SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.20549
 
 
FORM 6-K
 
 
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16a
of the Securities Exchange Act of 1934
 
 
 29 October 2026
LLOYDS BANKING GROUP plc
(Translation of registrant's name into English)
 
5th Floor
25 Gresham Street
London
EC2V 7HN
United Kingdom
 
 
(Address of principal executive offices)
 
 
 
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
 
Form 20-F..X..     Form 40-F 
 
 
Index to Exhibits
 
 
Item
 
 No. 1 Regulatory News Service Announcement, 29 October 2026
           re: 2026 Q3 Interim Management Statement
 
 
 
Lloyds Banking Group plc
 
 
Q3 2026 results
 
29 October 2026
 
 
 
 
 
RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2026
 
“The Group is delivering sustained strength in financial performance, with continued income growth, improving operating leverage and strong and stable credit performance. Our differentiated business model is performing well and we are on track to meet our 2026 guidance. We are maintaining strategic delivery as we continue to focus on supporting UK households and businesses. As we near completion of our current strategic chapter, we are excited to begin executing on our new strategy, Accelerate 2030. This will ensure we can deliver continued, sustainable value for our customers and shareholders.”
Charlie Nunn, Group Chief Executive
 
Sustained strength in financial performance1
 
●   Statutory profit before tax of £6.6 billion (nine months to 30 September 2025: £4.7 billion), reflecting higher total income and a lower remediation charge, partially offset by higher charges for operating lease depreciation and impairment. Return on tangible equity of 17.9%
 
●   Underlying net interest income of £11.1 billion, up 10% year-on-year. Higher banking net interest margin of 3.21%, up 17 basis points (up 3 basis points in the third quarter compared to the second quarter), from stronger structural hedge income, franchise-led volume growth and hence average interest-earning banking asset growth of 4% to £477.5 billion, partially offset by asset margin compression and a competitive deposit market
 
●   Underlying other income of £5.0 billion, 10% higher year-on-year, with broad-based growth due to strengthening customer activity, the continued benefit of investments in strategic initiatives and the addition of Lloyds Wealth
 
●   Operating lease depreciation of £1.3 billion, up 17% given fleet growth, the depreciation of higher value vehicles and a second quarter charge for reduced used car prices, partially offset by continued risk mitigation
 
●   Operating costs of £7.2 billion, up 1% year-on-year, reflecting business growth costs, inflationary pressures and costs related to Lloyds Wealth, largely offset by continued cost savings, a lower severance expense and plateauing investment as the current strategic cycle culminates
 
●   Strong and stable credit performance, with arrears low and stable. The underlying impairment charge of £930 million, increasing year-on-year, resulted in an asset quality ratio of 25 basis points, reflecting lower releases and an £88 million charge from updated multiple economic scenarios
 
●   Underlying loans and advances to customers of £495.5 billion increased by £14.4 billion (3%) in the first nine months of 2026. Growth across Retail of £6.8 billion (or £8.6 billion excluding the impact of the securitisation of £1.8 billion of primarily legacy Retail mortgages in the second quarter) and Commercial Banking of £9.2 billion
 
●   Underlying loans and advances to customers increased by £4.0 billion in the third quarter across Retail and Commercial Banking, or £5.1 billion excluding central items, mainly the fair value hedge from rising swap rates
 
●   Customer deposits of £502.8 billion increased by £6.3 billion (1%) in the first nine months of 2026. Growth of £9.6 billion within Commercial Banking was partially offset by a reduction in Retail of £3.7 billion (mainly in the first quarter), due to disciplined pricing in the context of a competitive deposit market. Growth in the third quarter of £1.9 billion was driven by higher Commercial Banking deposits alongside broadly stable Retail balances
 
●   Strong capital generation of 153 basis points, primarily reflecting banking build, partially offset by risk-weighted asset increases. This resulted in a CET1 ratio of 13.3% after the interim ordinary dividend, the foreseeable ordinary dividend accrual, the share buyback announced in July 2026 and the completed acquisition of Curve
 
●   Risk-weighted assets of £247.4 billion, up £11.9 billion (5%), from lending growth partially offset by optimisation
 
●   Tangible net assets per share of 55.4 pence, down 1.6 pence in both the year to date and the third quarter. Growth from attributable profit and a reduction in the number of shares in issue from share buyback programmes was more than offset by capital distributions and changes in the cash flow hedge reserve from increased longer-term rates
 
 
On track to meet 2026 guidance
 
Based on the sustained strength in our financial performance and our current macroeconomic assumptions, for 2026 the Group remains on track to deliver its full year guidance:
 
●   Underlying net interest income of greater than £14.9 billion
●   Cost:income ratio of less than 50% (including operating costs of less than £9.9 billion)
●   Asset quality ratio of c.25 basis points
●   Return on tangible equity of greater than 16%
●   Capital generation of greater than 200 basis points2
●   To pay down to a CET1 ratio of c.13.0%
 
1 See the basis of presentation on page 17.
2 Excludes capital distributions.
 
 
INCOME STATEMENT (UNDERLYING BASIS)A AND KEY BALANCE SHEET METRICS
 
 
Nine months ended
 30 Sep 2026
£m
 
 
 
Nine months ended
30 Sep 2025
£m
 
 
 
Change
%
 
 
Three months ended
30 Sep 2026
£m
 
 
 
Three months ended
30 Sep
2025
£m
 
 
 
Change
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Underlying net interest income
 
 11,084 
 
 
 
 10,106 
 
 
 
 10 
 
 
 3,806 
 
 
 
 3,451 
 
 
 
 10 
 
Underlying other income
 
 4,996 
 
 
 
 4,526 
 
 
 
 10 
 
 
 1,686 
 
 
 
 1,557 
 
 
 
 8 
 
Operating lease depreciation
 
 (1,261)
 
 
 
 (1,075)
 
 
 
 (17)
 
 
 (420)
 
 
 
 (365)
 
 
 
 (15)
 
Net income
 
 14,819 
 
 
 
 13,557 
 
 
 
 9 
 
 
 5,072 
 
 
 
 4,643 
 
 
 
 9 
 
Operating costs
 
 (7,246)
 
 
 
 (7,176)
 
 
 
 (1)
 
 
 (2,370)
 
 
 
 (2,302)
 
 
 
 (3)
 
Remediation
 
 (61)
 
 
 
 (912)
 
 
 
 93 
 
 
 (22)
 
 
 
 (875)
 
 
 
 97 
 
Total costs
 
 (7,307)
 
 
 
 (8,088)
 
 
 
 10 
 
 
 (2,392)
 
 
 
 (3,177)
 
 
 
 25 
 
Underlying profit before impairment
 
 7,512 
 
 
 
 5,469 
 
 
 
 37 
 
 
 2,680 
 
 
 
 1,466 
 
 
 
 83 
 
Underlying impairment charge
 
 (930)
 
 
 
 (618)
 
 
 
 (50)
 
 
 (313)
 
 
 
 (176)
 
 
 
 (78)
 
Underlying profit
 
 6,582 
 
 
 
 4,851 
 
 
 
 36 
 
 
 2,367 
 
 
 
 1,290 
 
 
 
 83 
 
Restructuring
 
 (51)
 
 
 
 (16)
 
 
 
 
 
 (17)
 
 
 
 (7)
 
 
 
 
Volatility and other items
 
 94 
 
 
 
 (157)
 
 
 
 
 
 (18)
 
 
 
 (109)
 
 
 
 83 
 
Statutory profit before tax
 
 6,625 
 
 
 
 4,678 
 
 
 
 42 
 
 
 2,332 
 
 
 
 1,174 
 
 
 
 99 
 
Tax expense
 
 (1,790)
 
 
 
 (1,356)
 
 
 
 (32)
 
 
 (620)
 
 
 
 (396)
 
 
 
 (57)
 
Statutory profit after tax
 
 4,835 
 
 
 
 3,322 
 
 
 
 46 
 
 
 1,712 
 
 
 
 778 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share
 
7.6p
 
 
 
4.8p
 
 
 
2.8p
 
 
2.8p
 
 
 
1.0p
 
 
 
1.8p
 
Banking net interest marginA
 
3.21%
 
 
 
3.04%
 
 
 
17bp
 
 
3.25%
 
 
 
3.06%
 
 
 
19bp
 
Average interest-earning banking assetsA (£bn)
 
 477.5 
 
 
 
 460.4 
 
 
 
 4 
 
 
 481.0 
 
 
 
 465.5 
 
 
 
 3 
 
Cost:income ratioA
 
49.3%
 
 
 
59.7%
 
 
 
(10.4)pp
 
 
47.2%
 
 
 
68.4%
 
 
 
(21.2)pp
 
Asset quality ratioA
 
0.25%
 
 
 
0.18%
 
 
 
7bp
 
 
0.25%
 
 
 
0.15%
 
 
 
10bp
 
Return on tangible equityA
 
17.9%
 
 
 
11.9%
 
 
 
6.0pp
 
 
19.5%
 
 
 
7.5%
 
 
 
12.0pp
 
  
  
 
At 30 Sep 2026
 
 
 
At 30 Jun 2026
 
 
 
Change
%
 
 
At 31 Dec 2025
 
 
 
Change
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Underlying loans and advances to customersA,1 (£bn)
 
 495.5 
 
 
 
 491.5 
 
 
 
 1 
 
 
 481.1 
 
 
 
 3 
 
Customer deposits (£bn)
 
 502.8 
 
 
 
 500.9 
 
 
 
 
 
 496.5 
 
 
 
 1 
 
Loan to deposit ratioA
 
99%
 
 
 
98%
 
 
 
1pp
 
 
97%
 
 
 
2pp
 
CET1 ratio
 
13.3%
 
 
 
13.6%
 
 
 
(0.3)pp
 
 
14.0%
 
 
 
(0.7)pp
 
Pro forma CET1 ratioA,2
 
13.3%
 
 
 
13.1%
 
 
 
0.2pp
 
 
13.2%
 
 
 
0.1pp
 
Total capital ratio
 
17.9%
 
 
 
18.4%
 
 
 
(0.5)pp
 
 
18.9%
 
 
 
(1.0)pp
 
MREL ratio
 
31.2%
 
 
 
32.0%
 
 
 
(0.8)pp
 
 
32.2%
 
 
 
(1.0)pp
 
UK leverage ratio
 
5.0%
 
 
 
5.1%
 
 
 
(0.1)pp
 
 
5.4%
 
 
 
(0.4)pp
 
Risk-weighted assets (£bn)
 
 247.4 
 
 
 
 241.8 
 
 
 
 2 
 
 
 235.5 
 
 
 
 5 
 
Wholesale funding3 (£bn)
 
 109.9 
 
 
 
 107.8 
 
 
 
 2 
 
 
 95.6 
 
 
 
 15 
 
Liquidity coverage ratio4
 
143%
 
 
 
144%
 
 
 
(1)pp
 
 
145%
 
 
 
(2)pp
 
Net stable funding ratio5
 
123%
 
 
 
123%
 
 
 
 
 
124%
 
 
 
(1)pp
 
Tangible net assets per shareA
 
55.4p
 
 
 
57.0p
 
 
 
(1.6)p
 
 
57.0p
 
 
 
(1.6)p
 
 
A See page 16.
 
1 The increase between 31 December 2025 and 30 September 2026 is net of the impact of the securitisation of £1.8 billion of primarily legacy Retail mortgages in April 2026.
2 30 June 2026 pro forma CET1 ratio reflects the full impact of the share buyback in respect of the first half of 2026, announced in July 2026. 31 December 2025 pro forma CET1 ratio reflects the full impact of the share buyback in respect of 2025, announced in January 2026.
3 From the second quarter of 2026, the Group revised its definition of wholesale funding to comprise debt securities in issue and subordinated liabilities only. The 31 December 2025 comparative period is represented on a consistent basis.
4 The liquidity coverage ratio is calculated as an average of month-end observations over the last 12 months.
5 The net stable funding ratio is calculated as an average of the last four quarter-end observations.
 
QUARTERLY INFORMATIONA
 
 
Quarter
ended
30 Sep
2026
£m
 
 
 
Quarter
ended
30 Jun
2026
£m
 
 
 
Change
%
 
 
 
Quarter
ended
31 Mar
2026
£m
 
 
 
Quarter
ended
31 Dec
2025
£m
 
 
 
Quarter
ended
30 Sep
2025
£m
 
 
 
Quarter
ended
30 Jun
2025
£m
 
 
 
Quarter
ended
31 Mar
2025
£m
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Underlying net interest income
 
 3,806 
 
 
 
 3,709 
 
 
 
 3 
 
 
 
 3,569 
 
 
 
 3,529 
 
 
 
 3,451 
 
 
 
 3,361 
 
 
 
 3,294 
 
 
Underlying other income
 
 1,686 
 
 
 
 1,705 
 
 
 
 (1)
 
 
 
 1,605 
 
 
 
 1,594 
 
 
 
 1,557 
 
 
 
 1,517 
 
 
 
 1,452 
 
 
Operating lease depreciation
 
 (420)
 
 
 
 (452)
 
 
 
 7 
 
 
 
 (389)
 
 
 
 (379)
 
 
 
 (365)
 
 
 
 (355)
 
 
 
 (355)
 
 
Net income
 
 5,072 
 
 
 
 4,962 
 
 
 
 2 
 
 
 
 4,785 
 
 
 
 4,744 
 
 
 
 4,643 
 
 
 
 4,523 
 
 
 
 4,391 
 
 
Operating costs
 
 (2,370)
 
 
 
 (2,402)
 
 
 
 1 
 
 
 
 (2,474)
 
 
 
 (2,585)
 
 
 
 (2,302)
 
 
 
 (2,324)
 
 
 
 (2,550)
 
 
Remediation
 
 (22)
 
 
 
 (28)
 
 
 
 21 
 
 
 
 (11)
 
 
 
 (56)
 
 
 
 (875)
 
 
 
 (37)
 
 
 
 – 
 
 
Total costs
 
 (2,392)
 
 
 
 (2,430)
 
 
 
 2 
 
 
 
 (2,485)
 
 
 
 (2,641)
 
 
 
 (3,177)
 
 
 
 (2,361)
 
 
 
 (2,550)
 
 
Underlying profit before impairment
 
 2,680 
 
 
 
 2,532 
 
 
 
 6 
 
 
 
 2,300 
 
 
 
 2,103 
 
 
 
 1,466 
 
 
 
 2,162 
 
 
 
 1,841 
 
 
Underlying impairment charge
 
 (313)
 
 
 
 (322)
 
 
 
 3 
 
 
 
 (295)
 
 
 
 (177)
 
 
 
 (176)
 
 
 
 (133)
 
 
 
 (309)
 
 
Underlying profit
 
 2,367 
 
 
 
 2,210 
 
 
 
 7 
 
 
 
 2,005 
 
 
 
 1,926 
 
 
 
 1,290 
 
 
 
 2,029 
 
 
 
 1,532 
 
 
Restructuring
 
 (17)
 
 
 
 (16)
 
 
 
 (6)
 
 
 
 (18)
 
 
 
 (30)
 
 
 
 (7)
 
 
 
 (5)
 
 
 
 (4)
 
 
Volatility and other items
 
 (18)
 
 
 
 74 
 
 
 
 
 
 
 38 
 
 
 
 87 
 
 
 
 (109)
 
 
 
 (37)
 
 
 
 (11)
 
 
Statutory profit before tax
 
 2,332 
 
 
 
 2,268 
 
 
 
 3 
 
 
 
 2,025 
 
 
 
 1,983 
 
 
 
 1,174 
 
 
 
 1,987 
 
 
 
 1,517 
 
 
Tax expense
 
 (620)
 
 
 
 (700)
 
 
 
 11 
 
 
 
 (470)
 
 
 
 (548)
 
 
 
 (396)
 
 
 
 (577)
 
 
 
 (383)
 
 
Statutory profit after tax
 
 1,712 
 
 
 
 1,568 
 
 
 
 9 
 
 
 
 1,555 
 
 
 
 1,435 
 
 
 
 778 
 
 
 
 1,410 
 
 
 
 1,134 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share
 
2.8p
 
 
 
2.4p
 
 
 
0.4p
 
 
 
2.4p
 
 
 
2.2p
 
 
 
1.0p
 
 
 
2.1p
 
 
 
1.7p
 
 
Banking net interest marginA
 
3.25%
 
 
 
3.22%
 
 
 
3bp
 
 
 
3.17%
 
 
 
3.10%
 
 
 
3.06%
 
 
 
3.04%
 
 
 
3.03%
 
 
Average interest-earning banking assetsA (£bn)
 
 481.0 
 
 
 
 477.9 
 
 
 
 1 
 
 
 
 473.5 
 
 
 
 470.3 
 
 
 
 465.5 
 
 
 
 460.0 
 
 
 
 455.5 
 
 
Cost:income ratioA
 
47.2%
 
 
 
49.0%
 
 
 
(1.8)pp
 
 
 
51.9%
 
 
 
55.7%
 
 
 
68.4%
 
 
 
52.2%
 
 
 
58.1%
 
 
Asset quality ratioA
 
0.25%
 
 
 
0.26%
 
 
 
(1)bp
 
 
 
0.25%
 
 
 
0.14%
 
 
 
0.15%
 
 
 
0.11%
 
 
 
0.27%
 
 
Return on tangible equityA
 
19.5%
 
 
 
17.0%
 
 
 
2.5pp
 
 
 
17.0%
 
 
 
15.7%
 
 
 
7.5%
 
 
 
15.5%
 
 
 
12.6%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At
30 Sep
2026
 
 
 
At
30 Jun
2026
 
 
 
Change
%
 
 
 
At
31 Mar 2026
 
 
 
At
31 Dec
2025
 
 
 
At
30 Sep 2025
 
 
 
At
30 Jun 2025
 
 
 
At
31 Mar 2025
 
 
Underlying loans and advances to customersA,1 (£bn)
 
 495.5 
 
 
 
 491.5 
 
 
 
 1 
 
 
 
 486.2 
 
 
 
 481.1 
 
 
 
 477.1 
 
 
 
 471.0 
 
 
 
 466.2 
 
 
Customer deposits (£bn)
 
 502.8 
 
 
 
 500.9 
 
 
 
 
 
 
 495.9 
 
 
 
 496.5 
 
 
 
 496.7 
 
 
 
 493.9 
 
 
 
 487.7 
 
 
Loan to deposit ratioA
 
99%
 
 
 
98%
 
 
 
1.0pp
 
 
 
98%
 
 
 
97%
 
 
 
96%
 
 
 
95%
 
 
 
96%
 
 
CET1 ratio
 
13.3%
 
 
 
13.6%
 
 
 
(0.3)pp
 
 
 
13.4%
 
 
 
14.0%
 
 
 
13.8%
 
 
 
13.8%
 
 
 
13.5%
 
 
Pro forma CET1 ratioA,2,3
 
13.3%
 
 
 
13.1%
 
 
 
0.2pp
 
 
 
13.4%
 
 
 
13.2%
 
 
 
13.8%
 
 
 
13.8%
 
 
 
13.5%
 
 
Total capital ratio
 
17.9%
 
 
 
18.4%
 
 
 
(0.5)pp
 
 
 
18.2%
 
 
 
18.9%
 
 
 
18.6%
 
 
 
19.0%
 
 
 
18.4%
 
 
MREL ratio
 
31.2%
 
 
 
32.0%
 
 
 
(0.8)pp
 
 
 
31.7%
 
 
 
32.2%
 
 
 
31.2%
 
 
 
31.4%
 
 
 
30.4%
 
 
UK leverage ratio
 
5.0%
 
 
 
5.1%
 
 
 
(0.1)pp
 
 
 
5.1%
 
 
 
5.4%
 
 
 
5.2%
 
 
 
5.4%
 
 
 
5.5%
 
 
Risk-weighted assets (£bn)
 
 247.4 
 
 
 
 241.8 
 
 
 
 2 
 
 
 
 240.8 
 
 
 
 235.5 
 
 
 
 232.3 
 
 
 
 231.4 
 
 
 
 230.1 
 
 
Wholesale funding4 (£bn)
 
 109.9 
 
 
 
 107.8 
 
 
 
 2 
 
 
 
 108.6 
 
 
 
 95.6 
 
 
 
 96.0 
 
 
 
 86.5 
 
 
 
 85.5 
 
 
Liquidity coverage ratio5
 
143%
 
 
 
144%
 
 
 
(1)pp
 
 
 
144%
 
 
 
145%
 
 
 
145%
 
 
 
145%
 
 
 
145%
 
 
Net stable funding ratio6
 
123%
 
 
 
123%
 
 
 
 
 
 
123%
 
 
 
124%
 
 
 
126%
 
 
 
127%
 
 
 
128%
 
 
Tangible net assets per shareA
 
55.4p
 
 
 
57.0p
 
 
 
(1.6)p
 
 
 
57.9p
 
 
 
57.0p
 
 
 
55.0p
 
 
 
54.5p
 
 
 
54.4p
 
 
 
1 The increase between 31 March 2026 and 30 September 2026 is net of the impact of the securitisation of £1.8 billion of primarily legacy Retail mortgages in April 2026.
2 30 June 2026 pro forma CET1 ratio reflects the full impact of the share buyback in respect of the first half of 2026, announced in July 2026.
3 31 December 2025 pro forma CET1 ratio reflects the full impact of the share buyback in respect of 2025, announced in January 2026. 30 June 2025 pro forma CET1 ratio reflects the ordinary dividend received from the Insurance business in July 2025.
4 Revised basis, see footnote 3 on page 2.
5 The liquidity coverage ratio is calculated as an average of month-end observations over the last 12 months.
6 The net stable funding ratio is calculated as an average of the last four quarter-end observations.
  
BALANCE SHEET ANALYSIS
 
 
At 30 Sep
2026
£bn
 
 
 
At 30 Jun
2026
£bn
 
 
 
Change
%
 
At 31 Dec 2025
£bn
 
 
 
Change
%
 
 
 
 
 
 
 
 
 
 
 
 
 
UK mortgages1
 
 325.2 
 
 
 
 324.9 
 
 
 
 
 323.1 
 
 
 
 1 
 
Credit cards
 
 18.5 
 
 
 
 18.2 
 
 
 
 2 
 
 17.3 
 
 
 
 7 
 
UK Retail unsecured loans
 
 11.2 
 
 
 
 11.1 
 
 
 
 1 
 
 10.5 
 
 
 
 7 
 
UK Motor Finance2
 
 17.4 
 
 
 
 17.1 
 
 
 
 2 
 
 16.4 
 
 
 
 6 
 
Overdrafts
 
 1.3 
 
 
 
 1.3 
 
 
 
 
 1.3 
 
 
 
 
Retail Europe
 
 21.9 
 
 
 
 21.3 
 
 
 
 3 
 
 20.4 
 
 
 
 7 
 
UK private bank3
 
 1.4 
 
 
 
 1.3 
 
 
 
 8 
 
 1.1 
 
 
 
 27 
 
Retail other3
 
 0.2 
 
 
 
 0.1 
 
 
 
 
 0.2 
 
 
 
 
Business and Commercial Banking4
 
 29.8 
 
 
 
 29.6 
 
 
 
 1 
 
 29.3 
 
 
 
 2 
 
Corporate and Institutional Banking4
 
 69.7 
 
 
 
 66.6 
 
 
 
 5 
 
 61.0 
 
 
 
 14 
 
Central Items5
 
 (1.1)
 
 
 
 – 
 
 
 
 
 0.5 
 
 
 
 
Underlying loans and advances to customersA
 
 495.5 
 
 
 
 491.5 
 
 
 
 1 
 
 481.1 
 
 
 
 3 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail UK current accounts
 
 103.8 
 
 
 
 103.2 
 
 
 
 1 
 
 102.8 
 
 
 
 1 
 
Retail UK savings accounts6
 
 193.6 
 
 
 
 193.9 
 
 
 
 
 197.2 
 
 
 
 (2)
 
Retail Europe6
 
 14.8 
 
 
 
 15.3 
 
 
 
 (3)
 
 15.3 
 
 
 
 (3)
 
UK private bank7
 
 9.3 
 
 
 
 9.4 
 
 
 
 (1)
 
 9.9 
 
 
 
 (6)
 
Commercial Banking
 
 180.7 
 
 
 
 178.6 
 
 
 
 1 
 
 171.1 
 
 
 
 6 
 
Central Items
 
 0.6 
 
 
 
 0.5 
 
 
 
 20 
 
 0.2 
 
 
 
 
Customer deposits
 
 502.8 
 
 
 
 500.9 
 
 
 
 
 496.5 
 
 
 
 1 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
 
 995.1 
 
 
 
 994.2 
 
 
 
 
 944.1 
 
 
 
 5 
 
Total liabilities
 
 949.2 
 
 
 
 946.9 
 
 
 
 
 896.2 
 
 
 
 6 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ordinary shareholders’ equity
 
 40.2 
 
 
 
 41.5 
 
 
 
 (3)
 
 41.8 
 
 
 
 (4)
 
Other equity instruments
 
 5.6 
 
 
 
 5.5 
 
 
 
 2 
 
 5.9 
 
 
 
 (5)
 
Non-controlling interests
 
 0.2 
 
 
 
 0.2 
 
 
 
 
 0.2 
 
 
 
 
Total equity
 
 46.0 
 
 
 
 47.2 
 
 
 
 (3)
 
 47.9 
 
 
 
 (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
Ordinary shares in issue, excluding own shares
 
57,409m
 
 
 
58,081m
 
 
 
 (1)
 
58,799m
 
 
 
 (2)
 
 
1 The increase between 31 December 2025 and 30 September 2026 is net of the impact of the securitisation of £1.8 billion of primarily legacy Retail mortgages in April 2026.
2 UK Motor Finance balances on an underlying basisA exclude a finance lease gross up. See page 16.
3 From the first quarter of 2026, within underlying loans and advances to customers, UK private bank has been presented separately (having previously been presented within Retail other). Comparative periods have been represented on a consistent basis.
4 In the third quarter of 2026, the Group migrated certain clients with a net movement from Corporate and Institutional Banking to Business and Commercial Banking. Comparative periods have been represented on a consistent basis.
5 Includes central fair value hedge accounting adjustments.
6 From the first quarter of 2026, within customer deposits, Retail UK savings accounts and Retail Europe have been presented separately (having previously been presented together as Retail savings accounts). Comparative periods have been represented on a consistent basis.
7 Renamed from the first quarter of 2026, previously Wealth.
 
 
GROUP RESULTS – STATUTORY BASIS
 
The results below are prepared in accordance with the recognition and measurement principles of IFRS® Accounting Standards. The underlying basis results are shown on page 2.
 
Summary income statement
 
Nine months ended
30 Sep
2026
£m
 
 
 
Nine months ended
30 Sep
2025
£m
 
 
 
Change
%
 
 
 
 
 
 
 
 
 
Net interest income
 
 10,827 
 
 
 
 9,808 
 
 
 
 10 
 
Other income
 
 5,257 
 
 
 
 4,444 
 
 
 
 18 
 
Total income
 
 16,084 
 
 
 
 14,252 
 
 
 
 13 
 
Operating expenses
 
 (8,533)
 
 
 
 (8,955)
 
 
 
 5 
 
Impairment
 
 (926)
 
 
 
 (619)
 
 
 
 (50)
 
Profit before tax
 
 6,625 
 
 
 
 4,678 
 
 
 
 42 
 
Tax expense
 
 (1,790)
 
 
 
 (1,356)
 
 
 
 (32)
 
Profit after tax
 
 4,835 
 
 
 
 3,322 
 
 
 
 46 
 
 
 
 
 
 
 
 
 
Profit attributable to ordinary shareholders
 
 4,432 
 
 
 
 2,892 
 
 
 
 53 
 
Profit attributable to other equity holders
 
 334 
 
 
 
 365 
 
 
 
 (8)
 
Profit attributable to non-controlling interests
 
 69 
 
 
 
 65 
 
 
 
 6 
 
Profit after tax
 
 4,835 
 
 
 
 3,322 
 
 
 
 46 
 
Ordinary shares in issue (weighted-average – basic)
 
58,285m
 
 
 
60,070m
 
 
 
 (3)
 
Basic earnings per share
 
7.6p
 
 
 
4.8p
 
 
 
2.8p
 
  
 
 
Summary balance sheet
 
At 30 Sep
2026
£m
 
 
 
At 30 Jun
2026
£m
 
 
 
Change
%
 
 
At 31 Dec 2025
£m
 
 
 
Change
%
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and balances at central banks
 
 55,919 
 
 
 
 61,530 
 
 
 
 (9)
 
 
 56,661 
 
 
 
 (1)
 
Financial assets at fair value through profit or loss
 
 254,977 
 
 
 
 258,373 
 
 
 
 (1)
 
 
 240,413 
 
 
 
 6 
 
Derivative financial instruments
 
 23,732 
 
 
 
 20,731 
 
 
 
 14 
 
 
 19,727 
 
 
 
 20 
 
Financial assets at amortised cost
 
 577,499 
 
 
 
 570,802 
 
 
 
 1 
 
 
 553,672 
 
 
 
 4 
 
Financial assets at fair value through other comprehensive income
 
 39,811 
 
 
 
 40,428 
 
 
 
 (2)
 
 
 36,320 
 
 
 
 10 
 
Other assets
 
 43,202 
 
 
 
 42,293 
 
 
 
 2 
 
 
 37,279 
 
 
 
 16 
 
Total assets
 
 995,140 
 
 
 
 994,157 
 
 
 
 
 
 944,072 
 
 
 
 5 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits from banks
 
 8,417 
 
 
 
 8,208 
 
 
 
 3 
 
 
 5,779 
 
 
 
 46 
 
Customer deposits
 
 502,777 
 
 
 
 500,859 
 
 
 
 
 
 496,457 
 
 
 
 1 
 
Repurchase agreements at amortised cost
 
 45,837 
 
 
 
 45,400 
 
 
 
 1 
 
 
 38,570 
 
 
 
 19 
 
Financial liabilities at fair value through profit or loss
 
 32,452 
 
 
 
 31,310 
 
 
 
 4 
 
 
 27,909 
 
 
 
 16 
 
Derivative financial instruments
 
 21,481 
 
 
 
 17,826 
 
 
 
 21 
 
 
 16,132 
 
 
 
 33 
 
Debt securities in issue at amortised cost
 
 92,477 
 
 
 
 90,853 
 
 
 
 2 
 
 
 78,271 
 
 
 
 18 
 
Liabilities arising from insurance and participating investment contracts
 
 143,874 
 
 
 
 143,566 
 
 
 
 
 
 135,284 
 
 
 
 6 
 
Liabilities arising from non-participating investment contracts
 
 62,077 
 
 
 
 66,639 
 
 
 
 (7)
 
 
 61,640 
 
 
 
 1 
 
Third party interests in consolidated funds1
 
 14,048 
 
 
 
 14,255 
 
 
 
 (1)
 
 
 12,781 
 
 
 
 10 
 
Other liabilities1
 
 17,325 
 
 
 
 18,769 
 
 
 
 (8)
 
 
 13,488 
 
 
 
 28 
 
Subordinated liabilities
 
 8,404 
 
 
 
 9,235 
 
 
 
 (9)
 
 
 9,894 
 
 
 
 (15)
 
Total liabilities
 
 949,169 
 
 
 
 946,920 
 
 
 
 
 
 896,205 
 
 
 
 6 
 
Total equity
 
 45,971 
 
 
 
 47,237 
 
 
 
 (3)
 
 
 47,867 
 
 
 
 (4)
 
Total equity and liabilities
 
 995,140 
 
 
 
 994,157 
 
 
 
 
 
 944,072 
 
 
 
 5 
 
 
1 Third party interests in consolidated funds, previously reported within other liabilities, is now shown separately. Comparative periods have been represented on a consistent basis.
 
 
REVIEW OF PERFORMANCE
 
 
Income statement - underlying basisA
 
The Group’s statutory profit before tax for the first nine months of 2026 was £6,625 million, 42% higher than in the first nine months of 2025, reflecting higher total income and a lower remediation charge, partially offset by higher charges for operating lease depreciation and impairment. Profit after tax was £4,835 million and earnings per share were 7.6 pence (nine months ended 30 September 2025: £3,322 million and 4.8 pence respectively).
 
The Group’s underlying profit was £6,582 million in the first nine months of 2026, up 36% versus the prior year (nine months to 30 September 2025: £4,851 million). The first nine months benefitted from higher underlying net interest income, higher underlying other income and a lower remediation charge, partially offset by higher charges for operating lease depreciation and impairment. Underlying profit in the third quarter was up 7% versus the second quarter of 2026.
 
Net incomeA
 
 
Net income of £14,819 million was up 9% compared to the first nine months of 2025, with higher underlying net interest income and higher underlying other income, partially offset by an increased charge for operating lease depreciation. Net income in the third quarter of 2026 was up 2% compared to the second quarter.
 
Within net income, underlying net interest income of £11,084 million in the first nine months of 2026 was up 10% compared to the prior year (nine months to 30 September 2025: £10,106 million). This was supported by a higher banking net interest margin of 3.21% (nine months to 30 September 2025: 3.04%), driven by increased structural hedge income as maturing positions were reinvested at higher interest rates, partially offset by asset margin compression across portfolios, particularly in UK mortgages, and a competitive deposit market. Net interest income for the period was also supported by strong customer-led lending growth. The Group delivered continued, broad-based growth across the Retail business, with increases in UK mortgages (net of the impact of the securitisation of £1.8 billion of primarily legacy Retail mortgages in the second quarter), the unsecured lending businesses, the European retail business and UK Motor Finance. Within Commercial Banking, lending growth within Corporate and Institutional Banking was strong, with growth in Business and Commercial Banking partially offset by continued repayments of government-backed lending. Together, this resulted in average interest-earning banking assets in the first nine months increasing to £477.5 billion (nine months to 30 September 2025: £460.4 billion). Underlying net interest income in the first nine months of 2026 included a non-banking net interest expense of £386 million (nine months to 30 September 2025: £372 million). The Group guidance remains for underlying net interest income for 2026 to be greater than £14.9 billion. Current market conditions imply that this will be modestly above £14.9 billion.
 
Underlying net interest income of £3,806 million for the third quarter was up 3% compared to the second quarter of 2026 (three months to 30 June 2026: £3,709 million). A growing structural hedge contribution offset the impact of asset margin compression and a competitive deposit market. This resulted in a higher banking net interest margin of 3.25% in the third quarter compared to 3.22% in the second quarter of 2026, continuing positive margin momentum although at a slowing pace. Alongside, average interest-earning banking assets grew 1% to £481.0 billion (three months to 30 June 2026: £477.9 billion), reflecting growth across the Retail division, led by the unsecured lending businesses, UK Motor Finance and the European retail business, and growth in Corporate and Institutional Banking within Commercial Banking.
 
The Group manages the risk to earnings and capital from movements in interest rates by hedging the net liabilities which are stable or less sensitive to movements in rates. As at 30 September 2026, the notional balance of the sterling structural hedge was £246 billion (31 December 2025: £244 billion) with a weighted average life of approximately 3.75 years (31 December 2025: approximately 3.75 years). The £2 billion increase occurred in the first quarter, reflecting continued strong performance in hedge eligible balances, including personal current accounts. The notional balance remained stable in the third quarter. The Group generated £5.2 billion of total income from structural hedge balances in the first nine months of 2026 (nine months to 30 September 2025: £4.0 billion). The Group continues to expect structural hedge earnings to be greater than £7.0 billion in 2026 and greater than £8.0 billion in 2027, with earnings growth from the structural hedge expected to continue thereafter.
 
 
REVIEW OF PERFORMANCE (continued)
 
Income statement - underlying basisA (continued)
 
Underlying other income of £4,996 million in the first nine months of 2026 grew by 10% compared to the prior year (nine months to 30 September 2025: £4,526 million), with broad-based growth due to strengthening customer activity, the continued benefit of investments in strategic initiatives and the addition of Lloyds Wealth. This included an increase of 10% in Retail, driven by UK Motor Finance fleet growth and higher average vehicle rental value and a gain on the securitisation of primarily legacy mortgages. Within Commercial Banking, underlying other income decreased by 3% year-on-year, with higher revenues from increased transaction banking and loan markets activity more than offset by lower markets income, reflecting the impact of market volatility and macroeconomic uncertainty. Insurance, Pensions and Investments underlying other income was up 14%, driven by Lloyds Wealth and strong performance in the Workplace business, partially offset by increased general insurance claims, particularly given the industry-wide subsidence event. Equity Investments and Central Items benefitted from continued growth in Lloyds Living and strong realisations and net valuation gains in LDC, with the Group’s equity investment businesses up 29%.
 
Underlying other income in the third quarter was down 1% compared to the second quarter of 2026. This was primarily driven by increased claims related to the industry-wide subsidence event in Insurance, Pensions and Investments and lower markets income in Commercial Banking driven by continued macroeconomic volatility, whilst the second quarter benefitted from securitisation and LDC gains. This was all partly offset by continued growth within Retail, particularly by UK Motor Finance fleet growth and income from current accounts, alongside growth in Lloyds Living.
 
Operating lease depreciation of £1,261 million in the first nine months of 2026 was 17% higher than in the prior year (nine months to 30 September 2025: £1,075 million), given fleet growth, the depreciation of higher value vehicles and a second quarter charge for reduced used car prices, partially offset by continued risk mitigation. Operating lease depreciation was 7% lower in the third quarter compared to the second quarter, at £420 million, predominantly due to the non-repeat of the additional charge taken in the second quarter to reflect used car prices, offset by ongoing fleet growth.
 
Total costsA
 
 
Operating costs of £7,246 million were up 1% in the year to date (nine months to 30 September 2025: £7,176 million). This reflected business growth costs, inflationary pressures and costs related to Lloyds Wealth, largely offset by continued cost savings, a lower severance expense and plateauing investment as the current strategic cycle culminates. Operating costs in the third quarter were 1% lower than in the second quarter, driven primarily by a reduced depreciation charge and lower investment spend, offset by higher severance costs.
 
A remediation charge of £61 million was recognised by the Group in the first nine months of 2026 (nine months to 30 September 2025: £912 million) across a small number of programmes. The prior year included £800 million in relation to the potential impact of motor finance commission arrangements, taken in the third quarter of 2025. There have been no further charges relating to motor finance commission arrangements. The FCA published policy statement PS26/3 in March 2026 with final rules for its motor finance redress schemes. Four challenges to the FCA’s schemes have been raised, three by lenders and one by a consumer group. The implementation of the schemes has now been delayed, as the Upper Tribunal hearing in respect of those challenges is listed for hearing in the second half of February 2027. The Group will closely monitor the development of these challenges and consider any potential impact on the existing provision. Despite these uncertainties, as well as broader implications of any legal and/or regulatory developments, the current provision continues to represent the Group’s current best estimate of the potential impact of the motor finance issue.
 
Total costs, including remediation, of £7,307 million in the year to date were 10% lower than in the prior year (nine months to 30 September 2025: £8,088 million), with net income up 9%. The cost:income ratio was 49.3% (nine months to 30 September 2025: 59.7%). In the third quarter the cost:income ratio was 47.2%. The cost:income ratio excluding remediation for the first nine months of the year was 48.9% (nine months to 30 September 2025: 52.9%). For 2026, the Group continues to expect the cost:income ratio to be less than 50%, with operating costs of less than £9.9 billion.
 
REVIEW OF PERFORMANCE (continued)
 
Income statement - underlying basisA (continued)
 
Underlying impairmentA
 
 
The underlying impairment charge in the first nine months of 2026 was £930 million (nine months to 30 September 2025: £618 million), resulting in an asset quality ratio of 25 basis points. The pre-updated MES charge of £842 million (nine months to 30 September 2025: £591 million) is equivalent to an asset quality ratio of 23 basis points. The higher charge compared to the prior year is driven by model updates in both 2025 and 2026 and a more normalised level of impairment in 2026, along with balance sheet growth in Retail and lower one-off provision releases in Commercial Banking. The charge from updated multiple economic scenarios (MES) in the first nine months was £88 million (nine months to 30 September 2025: £27 million), reflecting the impact of the deterioration in the economic outlook due to the Middle East conflict. This is partially offset by the release of the £50 million post model adjustment for global tariff and political disruption risks within Commercial Banking in the first quarter, now considered to be adequately captured within macroeconomic assumptions and resulting modelled provisions.
 
The impairment charge in the third quarter of £313 million, equivalent to an asset quality ratio of 25 basis points, includes an £8 million MES impact, reflecting modest updates to the economic outlook including the impact of higher unsecured interest rates. The higher pre-updated MES charge includes charges in Commercial Banking following the reassessment of a small number of existing cases in default, partially offset by a benefit from model updates. Retail continues to reflect a normalised level of impairment, following model updates in prior periods. Credit performance remains strong and stable across Retail and Commercial Banking with arrears low and stable in all portfolios. The Group continues to expect the asset quality ratio to be c.25 basis points in 2026.
 
Restructuring, volatility and other items
 
 
Restructuring costs for the first nine months of 2026 were £51 million (nine months to 30 September 2025: £16 million), including charges related to Lloyds Wealth and Curve. Volatility and other items were a net gain of £94 million for the first nine months of 2026 (nine months to 30 September 2025: net loss of £157 million). This included a gain from market and other volatility of £217 million (nine months to 30 September 2025: loss of £51 million), as a result of positive market volatility, including the impact of policyholder tax which is offset within the Group’s tax line. This was partially offset by regular charges for the amortisation of purchased intangibles of £110 million (nine months to 30 September 2025: £61 million) and fair value unwind of £13 million (nine months to 30 September 2025: £45 million). The increase in amortisation of purchased intangibles includes costs relating to Lloyds Wealth and the acquisition of Curve in May 2026. The reduction in fair value unwind resulted from the maturity of certain debt instruments fair valued as part of the HBOS acquisition and the run-off of fair value adjustments relating to Tusker fleet assets in the second half of 2025.
 
The return on tangible equity for the period was 17.9% (nine months to 30 September 2025: 11.9%) and 19.5% for the third quarter (three months to 30 June 2026: 17.0%). The improvement in the quarter resulted from strong performance in profitability alongside a reduction in tangible net assets (see below). The Group continues to expect the return on tangible equity for 2026 to be greater than 16%.
 
In January 2026, the Board decided to return surplus capital in respect of 2025 through an ordinary share buyback programme of up to £1.75 billion. This launched on 30 January 2026 and completed on 24 September 2026, with c.1.7 billion ordinary shares repurchased at a cost of £1.75 billion. In July 2026, the Group announced a further ordinary share buyback of up to £1.0 billion. This launched on 31 July 2026 with 0.2 billion ordinary shares repurchased as at 30 September 2026, at a cost of £0.2 billion.
 
Tangible net assets per share at 30 September 2026 were 55.4 pence, down 1.6 pence in both the year to date and the third quarter. In the third quarter, increases from profit attributable to ordinary shareholders, the unwind of the ordinary share buyback accrual recognised in the second quarter and the reduction in shares in issue due to share buyback programmes were more than offset by capital distributions and the effect of higher longer-term rates impacting the cash flow hedge reserve.
 
The Group recognised a tax expense of £1,790 million in the first nine months of 2026 (nine months to 30 September 2025: £1,356 million), including £620 million in the third quarter, both representing an effective tax rate of 27%.
  
REVIEW OF PERFORMANCE (continued)
 
Balance sheet
 
 
In the first nine months of 2026, underlying loans and advances to customers of £495.5 billion increased by £14.4 billion (up 3%), or £16.0 billion excluding central movements, mainly the fair value hedge resulting from rising swap rates. Growth within Retail of £6.8 billion included an increase of £2.1 billion in UK mortgages (or £3.9 billion excluding the impact of a securitisation of £1.8 billion of primarily legacy Retail mortgages in the second quarter), alongside £4.4 billion of growth across credit cards, UK Retail unsecured loans, UK Motor Finance and the European retail business. Securitisation activity is conducted to manage risk on the balance sheet and to offset regulatory capital pressures, where market opportunities allow net present value positive transactions for the Group. Within Commercial Banking, lending balances increased by £9.2 billion in the first nine months of 2026, reflecting broad-based growth in Corporate and Institutional Banking and Business and Commercial Banking, net of continued government-backed lending repayments.
 
Underlying loans and advances to customers increased by £4.0 billion in the third quarter, or £5.1 billion excluding central movements, mainly the fair value hedge resulting from rising swap rates. Retail underlying loans and advances to customers increased by £1.8 billion, with broad-based growth across Retail lending products, while Commercial Banking balances increased by £3.3 billion reflecting broad-based growth in both Corporate and Institutional Banking and Business and Commercial Banking, net of continued government-backed lending repayments.
 
Customer deposits of £502.8 billion increased by £6.3 billion in the first nine months of 2026 (up 1%). Retail deposits of £321.5 billion were down by £3.7 billion, driven by lower Retail UK savings account balances largely in the first quarter, due to disciplined pricing in the context of a competitive deposit market. Retail UK current account balances were up £1.0 billion, supported by the strength of the Group’s franchise and proposition. Commercial Banking deposits of £180.7 billion increased by £9.6 billion in the first nine months of 2026, with growth in targeted sectors.
 
Customer deposits grew by £1.9 billion in the third quarter, driven by growth in Commercial Banking. Retail deposits remained broadly stable, with growth in UK deposits, up £0.2 billion, more than offset by reduced Retail Europe deposits, down £0.5 billion, as the Group balances funding needs with pricing discipline in competitive markets. Within Retail, current account balances grew by £0.6 billion increasing the Group’s market share of balances and deepening relationships in this core product. Commercial Banking deposits increased by £2.1 billion in the third quarter, with growth in targeted sectors.
 
Open book assets under administration (AuA) in Insurance, Pensions and Investments stood at £247 billion as at 30 September 2026. The Group saw a net outflow of £2.0 billion during the first nine months of 2026 in open book AuA, due to the expected exit of two schemes in the third quarter.
 
The Group has a large, high quality liquid asset portfolio held mainly in cash and government bonds, with all assets hedged for interest rate risk. The Group’s liquid assets continue to significantly exceed regulatory requirements and internal risk appetite, with a strong, stable liquidity coverage ratio of 143% at 30 September 2026 (31 December 2025: 145%) and a net stable funding ratio of 123% (31 December 2025: 124%). The loan to deposit ratio of 99% (31 December 2025: 97%), slightly up versus 31 December 2025, continues to reflect a robust funding and liquidity position.
 
The underlying expected credit loss (ECL) allowance reduced slightly in the first nine months to £3,254 million (31 December 2025: £3,353 million). This reflected the derecognition of mortgage assets after a securitisation transaction in the second quarter and reductions from quarterly model calibrations, partially offset by an increase driven by the updated economic outlook.
  
REVIEW OF PERFORMANCE (continued)
 
Capital
  
 
The Group’s CET1 capital ratio at 30 September 2026 was 13.3% (31 December 2025: 13.2% pro forma). Capital generation during the first nine months of the year was 153 basis points (45 basis points in the third quarter). This largely reflects strong banking build and the £100 million interim ordinary dividend received from the Insurance business in June 2026, partially offset by risk-weighted asset increases driven mainly by customer lending. The impact of the interim ordinary dividend paid and the foreseeable ordinary dividend accrual equated to 88 basis points, with a further 44 basis points to cover the ordinary share buyback programme of up to £1.0 billion, announced in July 2026. The acquisition of Curve, completed in May 2026, utilised 7 basis points of capital. The Group continues to expect capital generation in 2026 of greater than 200 basis points.
 
Risk-weighted assets increased by £11.9 billion to £247.4 billion at 30 September 2026 (31 December 2025: £235.5 billion), largely reflecting the impact of strong lending growth and market and other movements, partially offset by continued optimisation including risk transfer and securitisation activity across Commercial Banking and Retail. In the third quarter, risk-weighted assets increased by £5.6 billion, largely reflecting the impact of customer and bank lending growth in a period of limited optimisation.
 
The Group continues to expect the initial impact of Basel 3.1 implementation on 1 January 2027 to result in a Day 1 risk-weighted assets reduction in the range of c.£6 billion to c.£8 billion. The Group’s Retail secured CRD IV models remain subject to review and approval by the PRA and therefore uncertainty remains on the final outcome.
 
The PRA provided an update on the Group’s Pillar 2A CET1 capital requirement during the third quarter. From 1 January 2027 the requirement will reduce to c.1.2% of risk-weighted assets, reflecting the implementation of Basel 3.1. The current requirement of c.1.4% of risk-weighted assets will continue to apply until 31 December 2026. The Group’s total regulatory CET1 capital requirement remains c.12% of risk-weighted assets. The Board’s view of the ongoing level of total CET1 capital required to grow the business, meet current and future regulatory requirements and cover economic and business uncertainties remains c.13.0%. This includes a management buffer of c.1%. The Board intends to pay down to the CET1 capital target of c.13.0% by the end of 2026.
 
 
ADDITIONAL INFORMATION
 
 
 
 
Capital generation
 
Pro forma CET1 ratio as at 31 December 2025A,1
 
13.2%
 
 
Banking build (bps)2
 
 188 
 
 
Insurance dividend (bps)
 
 4 
 
 
Risk-weighted assets (bps)
 
 (68)
 
 
Other movements (bps)3
 
 29 
 
 
Capital generation (bps)
 
 153 
 
 
Ordinary dividend (bps)4
 
 (88)
 
 
Share buyback (bps)5
 
 (44)
 
 
Curve acquisition (bps)
 
 (7)
 
 
CET1 ratio as at 30 September 2026
 
 13.3 %
 
 
 
1 31 December 2025 pro forma CET1 ratio reflects the full impact of the share buyback in respect of 2025, announced in January 2026.
2 Includes impairment charge and excess regulatory expected losses.
3 Includes share-based payments and market volatility.
4 Reflects the impact of the interim ordinary dividend paid in September 2026 and the foreseeable ordinary dividend accrual.
5 Reflects the full impact of the share buyback in respect of the first half of 2026, announced in July 2026.
 
 
Underlying impairmentA
 
 
Nine months ended
30 Sep 2026
£m
 
 
 
Nine months ended
30 Sep 2025
£m
 
 
 
Change
%
 
 
Three months ended
30 Sep
2026
£m
 
 
 
Three months ended
30 Sep 2025
£m
 
 
 
Change
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Charges (credits) pre-updated MES1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail
 
 760 
 
 
 
 627 
 
 
 
 (21)
 
 
 272 
 
 
 
 201 
 
 
 
 (35)
 
Commercial Banking
 
 81 
 
 
 
 (36)
 
 
 
 
 
 33 
 
 
 
 (61)
 
 
 
 
Other
 
 1 
 
 
 
 – 
 
 
 
 
 
 – 
 
 
 
 – 
 
 
 
 
 
 842 
 
 
 
 591 
 
 
 
 (42)
 
 
 305 
 
 
 
 140 
 
 
 
 
Updated economic outlook (MES)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail
 
 84 
 
 
 
 (42)
 
 
 
 
 
 7 
 
 
 
 42 
 
 
 
 83 
 
Commercial Banking
 
 4 
 
 
 
 69 
 
 
 
 94 
 
 
 1 
 
 
 
 (6)
 
 
 
 
 
 88 
 
 
 
 27 
 
 
 
 
 
 8 
 
 
 
 36 
 
 
 
 78 
 
Underlying impairment chargeA
 
 930 
 
 
 
 618 
 
 
 
 (50)
 
 
 313 
 
 
 
 176 
 
 
 
 (78)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset quality ratioA
 
0.25%
 
 
 
0.18%
 
 
 
7bp
 
 
0.25%
 
 
 
0.15%
 
 
 
10bp
 
  
1 Impairment charges excluding the impact from the updated economic outlook (multiple economic scenarios, MES) taken each quarter.
 
 
ADDITIONAL INFORMATION (continued)
 
Loans and advances to customers and expected credit loss allowance – underlyingA basis
 
At 30 September 2026
 
Stage 1
£m
 
 
 
Stage 2
£m
 
 
 
Stage 3
£m
 
 
 
Total
£m
 
 
 
Stage 2
as % of
total
 
 
 
Stage 3
as % of
total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans and advances to customers
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UK mortgages1
 
 289,535 
 
 
 
 31,286 
 
 
 
 5,088 
 
 
 
 325,909 
 
 
 
 9.6 
 
 
 
 1.6 
 
 
Credit cards
 
 16,601 
 
 
 
 2,183 
 
 
 
 320 
 
 
 
 19,104 
 
 
 
 11.4 
 
 
 
 1.7 
 
 
UK unsecured loans and overdrafts
 
 11,249 
 
 
 
 1,462 
 
 
 
 215 
 
 
 
 12,926 
 
 
 
 11.3 
 
 
 
 1.7 
 
 
UK Motor Finance2
 
 15,099 
 
 
 
 2,613 
 
 
 
 149 
 
 
 
 17,861 
 
 
 
 14.6 
 
 
 
 0.8 
 
 
Other
 
 23,014 
 
 
 
 400 
 
 
 
 140 
 
 
 
 23,554 
 
 
 
 1.7 
 
 
 
 0.6 
 
 
Retail
 
 355,498 
 
 
 
 37,944 
 
 
 
 5,912 
 
 
 
 399,354 
 
 
 
 9.5 
 
 
 
 1.5 
 
 
Business and Commercial Banking
 
 25,547 
 
 
 
 3,549 
 
 
 
 1,030 
 
 
 
 30,126 
 
 
 
 11.8 
 
 
 
 3.4 
 
 
Corporate and Institutional Banking
 
 67,493 
 
 
 
 2,039 
 
 
 
 680 
 
 
 
 70,212 
 
 
 
 2.9 
 
 
 
 1.0 
 
 
Commercial Banking
 
 93,040 
 
 
 
 5,588 
 
 
 
 1,710 
 
 
 
 100,338 
 
 
 
 5.6 
 
 
 
 1.7 
 
 
Equity Investments and Central Items3
 
 (1,141)
 
 
 
 – 
 
 
 
 – 
 
 
 
 (1,141)
 
 
 
 
 
 
 
 
Total gross lending
 
 447,397 
 
 
 
 43,532 
 
 
 
 7,622 
 
 
 
 498,551 
 
 
 
 8.7 
 
 
 
 1.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer related ECL allowance (drawn and undrawn)
 
 
 
 
 
 
 
 
 
 
 
UK mortgages1
 
 57 
 
 
 
 218 
 
 
 
 449 
 
 
 
 724 
 
 
 
 
 
 
 
 
Credit cards
 
 223 
 
 
 
 288 
 
 
 
 160 
 
 
 
 671 
 
 
 
 
 
 
 
 
UK unsecured loans and overdrafts
 
 157 
 
 
 
 216 
 
 
 
 116 
 
 
 
 489 
 
 
 
 
 
 
 
 
UK Motor Finance4
 
 206 
 
 
 
 141 
 
 
 
 77 
 
 
 
 424 
 
 
 
 
 
 
 
 
Other
 
 20 
 
 
 
 10 
 
 
 
 33 
 
 
 
 63 
 
 
 
 
 
 
 
 
Retail
 
 663 
 
 
 
 873 
 
 
 
 835 
 
 
 
 2,371 
 
 
 
 
 
 
 
 
Business and Commercial Banking
 
 77 
 
 
 
 154 
 
 
 
 130 
 
 
 
 361 
 
 
 
 
 
 
 
 
Corporate and Institutional Banking
 
 79 
 
 
 
 111 
 
 
 
 319 
 
 
 
 509 
 
 
 
 
 
 
 
 
Commercial Banking
 
 156 
 
 
 
 265 
 
 
 
 449 
 
 
 
 870 
 
 
 
 
 
 
 
 
Equity Investments and Central Items
 
 – 
 
 
 
 – 
 
 
 
 – 
 
 
 
 – 
 
 
 
 
 
 
 
 
Total
 
 819 
 
 
 
 1,138 
 
 
 
 1,284 
 
 
 
 3,241 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer related ECL allowance (drawn and undrawn) as a percentage of loans and advances to customers5
 
 
 
Stage 1%
 
 
 
Stage 2%
 
 
 
Stage 3%
 
 
 
Total%
 
 
 
 
 
 
 
 
UK mortgages
 
–
 
 
 
0.7
 
 
 
8.8
 
 
 
0.2
 
 
 
 
 
 
 
 
Credit cards
 
1.3
 
 
 
13.2
 
 
 
52.6
 
 
 
3.5
 
 
 
 
 
 
 
 
UK unsecured loans and overdrafts
 
1.4
 
 
 
14.8
 
 
 
57.4
 
 
 
3.8
 
 
 
 
 
 
 
 
UK Motor Finance
 
1.4
 
 
 
5.4
 
 
 
51.7
 
 
 
2.4
 
 
 
 
 
 
 
 
Other
 
0.1
 
 
 
2.5
 
 
 
23.6
 
 
 
0.3
 
 
 
 
 
 
 
 
Retail
 
0.2
 
 
 
2.3
 
 
 
14.2
 
 
 
0.6
 
 
 
 
 
 
 
 
Business and Commercial Banking
 
0.3
 
 
 
4.3
 
 
 
15.7
 
 
 
1.2
 
 
 
 
 
 
 
 
Corporate and Institutional Banking
 
0.1
 
 
 
5.4
 
 
 
46.9
 
 
 
0.7
 
 
 
 
 
 
 
 
Commercial Banking
 
0.2
 
 
 
4.7
 
 
 
29.8
 
 
 
0.9
 
 
 
 
 
 
 
 
Equity Investments and Central Items
 
 
 
 
–
 
 
 
–
 
 
 
 
 
 
 
 
 
 
 
Total
 
0.2
 
 
 
2.6
 
 
 
17.4
 
 
 
0.7
 
 
 
 
 
 
 
 
 
1 UK mortgages balances on an underlying basisA exclude the impact of the HBOS acquisition-related adjustments.  
2 UK Motor Finance balances on an underlying basisA exclude a finance lease gross up.
3 Contains central fair value hedge accounting adjustments.
4 UK Motor Finance includes £228 million relating to provisions against residual values of vehicles subject to finance leases.
5 Stage 3 and Total exclude loans in recoveries in credit cards of £16 million, UK unsecured loans and overdrafts of £13 million and Business and Commercial Banking of £201 million.
 
 
ADDITIONAL INFORMATION (continued)
 
Total ECL allowance by scenario – underlying basisA
 
The following table shows the Group’s ECL for the probability-weighted, upside, base case, downside and severe downside scenarios.
 
Underlying basisA
 
Probability-
weighted
£m
 
 
 
Upside
£m
 
 
 
Base case
£m
 
 
 
Downside
£m
 
 
 
Severe
downside
£m
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At 30 September 2026
 
 
 3,254 
 
 
 
 2,582 
 
 
 
 2,969 
 
 
 
 3,617 
 
 
 
 5,031 
 
 
At 31 December 2025
 
 
 3,353 
 
 
 
 2,591 
 
 
 
 2,987 
 
 
 
 3,797 
 
 
 
 5,400 
 
 
  
 
Base case and MES economic assumptions
 
The Group’s base case economic scenario has been updated to reflect events through to the balance sheet date, including ongoing geopolitical developments. The Group has included updated assumptions for energy prices and conflict-related impacts in its quarter-end base case conditioning assumptions.
 
Incorporating the economic data published in the third quarter of 2026, the Group’s base case scenario is for an ongoing expansion in gross domestic product (GDP), modest gains in residential and commercial property prices alongside a small increase in the unemployment rate. Recent increases in energy prices imply increased inflationary pressures, warranting an upward adjustment in Bank Rate of 25 basis points in November 2026. However, the terminal rate assumption remains unchanged at 3.50%, reaching that level in the second half of 2028. Risks around this base case economic view lie in both directions and are largely captured by the generation of alternative economic scenarios.
 
The Group’s approach to generating alternative economic scenarios is set out in detail in note 21 to the financial statements of the Group’s 2025 Annual Report and Accounts. The Group has taken into account the latest available information at the reporting date in defining its base case scenario and generating alternative economic scenarios. The scenarios include forecasts for key variables as of the third quarter of 2026. Actuals for this period, or restatements of past data, may have since emerged prior to publication and have not been included.
 
UK economic assumptions – base case scenario by quarter
 
Key quarterly assumptions made by the Group in the base case scenario are shown below. GDP growth is presented quarter-on-quarter. House price growth, commercial real estate price growth and CPI inflation are presented year-on-year, i.e. from the equivalent quarter in the previous year. Unemployment rate and UK Bank Rate are presented as at the end of each quarter.
 
At 30 September 2026
 
First
quarter
2026
%
 
Second
quarter
2026
%
 
Third
quarter
2026
%
 
Fourth
quarter
2026
%
 
First
quarter
2027
%
 
Second
quarter
2027
%
 
Third
quarter
2027
%
 
Fourth
quarter
2027
%
 
 
 
 
 
 
 
 
 
 
Gross domestic product growth
 
0.6
 
0.4
 
0.3
 
0.2
 
0.2
 
0.3
 
0.3
 
0.3
 
Unemployment rate
 
5.0
 
4.9
 
5.0
 
5.1
 
5.3
 
5.3
 
5.3
 
5.2
 
House price growth
 
0.8
 
0.6
 
0.3
 
0.7
 
0.5
 
1.0
 
1.6
 
1.7
 
Commercial real estate price growth
 
0.8
 
0.3
 
(0.3)
 
(0.6)
 
(0.9)
 
(0.8)
 
(0.7)
 
(0.4)
 
UK Bank Rate
 
3.75
 
3.75
 
3.75
 
4.00
 
4.00
 
4.00
 
4.00
 
4.00
 
CPI inflation
 
3.1
 
2.8
 
3.0
 
3.6
 
4.3
 
3.7
 
2.9
 
2.3
 
 
ADDITIONAL INFORMATION (continued)
 
Base case and MES economic assumptions (continued)
 
UK economic assumptions – scenarios by year
Key annual assumptions made by the Group are shown below. GDP growth and CPI inflation are presented as an annual change, house price growth and commercial real estate price growth are presented as the growth in the respective indices within the period. Unemployment rate and UK Bank Rate are averages for the period.
 
At 30 September 2026
 
2026
%
 
2027
%
 
2028
%
 
2029
%
 
2030
%
 
2026-2030
average
%
 
 
 
 
 
 
 
 
Upside
 
 
 
 
 
 
 
Gross domestic product growth
 
1.4
 
2.5
 
1.9
 
1.6
 
1.7
 
1.8
 
Unemployment rate
 
4.9
 
3.7
 
3.1
 
3.0
 
3.3
 
3.6
 
House price growth
 
1.1
 
4.3
 
8.1
 
7.7
 
6.5
 
5.5
 
Commercial real estate price growth
 
0.7
 
8.3
 
4.4
 
2.7
 
1.3
 
3.5
 
UK Bank Rate
 
3.81
 
4.91
 
5.21
 
5.36
 
5.58
 
4.98
 
CPI inflation
 
3.1
 
3.3
 
1.9
 
2.6
 
3.0
 
2.8
 
 
 
 
 
 
 
 
Base case
 
 
 
 
 
 
 
Gross domestic product growth
 
1.3
 
1.1
 
1.3
 
1.5
 
1.7
 
1.4
 
Unemployment rate
 
5.0
 
5.3
 
5.0
 
4.7
 
4.7
 
4.9
 
House price growth
 
0.7
 
1.7
 
2.2
 
2.9
 
3.6
 
2.2
 
Commercial real estate price growth
 
(0.6)
 
(0.4)
 
1.0
 
1.0
 
0.5
 
0.3
 
UK Bank Rate
 
3.81
 
4.00
 
3.63
 
3.50
 
3.50
 
3.69
 
CPI inflation
 
3.1
 
3.3
 
1.6
 
1.8
 
2.0
 
2.4
 
 
 
 
 
 
 
 
Downside
 
 
 
 
 
 
 
Gross domestic product growth
 
1.2
 
(0.8)
 
0.2
 
1.3
 
1.7
 
0.7
 
Unemployment rate
 
5.1
 
7.1
 
7.5
 
7.0
 
6.8
 
6.7
 
House price growth
 
0.4
 
(1.3)
 
(5.1)
 
(3.8)
 
(1.0)
 
(2.2)
 
Commercial real estate price growth
 
(2.0)
 
(10.3)
 
(4.3)
 
(2.4)
 
(2.0)
 
(4.3)
 
UK Bank Rate
 
3.81
 
2.92
 
1.52
 
1.06
 
0.80
 
2.02
 
CPI inflation
 
3.1
 
3.2
 
1.2
 
0.8
 
0.7
 
1.8
 
 
 
 
 
 
 
 
Severe downside
 
 
 
 
 
 
 
Gross domestic product growth
 
1.0
 
(3.1)
 
(0.8)
 
1.1
 
1.6
 
(0.1)
 
Unemployment rate
 
5.4
 
9.5
 
10.4
 
9.7
 
9.2
 
8.8
 
House price growth
 
0.0
 
(3.2)
 
(12.4)
 
(10.8)
 
(6.4)
 
(6.7)
 
Commercial real estate price growth
 
(4.0)
 
(20.9)
 
(10.2)
 
(7.7)
 
(5.7)
 
(9.9)
 
UK Bank Rate
 
3.81
 
1.53
 
0.16
 
0.04
 
0.01
 
1.11
 
CPI inflation
 
3.1
 
3.2
 
0.7
 
(0.4)
 
(0.9)
 
1.1
 
 
 
 
 
 
 
 
Probability-weighted
 
 
 
 
 
 
 
Gross domestic product growth
 
1.2
 
0.6
 
0.9
 
1.4
 
1.7
 
1.2
 
Unemployment rate
 
5.0
 
5.8
 
5.7
 
5.4
 
5.4
 
5.5
 
House price growth
 
0.7
 
1.1
 
0.3
 
1.0
 
2.1
 
1.0
 
Commercial real estate price growth
 
(1.0)
 
(2.8)
 
(0.7)
 
(0.4)
 
(0.7)
 
(1.1)
 
UK Bank Rate
 
3.81
 
3.70
 
3.12
 
2.98
 
2.97
 
3.32
 
CPI inflation
 
3.1
 
3.3
 
1.5
 
1.5
 
1.6
 
2.2
 
 
 
ALTERNATIVE PERFORMANCE MEASURES
 
The statutory results are supplemented with a number of metrics that are used throughout the banking and insurance industries on an underlying basis. A description of these measures and their calculation, which remain materially unchanged since the year-end, is set out on pages 62 to 67 of the Group’s 2025 Full Year Results news release.
 
  
 
Nine months ended
30 Sep
2026
£m
 
 
 
Nine months ended
30 Sep
2025
£m
 
 
 
 
 
 
 
 
Banking net interest marginA
 
 
 
 
 
 
Underlying net interest incomeA (£m)
 
 11,084 
 
 
 
 10,106 
 
 
Remove non-banking underlying net interest expense (£m)
 
 386 
 
 
 
 372 
 
 
Banking underlying net interest income (£m)
 
 11,470 
 
 
 
 10,478 
 
 
 
 
 
 
 
 
Loans and advances to customers (£bn)
 
 495.6 
 
 
 
 477.5 
 
 
Remove finance lease gross up1 (£bn)
 
 (0.1)
 
 
 
 (0.4)
 
 
Underlying loans and advances to customersA (£bn)
 
 495.5 
 
 
 
 477.1 
 
 
Add back:
 
 
 
 
 
 
Expected credit loss allowance (drawn) (£bn)
 
 2.9 
 
 
 
 3.1 
 
 
Acquisition related fair value adjustments (£bn)
 
 0.1 
 
 
 
 0.1 
 
 
Underlying gross loans and advances to customers (£bn)
 
 498.5 
 
 
 
 480.3 
 
 
Adjustment for non-banking and other items:
 
 
 
 
 
 
Fee-based loans and advances (£bn)
 
 (15.2)
 
 
 
 (11.4)
 
 
Other (£bn)
 
 2.2 
 
 
 
 0.2 
 
 
Interest-earning banking assets (£bn)
 
 485.5 
 
 
 
 469.1 
 
 
Averaging (£bn)
 
 (8.0)
 
 
 
 (8.7)
 
 
Average interest-earning banking assetsA (£bn)
 
 477.5 
 
 
 
 460.4 
 
 
 
 
 
 
 
 
Banking net interest marginA
 
3.21%
 
 
 
3.04%
 
 
 
1 The finance lease gross up represents a statutory accounting adjustment required under IFRS 9 to recognise a continuing involvement asset following the partial derecognition of a component of the Group's finance lease book via a securitisation in the third quarter of 2024.
 
 
Nine months ended
30 Sep
2026
£m
 
 
 
Nine months ended
30 Sep
2025
£m
 
 
 
 
 
 
 
 
Return on tangible equityA
 
 
 
 
 
 
Profit attributable to ordinary shareholders (£m)
 
 4,432 
 
 
 
 2,892 
 
 
 
 
 
 
 
 
Average ordinary shareholders’ equity (£bn)
 
 41.4 
 
 
 
 40.2 
 
 
Remove average goodwill and other intangible assets (£bn)
 
 (8.3)
 
 
 
 (7.8)
 
 
Average tangible equity (£bn)
 
 33.1 
 
 
 
 32.4 
 
 
 
 
 
 
 
 
Return on tangible equityA
 
17.9%
 
 
 
11.9%
 
 
  
 
KEY DATES
 
2026 preliminary results
28 January 2027
2026 annual report and accounts published
4 February 2027
Q1 2027 results
29 April 2027
2027 half year results
28 July 2027
Q3 2027 results
27 October 2027
  
 
BASIS OF PRESENTATION
 
This release covers the results of Lloyds Banking Group plc together with its subsidiaries (the Group) for the nine months ended 30 September 2026. Unless otherwise stated, income statement commentaries throughout this document compare the nine months ended 30 September 2026 to the nine months ended 30 September 2025 and the balance sheet analysis compares balances at 30 September 2026 to balances at 31 December 2025. The Group uses a number of alternative performance measures, including underlying profit, in the discussion of its business performance and financial position. These measures are labelled with a superscript ‘A’ throughout this document. Further information on these measures is set out above. Unless otherwise stated, commentary on page 1 is given on an underlying basis. The Group’s Q3 2026 Interim Pillar 3 disclosures can be found at: www.lloydsbankinggroup.com/investors/financial-downloads.html.
 
 
FORWARD-LOOKING STATEMENTS
 
This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and section 27A of the US Securities Act of 1933, as amended, with respect to the business, strategy, plans and/or results of Lloyds Banking Group plc together with its subsidiaries (the Group) and its current goals and expectations. Statements that are not historical or current facts, including statements about the Group’s or its directors’ and/or management’s beliefs and expectations, are forward-looking statements. Words such as, without limitation, ‘believes’, ‘achieves’, ‘anticipates’, ‘estimates’, ‘expects’, ‘targets’, ‘should’, ‘intends’, ‘aims’, ‘projects’, ‘plans’, ‘potential’, ‘will’, ‘would’, ‘could’, ‘considered’, ‘likely’, ‘may’, ‘seek’, ‘estimate’, ‘probability’, ‘goal’, ‘objective’, ‘deliver’, ‘endeavour’, ‘prospects’, ‘optimistic’ and similar expressions or variations on these expressions are intended to identify forward-looking statements. These statements concern or may affect future matters, including but not limited to: projections or expectations of the Group’s future financial position, including profit attributable to shareholders, provisions, economic profit, dividends, capital structure, portfolios, net interest margin, capital ratios, liquidity, risk-weighted assets (RWAs), expenditures or any other financial items or ratios; litigation, regulatory and governmental investigations; the Group’s future financial performance; the level and extent of future impairments and write-downs; the Group’s ESG targets and/or commitments; statements of plans, objectives or goals of the Group or its management and other statements that are not historical fact and statements of assumptions underlying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future. Factors that could cause actual business, strategy, targets, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward-looking statements include, but are not limited to: general economic and business conditions in the UK and internationally (including in relation to tariffs); imposed and threatened tariffs and changes to global trade policies; acts of hostility or terrorism and responses to those acts, or other such events; geopolitical unpredictability; the war between Russia and Ukraine; the escalation of conflicts in the Middle East; the tensions between China and Taiwan; political instability including as a result of any UK general election; market related risks, trends and developments; changes in client and consumer behaviour and demand; exposure to counterparty risk; the ability to access sufficient sources of capital, liquidity and funding when required; changes to the Group’s credit ratings; fluctuations in interest rates, inflation, exchange rates, stock markets and currencies; volatility in credit markets; volatility in the price of the Group’s securities; natural pandemic and other disasters; risks concerning borrower and counterparty credit quality; risks affecting insurance business and defined benefit pension schemes; changes in laws, regulations, practices and accounting standards or taxation; changes to regulatory capital or liquidity requirements and similar contingencies; the policies and actions of governmental or regulatory authorities or courts together with any resulting impact on the future structure of the Group; risks associated with the Group’s compliance with a wide range of laws and regulations; assessment related to resolution planning requirements; risks related to regulatory actions which may be taken in the event of a bank or Group failure; exposure to legal, regulatory or competition proceedings, investigations or complaints; failure to comply with anti-money laundering, counter terrorist financing, anti-bribery and sanctions regulations; failure to prevent or detect any illegal or improper activities; operational risks including risks as a result of the failure of third party suppliers; conduct risk; risks related to new and emerging technologies, including artificial intelligence; technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased threat of cyber and other attacks; technological failure; inadequate or failed internal or external processes or systems; risks relating to ESG matters, such as climate change (and achieving climate change ambitions) and decarbonisation, including the Group’s ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, and human rights issues; the impact of competitive conditions; failure to attract, retain and develop high calibre talent; the ability to achieve strategic objectives; the ability to derive cost savings and other benefits including, but without limitation, as a result of any acquisitions, disposals and other strategic transactions; inability to capture accurately the expected value from acquisitions; assumptions and estimates that form the basis of the Group’s financial statements; and potential changes in dividend policy. A number of these influences and factors are beyond the Group’s control. Please refer to the latest Annual Report on Form 20-F filed by Lloyds Banking Group plc with the US Securities and Exchange Commission (the SEC), which is available on the SEC’s website at www.sec.gov, for a discussion of certain factors and risks. Lloyds Banking Group plc may also make or disclose written and/or oral forward-looking statements in other written materials and in oral statements made by the directors, officers or employees of Lloyds Banking Group plc to third parties, including financial analysts. Except as required by any applicable law or regulation, the forward-looking statements contained in this document are made as of today’s date, and the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document whether as a result of new information, future events or otherwise. The information, statements and opinions contained in this document do not constitute a public offer under any applicable law or an offer to sell any securities or financial instruments or any advice or recommendation with respect to such securities or financial instruments.
 
 
CONTACTS
 
For further information please contact:
 
INVESTORS AND ANALYSTS
 
Douglas Radcliffe
 
Group Investor Relations Director
 
douglas.radcliffe@lloydsbanking.com
 
Rohith Chandra-Rajan
 
Director of Investor Relations
 
rohith.chandra-rajan@lloydsbanking.com
 
Nora Thoden
 
Director of Investor Relations – ESG
 
nora.thoden@lloydsbanking.com
 
Stefan Tutino
 
Investor Relations Senior Manager
 
stefan.tutino@lloydsbanking.com
 
CORPORATE AFFAIRS
 
Matt Smith
 
Head of Media Relations
 
matt.smith@lloydsbanking.com
 
Emma Fairhurst
 
Media Relations Senior Manager
 
emma.fairhurst@lloydsbanking.com
 
 
 
 
 
 
 
 
Copies of this News Release may be obtained from:
Investor Relations, Lloyds Banking Group plc, 33 Old Broad Street, London, EC2N 1HZ
The statement can also be found on the Group’s website – www.lloydsbankinggroup.com
 
Registered office: Lloyds Banking Group plc, The Mound, Edinburgh, EH1 1YZ
Registered in Scotland No. SC095000
LEI 549300PPXHEU2JF0AM85
 
 
Signatures
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
LLOYDS BANKING GROUP plc
 (Registrant)
 
 
 
By: Douglas Radcliffe
Name: Douglas Radcliffe
Title: Group Investor Relations Director
 
 
  
 
Date: 29 October 2026