positioned the business well to address the challenges of the pandemic. We have made a strong start to the year with the quarterly results and on delivering Strategic Review 2021. Source: London Stock Exchange Apr 28, 2021: Lloyds Banking: 2021 Q1 Interim Management Statement RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021 "The coronavirus pandemic continues to have a significant impact on people, businesses and communities in the UK and around the world. Whilst we are seeing positive signs, notably the progress of the vaccine roll-out and the emergence from lockdown restrictions, the outlook remains uncertain. The Group remains absolutely focused on supporting its customers and Helping Britain Recover from the financial effects of the pandemic. The long-run transformation of the Group has positioned the business well to address the challenges of the pandemic. We have made a strong start to the year with the quarterly results and on delivering Strategic Review 2021. It is with both pride and sadness that I will step down as Group Chief Executive later this month. Most importantly, the Group is well placed for sustainable success and the publication of Strategic Review 2021 in February shows that the Group has clear execution outcomes for 2021, underpinned by long-term strategic vision. The Group also has exceptional people. I am very proud of all of our colleagues across the Group, who have again shown their continued dedication and relentless focus on supporting their customers through these challenging times." Source: London Stock Exchange Mar 01, 2021: Lloyds Banking: 2020 Annual Report on Form 20-F LLOYDS BANKING GROUP FILES ANNUAL REPORT ON FORM 20-F Lloyds Banking Group announces that on 26 February 2021 it filed its Annual Report on Form 20-F for the year ended 31 December 2020 with the Securities and Exchange Commission. A copy of the Form 20-F is available through the 'Investors' section of our website at www.lloydsbankinggroup.com and also online at www.sec.gov Source: London Stock Exchange 2020 Apr 08, 2020: Lloyds Banking: Second Price Monitoring Extn A second and final Price Monitoring Extension has been activated in this security. The auction call period is extended in this security for a further 5 minutes. Following the first price monitoring extension this security would still have executed more than a pre-determined percentage above or below the price of the most recent automated execution today. London Stock Exchange electronic order book users have a final opportunity to review the prices and sizes of orders entered in this security prior to the auction execution. The applicable percentage is set by reference to a security's Millennium Exchange sector. This is set out in the Sector Breakdown tab of the Parameters document at www.londonstockexchange.com/tradingservices Source: London Stock Exchange Dividends 2024 Feb 25, 2024: Lloyds Banking announces dividend Lloyds Banking today announced a final dividend of GBX1.84 per share. The ex-dividend date is Thursday, April 11, 2024 and it is payable on Tuesday, May 21. 2022 Feb 27, 2022: Lloyds Banking announces dividend Lloyds Banking today announced a final dividend of GBX1.33 per share. The ex-dividend date is Thursday, April 07, 2022 and it is payable on Thursday, May 19. 2021 Aug 01, 2021: Lloyds Banking announces dividend Lloyds Banking today announced an interim dividend of 0.67 GBX per share. The ex-dividend date is Thursday, August 05, 2021 and it is payable on Monday, September 13. Mar 07, 2021: Lloyds Banking announces dividend Lloyds Banking today announced a final dividend of 0.57 GBX per share. The ex-dividend date is Thursday, April 15, 2021 and it is payable on Tuesday, May 25. Meetings 2023 May 18, 2023: Lloyds Banking announces AGM Lloyds Banking has announced its Annual General Meeting will take place on Thursday, May 18. 2020 Apr 22, 2020: Lloyds Banking announces AGM Lloyds Banking has announced its Annual General Meeting will take place on Thursday, May 21. Share Capital 2022 May 31, 2022: Lloyds Banking: Total Voting Rights As at 31 May 2022, the total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 69,647,400,492 ordinary shares of 10p each, which includes shares represented by American Depositary Receipts. No shares are held in treasury. That figure may be used by shareholders as the "denominator" for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, Lloyds Banking Group plc under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Source: London Stock Exchange Apr 08, 2022: Lloyds Banking: Over a million subscriptions stopped by customers as households feel the squeeze Streaming services make up nearly half of regular payments stopped since June 2021 Online marketplace subscriptions just under a fifth of those cancelled Tool helps customers easily manage household outgoings Mobile app functionality for subscriptions provided through partnership with Swedish fintech Minna Technologies Over 1.2 million subscription payments have been stopped since summer 2021, as technology puts customers in further control of their spending, according to new data from Lloyds Bank. Popular TV, film and music streaming services made up almost half (47.1%) of regular payments cancelled, with households taking further stock of their discretionary spending, as the cost of living climbs. Marketplace subscriptions - where people buy or sell goods online - also got the chop, with 17.6% of cancellations, since June last year. Regular payments for weight management clubs and gym memberships made up 7.6% of contracts ditched. Subscription service With Brits spending more than ever on subscription services, the subscription management tool within the Lloyds Bank app means customers have an easy way to manage these regular outgoings. Customers can view and stop subscriptions in a few simple clicks, with almost a fifth (17%) of customers using the service on a monthly basis. These new findings follow an earlier spike in people taking out subscriptions during the pandemic, where new regular subscription payments increased by 70% between January 2020 and March 2021. The data suggests people are now doing a 'subscription audit' following the lifting of pandemic restrictions, and a rise in day to day costs. The insight also shows that Monday is the busiest day for subscription management, with those aged between 30 and 39 the most likely to be using the mobile app to manage payments. Philip Robinson, Director, Payments, Lloyds Bank, said: "People are looking to take control and budget household spend. The subscription management service within our mobile app makes it easy for customers to see what they are making regular payments on, with cancellation just a few clicks away. Our customers have stopped over a million subscription payments to date, with streaming services by far the most popular stop." "I forgot I was paying a TV subscription!" Lloyds Bank customer Rebecca Woodman, a supply manager from Somerset, used the service through her mobile banking app as she had been looking at ways to tighten her household outgoings. Miss Woodman, 39, said: "I am a busy mum to my three children Liam, Isobel and Isla, but I do try to keep an eye on what is going in and out of my bank account. When I looked at the subscriptions I had, I forgot I was paying Pound20 each month for an additional TV subscription as it is not something I've had time to sit and watch in a while. It was so easy to go through and cancel! With how expensive everything is becoming I am glad I have managed to cut back without having loads of hassle on something that isn't essential. I couldn't believe that's nearly Pound240 a year that I was spending on something I had totally forgotten about. The money I have saved will go towards my children on things like new school uniform and the clubs they attend." Partnership Lloyds Bank partnered with Swedish fintech Minna Technologies and Visa in 2020 to be the first in the industry to launch the subscription management service. Minna provides the technology which allows customers to view and manage their subscriptions, helping them to manage their finances as the cost of living rises. The technology has won awards including Best Bank Tech 2021 and Top European FinTech 2021. Joakim Sjoblom, CEO and Co-founder of Minna Technologies said: "It is great to work with Lloyds Bank, as part of our partnership with Visa, to provide customers with an innovative, digital solution to controlling their subscriptions. The technology accessed through the customers' mobile banking app provides a seamless service, enabling customers to manage their subscriptions at the click of a button. By going to where customers are already managing their finances, we help an ecosystem of banks, merchants and consumers by creating a supportive infrastructure for the future of the subscription economy." Source: Company Website 2021 Nov 30, 2021: Lloyds Banking: Total Voting Rights As at 30 November 2021, the total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 71,012,823,613 ordinary shares of 10p each, which includes shares represented by American Depositary Receipts. No shares are held in treasury. That figure may be used by shareholders as the "denominator" for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, Lloyds Banking Group plc under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Source: London Stock Exchange Oct 29, 2021: Lloyds Banking: Total Voting Rights As at 29 October 2021, the total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 71,005,038,043 ordinary shares of 10p each, which includes shares represented by American Depositary Receipts. No shares are held in treasury. That figure may be used by shareholders as the "denominator" for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, Lloyds Banking Group plc under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Source: London Stock Exchange Sep 30, 2021: Lloyds Banking: Total Voting Rights As at 30 September 2021, the total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 70,995,638,276 ordinary shares of 10p each, which includes shares represented by American Depositary Receipts. No shares are held in treasury. That figure may be used by shareholders as the "denominator" for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, Lloyds Banking Group plc under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Source: London Stock Exchange Jun 30, 2021: Lloyds Banking: Total Voting Rights As at 30 June 2021, the total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 70,970,030,431 ordinary shares of 10p each, which includes shares represented by American Depositary Receipts. No shares are held in treasury. That figure may be used by shareholders as the "denominator" for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, Lloyds Banking Group plc under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Source: London Stock Exchange May 28, 2021: Lloyds Banking: Total Voting Rights As at 28 May 2021, the total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 70,962,362,830 ordinary shares of 10p each, which includes shares represented by American Depositary Receipts. No shares are held in treasury. That figure may be used by shareholders as the "denominator" for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, Lloyds Banking Group plc under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Source: London Stock Exchange Apr 30, 2021: Lloyds Banking: Total Voting Rights As at 30 April 2021, the total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 70,954,353,687 ordinary shares of 10p each, which includes shares represented by American Depositary Receipts. No shares are held in treasury. That figure may be used by shareholders as the "denominator" for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, Lloyds Banking Group plc under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Source: London Stock Exchange Feb 26, 2021: Lloyds Banking: Total Voting Rights As at 26 February 2021, the total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 70,859,202,885 ordinary shares of 10p each, which includes shares represented by American Depositary Receipts. No shares are held in treasury. That figure may be used by shareholders as the "denominator" for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, Lloyds Banking Group plc under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Source: London Stock Exchange Jan 29, 2021: Lloyds Banking: Total Voting Rights As at 29 January 2021, the total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 70,849,366,949 ordinary shares of 10p each, which includes shares represented by American Depositary Receipts. No shares are held in treasury. That figure may be used by shareholders as the "denominator" for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, Lloyds Banking Group plc under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Source: London Stock Exchange 2020 Nov 30, 2020: Lloyds Banking: Total Voting Rights As at 30 November 2020, the total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 70,829,127,790 ordinary shares of 10p each, which includes shares represented by American Depositary Receipts. No shares are held in treasury. That figure may be used by shareholders as the "denominator" for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, Lloyds Banking Group plc under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Source: London Stock Exchange Oct 30, 2020: Lloyds Banking: Total Voting Rights As at 30 October 2020, the total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 70,815,383,752 ordinary shares of 10p each, which includes shares represented by American Depositary Receipts. No shares are held in treasury. That figure may be used by shareholders as the "denominator" for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, Lloyds Banking Group plc under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Source: London Stock Exchange Sep 30, 2020: Lloyds Banking: Total Voting Rights As at 30 September 2020, the total number of shares issued by Lloyds Banking Group plc with rights to vote which are exercisable in all circumstances at general meetings is 70,802,126,471 ordinary shares of 10p each, which includes shares represented by American Depositary Receipts. No shares are held in treasury. That figure may be used by shareholders as the "denominator" for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, Lloyds Banking Group plc under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Source: London Stock Exchange Aug 28, 2020: Lloyds Banking increases issued capital Lloyds Banking (LLOY.L) has announced an increase of 37,965,706 shares (or 0.1%) in total shares on issue from 70,750,000,000 to 70,787,965,706. The effective date is Friday, August 28. Changes in Board (TTM) 2022 Apr 21, 2022: Lloyds Banking Group appoints Dr Rebecca Heaton as Director of Environmental Sustainability Lloyds Banking Group has appointed Dr Rebecca Heaton as Director of Environmental Sustainability. As Director of Environmental Sustainability, Rebecca will oversee the delivery of Lloyds Banking Group's plan to achieve net zero. This role will be central to our new strategy to support the transition to a low carbon economy. This includes creating diversified and sustainable growth and continuing to integrate environmental sustainability outcomes across our wider business priorities. Rebecca is already a recognised leader in sustainability, with previous experience working across industry, policy and academia. She joins from OVO Energy where she held the role of Director of Sustainability. Before OVO Energy, Rebecca was Group Head of Climate Change at Drax. She has also made significant contributions to the UK's decarbonisation and was a member of the UK Committee on Climate Change between 2017 and 2021. Rebecca will report into Janet Pope, Chief of Staff and Group Director, Sustainable Business at Lloyds Banking Group. She will attend and support the Group's Net Zero Committee, working closely with Charlie Nunn, Group Chief Executive Officer, and the Executive Committee. Charlie Nunn, Group Chief Executive Officer, Lloyds Banking Group: "We are thrilled to welcome Dr Rebecca Heaton as our new Director of Environmental Sustainability to lead the coordination and delivery of the Group's net zero strategy. "Rebecca's energy, expertise and extensive experience of leading businesses in transition will accelerate our progress as we enter a critical phase in our journey to net zero by 2050 or sooner, and to help build a more inclusive and sustainable society." Janet Pope, Chief of Staff and Group Director, Sustainable Business, Lloyds Banking Group: "We are absolutely delighted that Rebecca has chosen to join us as our Director of Environmental Sustainability. I'm very much looking forward to working with Rebecca and adding her extensive experience to our team as we work to strengthen our overall sustainability approach and explore how we can mobilise finance to help accelerate our net zero transition." Rebecca Heaton, Director of Environmental Sustainability, Lloyds Banking Group: "I'm excited by the huge opportunity to help accelerate the low carbon transition as part of Lloyds Banking Group. I'm looking forward to building momentum towards our ambitious net zero targets and further embedding environmental sustainability as part of our purpose to help Britain prosper." Source: Company Website 2021 Jun 16, 2021: Lloyds Banking: Directorate Change Lloyds Banking Group plc (the "Group") is pleased to announce the appointment of Harmeen Mehta as an independent Non-Executive Director with effect from 1 November 2021. In addition to the Board, Harmeen will join the Group's Information Technology and Cyber Advisory Forum which provides direct oversight of the Group's IT-related operational risks and reports to the Board Risk Committee. Source: London Stock Exchange People In BusinessPIB-Dirbs 2020 Aug 04, 2020: Lloyds Banking CFO William Chalmers buys Tuesday August 04, 2020 Lloyds Banking (L:LLOY) Chief Financial Officer William Chalmers bought 1,000,000 shares worth GBP268,700 ($US351,407) on August 03. The purchase price was 26.87 GBX. The shares hit a five-day high on the day. 2021 Jun 02, 2021: Lloyds Banking CFO William Chalmers buys Tuesday June 01, 2021 Lloyds Banking (L:LLOY) Chief Financial Officer and Executive Director William Chalmers bought 12,161 shares worth GBP5,900 ($8,075) on May 26. The purchase price was 48.51 GBX. The shares hit a five-day low on the day. 2022 May 24, 2022: Lloyds Banking group chief risk officer Stephen Shelley buys shares worth GBP689 Tuesday May 24, 2022 Lloyds Banking (L:LLOY) Group Chief Risk Officer Stephen Shelley bought 1,563 shares worth GBP689 ($861) on May 19. The purchase price was 44.08 GBX. 2023 Feb 28, 2023: Lloyds Banking group chief risk officer Stephen Shelley sells shares worth GBP8.7 million Monday February 27, 2023 Lloyds Banking (L:LLOY) Chief Risk Officer Stephen Shelley sold 166,532 shares worth GBP86,663 ($103,511) on February 24. The selling price was GBX52.04. May 26, 2023: Lloyds Banking group chief risk officer Stephen Shelley buys shares worth GBP944 Friday May 26, 2023 Lloyds Banking (L:LLOY) Chief Risk Officer Stephen Shelley bought 1,994 shares worth GBP944 ($1,164) on May 24. The purchase price was 47.36 GBX. The shares hit a five-day low on the day. Sep 16, 2023: Lloyds Banking group chief risk officer Stephen Shelley buys shares worth GBP573 Friday September 15, 2023 Lloyds Banking (L:LLOY) Chief Risk Officer Stephen Shelley bought 1,351 shares worth GBP573 ($711) on September 12. The purchase price was 42.44 GBX. The shares hit an 11-day high on the day. Nov 11, 2023: Lloyds Banking director Kate Cheetham sells shares worth GBP50,590 Friday November 10, 2023 Lloyds Banking (L:LLOY) Chief Legal Officer, Company Secretary and Executive Director Kate Cheetham sold 120,000 shares worth GBP50,590 ($62,104) on November 09. The selling price was 42.16 GBX. Dec 13, 2023: Lloyds Banking chief of staff Janet Pope sells shares worth GBP350,010 Tuesday December 12, 2023 Lloyds Banking (L:LLOY) Chief of Staff Janet Pope sold 770,427 shares worth GBP350,010 ($439,215) on December 07. The selling price was 45.43 GBX. 2024 Feb 26, 2024: Lloyds Banking chairman Robin Francis Budenberg buys shares worth GBP454,925 Monday February 26, 2024 Lloyds Banking (L:LLOY) Non-Executive Independent Chairman Robin Francis Budenberg bought 1,000,000 shares worth GBP454,925 ($576,149) on February 23. The purchase price was 45.49 GBX. Mar 09, 2024: Lloyds Banking chief corporate affairs officer Andrew Walton sells shares worth GBP192,486 Friday March 08, 2024 Lloyds Banking (L:LLOY) Chief Corporate Affairs Officer Andrew Walton sold 396,387 shares worth GBP192,486 ($246,257) on March 07. The selling price was 48.56 GBX. The shares hit a seventeen-month high on the day. PIB-Dirbs 2020 Aug 04, 2020: Lloyds Banking CFO William Chalmers buys Tuesday August 04, 2020 Lloyds Banking (L:LLOY) Chief Financial Officer William Chalmers bought 1,000,000 shares worth GBP268,700 ($US351,407) on August 03. The purchase price was 26.87 GBX. The shares hit a five-day high on the day. 2021 Jun 02, 2021: Lloyds Banking CFO William Chalmers buys Tuesday June 01, 2021 Lloyds Banking (L:LLOY) Chief Financial Officer and Executive Director William Chalmers bought 12,161 shares worth GBP5,900 ($8,075) on May 26. The purchase price was 48.51 GBX. The shares hit a five-day low on the day. 2022 May 24, 2022: Lloyds Banking group chief risk officer Stephen Shelley buys shares worth GBP689 Tuesday May 24, 2022 Lloyds Banking (L:LLOY) Group Chief Risk Officer Stephen Shelley bought 1,563 shares worth GBP689 ($861) on May 19. The purchase price was 44.08 GBX. 2023 Feb 28, 2023: Lloyds Banking group chief risk officer Stephen Shelley sells shares worth GBP8.7 million Monday February 27, 2023 Lloyds Banking (L:LLOY) Chief Risk Officer Stephen Shelley sold 166,532 shares worth GBP86,663 ($103,511) on February 24. The selling price was GBX52.04. May 26, 2023: Lloyds Banking group chief risk officer Stephen Shelley buys shares worth GBP944 Friday May 26, 2023 Lloyds Banking (L:LLOY) Chief Risk Officer Stephen Shelley bought 1,994 shares worth GBP944 ($1,164) on May 24. The purchase price was 47.36 GBX. The shares hit a five-day low on the day. Sep 16, 2023: Lloyds Banking group chief risk officer Stephen Shelley buys shares worth GBP573 Friday September 15, 2023 Lloyds Banking (L:LLOY) Chief Risk Officer Stephen Shelley bought 1,351 shares worth GBP573 ($711) on September 12. The purchase price was 42.44 GBX. The shares hit an 11-day high on the day. Nov 11, 2023: Lloyds Banking director Kate Cheetham sells shares worth GBP50,590 Friday November 10, 2023 Lloyds Banking (L:LLOY) Chief Legal Officer, Company Secretary and Executive Director Kate Cheetham sold 120,000 shares worth GBP50,590 ($62,104) on November 09. The selling price was 42.16 GBX. Dec 13, 2023: Lloyds Banking chief of staff Janet Pope sells shares worth GBP350,010 Tuesday December 12, 2023 Lloyds Banking (L:LLOY) Chief of Staff Janet Pope sold 770,427 shares worth GBP350,010 ($439,215) on December 07. The selling price was 45.43 GBX. 2024 Feb 26, 2024: Lloyds Banking chairman Robin Francis Budenberg buys shares worth GBP454,925 Monday February 26, 2024 Lloyds Banking (L:LLOY) Non-Executive Independent Chairman Robin Francis Budenberg bought 1,000,000 shares worth GBP454,925 ($576,149) on February 23. The purchase price was 45.49 GBX. Mar 09, 2024: Lloyds Banking chief corporate affairs officer Andrew Walton sells shares worth GBP192,486 Friday March 08, 2024 Lloyds Banking (L:LLOY) Chief Corporate Affairs Officer Andrew Walton sold 396,387 shares worth GBP192,486 ($246,257) on March 07. The selling price was 48.56 GBX. The shares hit a seventeen-month high on the day. |