Lloyds Banking Group plc (LON: LLOY) has today provided an update on charges relating to the mis-selling of Payment Protection Insurance (‘PPI’). At our half year results on 31 July 2019, the Group reported a PPI charge for the first half of 2019 of £650 million, with an unutilised provision of £1,083 million relating to complaints and associated administration costs. …
Tesco Personal Finance Plc. / Tesco Bank (LON: TSCO) today confirmed the sale of its mortgage portfolio to Lloyds Banking Group (LON: LLOY) for a cash consideration of c. £3.8bn. Tesco Bank has over 23,000 mortgage customers. The mortgage portfolio has a lending balance of c. £3.7bn and generated directly attributable pre-tax profits of £9.1m in the 2018/19 financial year …
Lloyds Banking Group plc (LON: LLOY) have today provided the following half year results. The Group has continued to make strong strategic progress during the first half of 2019 and delivered a good financial performance with market leading efficiency and returns. The economy has remained resilient although economic uncertainty has led to some softening in business confidence as well as …
Lloyds Banking Group plc (LON:LLOY) today announced Q1 2019 Interim Management Statement. GROUP CHIEF EXECUTIVE’S STATEMENT In the first three months of 2019 we have again delivered a strong business performance with continued strategic progress, increased statutory and underlying profit and strong financial returns. While Brexit uncertainty persists, and continued uncertainty could further impact the economy, I remain confident that …
Lloyds Banking Group plc (LON:LLOY) together with its subsidiaries released results for the year ended 31 December 2018. RESULTS FOR THE FULL YEAR ‘2018 has been a year of strong strategic and financial delivery, as we build on our unique capabilities to transform the Group to succeed in a digital world. We have made significant progress against the priorities we …
Lloyds Banking Group (LON:LLOY) announces that Kate Cheetham will be appointed as Group Company Secretary next year, in addition to her role as Group General Counsel.
Kate will take up her additional role in 2019. She succeeds Malcolm Wood who joined Lloyds as Group Company Secretary in November 2014 and has announced his intention to retire following the Group’s Annual General Meeting, in June 2019.
Kate joined Lloyds in 2005 from Linklaters and was appointed Group General Counsel in May 2015.
Lloyds Banking Group (LON:LLOY), today released Q3 2018 interim Management Statement
· Statutory profit after tax of £3.7 billion up 18 per cent, with a 5 per cent increase in underlying profit, an 11 per cent reduction in below the line charges and a lower effective tax rate
− Net income at £13.4 billion, 2 per cent higher, with net interest margin stable in the quarter at 2.93 per cent
− Operating costs reducing with lower business as usual costs1 offsetting increased investment; cost:income ratio further improved to 47.5 per cent with positive jaws of 5 per cent
− Asset quality remains strong with no deterioration in credit risk; gross asset quality ratio stable at 28 basis points with increased net asset quality ratio of 22 basis points reflecting expected lower write backs and releases
· Loans and advances up £2.3 billion in the quarter with prudent lending growth in targeted segments
· Return on tangible equity increased to 13.0 per
The Board of Lloyds Banking Group (LON:LLOY) is extremely grateful to George for the key role he has played in helping Lloyds navigate its way through the aftermath of the financial crisis to return to full private ownership in 2017. George joined in 2012 with a long track record of successful financial leadership. During his time at Lloyds, George has brought his extensive experience and deep understanding to bear in helping restore financial performance, resume dividend payments, develop the Group’s strategy and undertake important M&A activity, including the Group’s successful acquisition of MBNA in 2017.
A search for a suitable successor has commenced. It is envisaged that George will retire after H1 results in 2019.
António Horta-Osório, Group Chief Executive of Lloyds, said:
“George has been a crucial member of the team that has helped turn Lloyds around and position it for future success. He has a great mind and great ju
Lloyds Banking Group (LON:LLOY) and Schroders plc (LON:SDR) today announcd that they are entering into a strategic partnership to create a market-leading wealth management proposition.
This strategic partnership will combine Lloyds’ significant client base, multi-channel distribution and digital capabilities with Schroders’ investment and wealth management expertise and technology capabilities.
For Lloyds, the partnership is in line with the strategic objectives outlined in its latest strategic review and will accelerate the development of its Financial Planning and Retirement business, and deliver significant additional growth.
For Schroders, the partnership will continue its expansion into the strategically important UK wealth management market, building on its core strengths in active investment management. It will also leverage Benchmark Capital’s1 award-winning adviser platform technology.
This strategic partnership includes:
Lloyds Banking Group (LON:LLOY) today announced that following the purchase of ordinary shares on 24 August 2018, the share buyback programme which was announced on 8 March 2018 has completed in accordance with its terms. The programme was managed by UBS AG, London Branch. In aggregate between 8 March 2018 and 24 August 2018, the Company repurchased 1,577,908,423 ordinary shares …