TIDM94WP TIDMLLOY
RNS Number : 6107Q
Lloyds Bank PLC
28 October 2021
Lloyds Bank plc
Q3 2021 Interim Management Statement
28 October 2021
REVIEW OF PERFORMANCE
Income statement
In the nine months to 30 September 2021, the Group recorded a
profit before tax of GBP5,103 million compared to GBP620 million in
the same period in 2020, representing an increase of GBP4,483
million largely reflecting the improved economic outlook for the UK
in the first nine months of 2021 compared to the deterioration
assumed in 2020. Profit after tax was GBP4,962 million.
Total income decreased by GBP162 million, or 1 per cent, to
GBP11,072 million in the nine months to 30 September 2021 compared
to GBP11,234 million in the first nine months of 2020; there was a
decrease of GBP77 million in net interest income and a decrease of
GBP85 million in other income.
Net interest income was down GBP77 million, or 1 per cent, to
GBP8,249 million in the first nine months of 2021 compared to
GBP8,326 million in the first nine months of 2020. The net interest
margin reduced slightly reflecting the lower rate environment and
change in asset mix. Average interest-earning assets increased
driven by growth in the open mortgage book and the impact of
government supported loan schemes, partially offset by lower
balances in credit cards and motor finance, the effects of the
continued optimisation of the Corporate and Institutional book
within Commercial Banking and the repayment of revolving credit
facilities provided to support Commercial Banking clients during
the pandemic.
Other income was GBP85 million lower at GBP2,823 million in the
nine months to 30 September 2021 compared to GBP2,908 million in
the same period last year. Net fee and commission income was GBP156
million higher, with increases in card and other transaction-based
income, reflecting improved levels of customer activity following
the easing of restrictions relating to the pandemic, and increased
activity with commercial banking customers driving higher fees.
However, other operating income decreased by GBP246 million due to
lower levels of operating lease rental income as a result of the
reduced Lex Autolease vehicle fleet size and reduced gains on the
disposal of financial assets at fair value through other
comprehensive income.
Total operating expenses increased by GBP93 million to GBP6,760
million in the first nine months of 2021 compared to GBP6,667
million in the first nine months of 2020, due to an increase in
regulatory provision charges. There was a decrease of GBP95 million
in operating costs reflecting a reduction in depreciation of
tangible fixed assets, due to the reduced Lex Autolease vehicle
fleet size; gains on disposal of operating lease assets, accounted
for within operating expenses, were higher but partially offset by
higher restructuring costs, primarily technology research and
development costs and severance, as well as higher regulatory
programme costs. Staff costs were 4 per cent higher at GBP2,792
million in the first nine months of 2021 compared to GBP2,691
million in the first nine months of 2020, reflecting higher charges
for variable remuneration and an increase in severance costs.
The charge in respect of regulatory provisions was GBP188
million higher at GBP413 million and related to pre-existing
programmes. With respect to HBOS Reading, year to date GBP190
million has been recognised in relation to redress and operational
costs. As previously indicated, further significant charges could
be required in future quarters, although it is not possible to
reliably estimate the potential impact or timings at this
stage.
Impairment in the first nine months of the year was a net credit
of GBP791 million, compared to a net charge of GBP3,947 million in
the first nine months of 2020, largely reflecting the improved UK
macroeconomic outlook. Credit performance remains strong, with
sustained low levels of new to arrears.
The ECL allowance in respect of loans and advances to customers
was GBP4,371 million, a coverage ratio of 0.9 per cent. Observed
credit performance remained robust in the period, with the flow of
assets into arrears, defaults and write-offs remaining at low
levels. The Group has retained the judgemental overlays applied at
year end and has continued to offset modelled releases not deemed
reflective of underlying risk. The Group's GBP400 million central
overlay has been maintained.
REVIEW OF PERFORMANCE (continued)
The Group recognised a tax expense of GBP141 million in the
period compared to a credit of GBP307 million in the first nine
months of 2020. In March 2021, the UK Government announced its
intention to increase the rate of corporation tax from 19 per cent
to 25 per cent with effect from 1 April 2023 and this was
substantively enacted on 24 May 2021. As a result of this change in
tax rate, the Group has recognised a GBP1,189 million deferred tax
credit in the income statement and a GBP167 million debit within
other comprehensive income, increasing the Group's net deferred tax
asset by GBP1,022 million.
Balance sheet
Total assets were GBP3,179 million higher at GBP603,118 million
at 30 September 2021 compared to GBP599,939 million at 31 December
2020. Loans and advances to customers decreased by GBP198 million,
to GBP479,943 million at 30 September 2021 compared to GBP480,141
million at 31 December 2020. Excluding reverse repurchase
agreements, loans and advances to customers, net of impairment
allowances, were GBP7,178 million higher as an increase in the open
mortgage book was only partially offset by reductions in the closed
mortgage book, motor finance and larger corporate lending; however
customer reverse repurchase agreement balances decreased by
GBP7,376 million compared to 31 December 2020. Derivative assets
were GBP2,123 million lower at GBP6,218 million compared to
GBP8,341 million at 31 December 2020, reflecting reduced volumes
and movements in interest and exchange rates over the first nine
months of 2021.
Total liabilities were GBP2,062 million higher at GBP560,883
million compared to GBP558,821 million at 31 December 2020.
Customer deposits increased by GBP24,883 million, or 6 per cent, to
GBP459,452 million compared to GBP434,569 million at 31 December
2020, as a result of growth in retail current and savings accounts
and commercial deposits. This increase was partly offset by
reductions in deposits from banks, which were GBP15,238 million
lower at GBP9,759 million, and debt securities in issue, which were
GBP3,932 million lower at GBP55,361 million, both reflecting the
reduced need for wholesale funding following the further growth in
customer deposits, and in derivative liabilities which were
GBP3,588 million lower as a result of both reduced volumes and rate
movements.
Shareholders' equity increased by GBP2,767 million to GBP37,872
million; profit for the period was partly offset by movements in
the cash flow hedging reserve and ordinary dividends paid of
GBP1,000 million.
Capital
The Group's Common equity tier 1 (CET1) capital ratio has
increased from 15.5 per cent at 31 December 2020 to 16.0 per
cent(1) at 30 September 2021, primarily as a result of profit for
the period and a reduction in risk-weighted assets, partially
offset by the foreseeable dividend accrual, a reduction in IFRS 9
transitional relief and pension contributions. The tier 1 capital
ratio reduced from 19.8 per cent at 31 December 2020 to 19.0 per
cent(1) at 30 September 2021 and the total capital ratio reduced
from 23.5 per cent at 31 December 2020 to 22.3 per cent(1) at 30
September 2021, largely reflecting the annual reduction in
transitional limits applied to legacy tier 1 and tier 2 capital
instruments in addition to the derecognition of called AT1 and tier
2 instruments, offset in part by the issuance of new AT1 and tier 2
instruments, the increase in CET1 capital and the reduction in
risk-weighted assets.
Risk-weighted assets reduced by GBP4.2 billion to GBP166.7
billion at 30 September 2021 compared to GBP170.9 billion at 31
December 2020, primarily driven by continued optimisation activity
undertaken in Commercial Banking, partially offset by limited
credit migration and balance sheet growth.
The Group's UK leverage ratio of 5.2 per cent(1) at 30 September
2021 has reduced from 5.5 per cent at 31 December 2020.
(1) Incorporating profits for the quarter that remain subject to
formal verification in accordance with the Capital Requirements
Regulation.
CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Nine Nine
months months
ended 30 ended 30
Sep 2021 Sep 2020
GBPm GBPm
Net interest income 8,249 8,326
Other income 2,823 2,908
--------- ---------
Total income 11,072 11,234
Operating expenses (6,760) (6,667)
Impairment credit (charge) 791 (3,947)
--------- ---------
Profit before tax 5,103 620
Tax (expense) credit (141) 307
--------- ---------
Profit for the period 4,962 927
--------- ---------
Profit attributable to ordinary shareholders 4,645 593
Profit attributable to other equity holders 290 313
--------- ---------
Profit attributable to equity holders 4,935 906
Profit attributable to non-controlling interests 27 21
--------- ---------
Profit for the period 4,962 927
--------- ---------
CONDENSED CONSOLIDATED BALANCE SHEET
At 30 Sep At 31 Dec
2021 2020
GBPm GBPm
(unaudited) (audited)
Assets
Cash and balances at central banks 50,329 49,888
Financial assets at fair value through profit
or loss 1,364 1,674
Derivative financial instruments 6,218 8,341
----------- ---------
Loans and advances to banks 8,538 5,950
Loans and advances to customers 479,943 480,141
Debt securities 4,592 5,137
Due from fellow Lloyds Banking Group undertakings 773 738
----------- ---------
Financial assets at amortised cost 493,846 491,966
Financial assets at fair value through other comprehensive
income 27,600 27,260
Other assets 23,761 20,810
----------- ---------
Total assets 603,118 599,939
----------- ---------
Liabilities
Deposits from banks 9,759 24,997
Customer deposits 459,452 434,569
Due to fellow Lloyds Banking Group undertakings 7,478 6,875
Financial liabilities at fair value through profit
or loss 6,647 6,831
Derivative financial instruments 4,640 8,228
Debt securities in issue 55,361 59,293
Subordinated liabilities 8,388 9,242
Other liabilities 9,158 8,786
----------- ---------
Total liabilities 560,883 558,821
----------- ---------
Ordinary shareholders' equity 37,872 35,105
Other equity instruments 4,268 5,935
Non-controlling interests 95 78
----------- ---------
Total equity 42,235 41,118
----------- ---------
Total equity and liabilities 603,118 599,939
----------- ---------
ADDITIONAL FINANCIAL INFORMATION
1. Basis of presentation
This release covers the results of Lloyds Bank plc (the Bank)
together with its subsidiaries (the Group) for the nine months
ended 30 September 2021.
Accounting policies
The accounting policies are consistent with those applied by the
Group in its 2020 Annual Report and Accounts.
2. Capital
Capital and leverage ratios reported as at 30 September 2021
incorporate profits for the three months to that date that remain
subject to formal verification in accordance with the Capital
Requirements Regulation. The Group's Q3 2021 Interim Pillar 3
Report can be found at:
https://www.lloydsbankinggroup.com/investors/financial-downloads.html
3. UK economic assumptions
Base case scenario by quarter
Key quarterly assumptions made by the Group are shown below.
Gross domestic product is presented quarter on quarter, house price
growth and commercial real estate growth are presented year on year
and UK Bank Rate is presented end quarter. Unemployment is
presented as the average for the quarter.
First Second Third Fourth First Second Third Fourth
quarter quarter quarter quarter quarter quarter quarter quarter
2021 2021 2021 2021 2022 2022 2022 2022
At 30 September 2021 % % % % % % % %
Gross domestic product (1.6) 4.8 1.4 1.5 0.9 0.9 0.6 0.3
UK Bank Rate 0.10 0.10 0.10 0.10 0.10 0.25 0.25 0.50
Unemployment rate 4.9 4.7 4.7 5.8 5.7 5.6 5.4 5.4
House price growth 6.5 8.7 5.2 4.8 4.6 2.9 2.0 1.4
Commercial real estate
price growth (2.9) 3.4 3.5 2.1 1.3 (1.3) (0.6) 0.4
ADDITIONAL FINANCIAL INFORMATION (continued)
3. UK economic assumptions (continued)
Scenarios by year
Key annual assumptions made by the Group are shown below. Gross
domestic product is 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. UK Bank Rate
and unemployment rate are averages for the period. The upside, base
case and downside scenarios are weighted at 30 per cent each, with
the severe downside scenario weighted at 10 per cent.
2021-2025
2021 2022 2023 2024 2025 average
At 30 September 2021 % % % % % %
Upside
Gross domestic product 6.7 5.5 1.1 1.4 1.4 3.2
UK Bank Rate 0.26 1.57 1.62 1.78 2.03 1.45
Unemployment rate 4.6 4.1 4.0 3.8 3.8 4.1
House price growth 5.8 4.5 5.2 5.2 4.2 5.0
Commercial real estate
price growth 7.7 6.5 2.6 1.8 0.5 3.8
Base case
Gross domestic product 6.3 5.0 1.5 1.3 1.3 3.1
UK Bank Rate 0.10 0.28 0.50 0.69 0.94 0.50
Unemployment rate 5.0 5.5 5.2 4.9 4.7 5.1
House price growth 4.8 1.4 0.1 1.1 1.1 1.7
Commercial real estate
price growth 2.1 0.4 1.3 1.4 0.7 1.2
Downside
Gross domestic product 6.1 4.1 1.1 1.3 1.4 2.8
UK Bank Rate 0.11 0.16 0.17 0.19 0.28 0.18
Unemployment rate 5.3 6.9 6.8 6.4 6.0 6.3
House price growth 3.6 (4.8) (7.6) (5.3) (2.7) (3.4)
Commercial real estate
price growth (1.2) (5.7) (1.4) 0.0 0.2 (1.6)
Severe downside
Gross domestic product 5.5 2.4 0.8 1.2 1.4 2.3
UK Bank Rate 0.08 0.01 0.03 0.03 0.05 0.04
Unemployment rate 5.9 9.1 9.1 8.4 7.7 8.0
House price growth 3.1 (7.9) (13.1) (10.1) (6.4) (7.0)
Commercial real estate
price growth (7.2) (16.4) (7.3) (2.2) 0.4 (6.7)
ADDITIONAL FINANCIAL INFORMATION (continued)
4. Group loans and advances to customers and expected credit loss allowances
Stage Stage Stage
1 2 3 POCI Total
Stage Stage
2 3
as % as %
of of
At 30 September 2021 GBPm GBPm GBPm GBPm GBPm total total
Loans and advances to customers
UK Mortgages 267,757 27,171 1,932 11,429 308,289 8.8 0.6
Credit cards 11,100 2,970 305 - 14,375 20.7 2.1
Loans and overdrafts 7,818 1,473 287 - 9,578 15.4 3.0
UK Motor Finance 12,143 2,170 217 - 14,530 14.9 1.5
Other(1) 17,285 1,617 467 - 19,369 8.3 2.4
------- ------- ------- ------ ------- ------ ------
Retail 316,103 35,401 3,208 11,429 366,141 9.7 0.9
SME(1) 27,945 2,884 852 - 31,681 9.1 2.7
Corporate and other(1) 32,881 3,703 2,124 - 38,708 9.6 5.5
------- ------- ------- ------ ------- ------ ------
Commercial Banking 60,826 6,587 2,976 - 70,389 9.4 4.2
Central items(1) 47,690 30 64 - 47,784 0.1 0.1
------- ------- ------- ------ ------- ------ ------
Total gross lending 424,619 42,018 6,248 11,429 484,314 8.7 1.3
------ ------
ECL allowance on drawn
balances (1,085) (1,483) (1,617) (186) (4,371)
------- ------- ------- ------ -------
Net balance sheet carrying
value 423,534 40,535 4,631 11,243 479,943
------- ------- ------- ------ -------
Group ECL allowance (drawn and
undrawn)
UK Mortgages 122 394 175 187 878 44.9 19.9
Credit cards 157 440 131 - 728 60.4 18.0
Loans and overdrafts 158 269 132 - 559 48.1 23.6
UK Motor Finance(2) 150 126 143 - 419 30.1 34.1
Other 49 102 56 - 207 49.3 27.1
------- ------- ------- ------ ------- ------ ------
Retail 636 1,331 637 187 2,791 47.7 22.8
SME 87 115 100 - 302 38.1 33.1
Corporate and other 84 197 879 - 1,160 17.0 75.8
------- ------- ------- ------ ------- ------ ------
Commercial Banking 171 312 979 - 1,462 21.3 67.0
Central items 407 2 10 - 419 0.5 2.4
------- ------- ------- ------ ------- ------ ------
Total ECL allowance (drawn
and undrawn) 1,214 1,645 1,626 187 4,672 35.2 34.8
------- ------- ------- ------ ------- ------ ------
Group ECL allowances (drawn and
undrawn) as a percentage of loans
and advances to customers(3)
UK Mortgages - 1.5 9.1 1.6 0.3
Credit cards 1.4 14.8 55.7 - 5.1
Loans and overdrafts 2.0 18.3 61.4 - 5.9
UK Motor Finance 1.2 5.8 65.9 - 2.9
Corporate and other 0.3 6.3 21.0 - 1.1
------- ------- ------- ------ -------
Retail 0.2 3.8 22.2 1.6 0.8
SME 0.3 4.0 13.7 - 1.0
Other 0.3 5.3 41.5 - 3.0
------- ------- ------- ------ -------
Commercial Banking 0.3 4.7 34.4 - 2.1
Central items 0.9 6.7 15.6 - 0.9
------- ------- ------- ------ -------
Total ECL allowances (drawn
and undrawn) as a percentage
of loans and advances to
customers 0.3 3.9 28.1 1.6 1.0
------- ------- ------- ------ -------
(1) Retail other, SME and Corporate and other include BBLS
related assets. Central items includes reverse repos of GBP47.1
billion.
(2) UK Motor Finance for Stages 1 and 2 include GBP135 million
relating to provisions against residual values of vehicles subject
to finance leasing agreements. These provisions are included within
the calculation of coverage ratios.
(3) Total and Stage 3 ECL allowances as a percentage of drawn
balances exclude loans in recoveries in Credit cards of GBP70
million, Loans and overdrafts of GBP72 million, Retail other of
GBP200 million, SME of GBP124 million and Corporate and other of
GBP4 million.
ADDITIONAL FINANCIAL INFORMATION (continued)
(4.) Group loans and advances to customers and expected credit
loss allowances (continued)
Stage Stage Stage
1 2 3 POCI Total
Stage Stage
2 3
as % as %
of of
At 31 December 2020 GBPm GBPm GBPm GBPm GBPm total total
Loans and advances to customers
UK Mortgages 251,418 29,018 1,859 12,511 294,806 9.8 0.6
Credit cards 11,496 3,273 340 - 15,109 21.7 2.3
Loans and overdrafts 7,710 1,519 307 - 9,536 15.9 3.2
UK Motor Finance 12,786 2,216 199 - 15,201 14.6 1.3
Other(1) 17,879 1,304 184 - 19,367 6.7 1.0
------- ------- ------- ------ ------- ------ ------
Retail 301,289 37,330 2,889 12,511 354,019 10.5 0.8
SME(1) 27,015 4,500 791 - 32,306 13.9 2.4
Corporate and other(1) 29,882 9,438 2,694 - 42,014 22.5 6.4
------- ------- ------- ------ ------- ------ ------
Commercial Banking 56,897 13,938 3,485 - 74,320 18.8 4.7
Central items(1) 57,422 12 69 - 57,503 - 0.1
------- ------- ------- ------ ------- ------ ------
Total gross lending 415,608 51,280 6,443 12,511 485,842 10.6 1.3
------ ------
ECL allowance on drawn
balances (1,347) (2,125) (1,968) (261) (5,701)
------- ------- ------- ------ -------
Net balance sheet carrying
value 414,261 49,155 4,475 12,250 480,141
------- ------- ------- ------ -------
Group ECL allowance (drawn and
undrawn)
UK Mortgages 107 468 191 261 1,027 45.6 18.6
Credit cards 240 530 153 - 923 57.4 16.6
Loans and overdrafts 224 344 147 - 715 48.1 20.6
UK Motor Finance(2) 197 171 133 - 501 34.1 26.5
Other 46 124 59 - 229 54.1 25.8
------- ------- ------- ------ ------- ------ ------
Retail 814 1,637 683 261 3,395 48.2 20.1
SME 142 234 126 - 502 46.6 25.1
Corporate and other 172 475 1,161 - 1,808 26.3 64.2
------- ------- ------- ------ ------- ------ ------
Commercial Banking 314 709 1,287 - 2,310 30.7 55.7
Central items 410 - 12 - 422 - 2.8
------- ------- ------- ------ ------- ------ ------
Total ECL allowance (drawn
and
undrawn) 1,538 2,346 1,982 261 6,127 38.3 32.3
------- ------- ------- ------ ------- ------ ------
Group ECL allowances (drawn and
undrawn) as a percentage of loans
and advances to customers(3)
UK Mortgages - 1.6 10.3 2.1 0.3
Credit cards 2.1 16.2 56.0 - 6.1
Loans and overdrafts 2.9 22.6 64.2 - 7.6
UK Motor Finance 1.5 7.7 66.8 - 3.3
Other 0.3 9.5 39.3 - 1.2
------- ------- ------- ------ -------
Retail 0.3 4.4 25.2 2.1 1.0
SME 0.5 5.2 19.1 - 1.6
Corporate and other 0.6 5.0 43.2 - 4.3
------- ------- ------- ------ -------
Commercial Banking 0.6 5.1 38.5 - 3.1
Central items 0.7 - 17.4 - 0.7
------- ------- ------- ------ -------
Total ECL allowances (drawn
and
undrawn) as a percentage
of loans and
advances to customers 0.4 4.6 32.4 2.1 1.3
------- ------- ------- ------ -------
(1) Retail other, SME and Corporate and other include BBLS
related assets. Central items includes reverse repos of GBP54.4
billion.
(2) UK Motor Finance for Stages 1 and 2 include GBP192 million
relating to provisions against residual values of vehicles subject
to finance leasing agreements. These provisions are included within
the calculation of coverage ratios.
(3) Total and Stage 3 ECL allowances as a percentage of drawn
balances exclude loans in recoveries in Credit cards of GBP67
million, Loans and overdrafts of GBP78 million, Retail other of
GBP34 million, SME of GBP132 million and Corporate and other of
GBP6 million.
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 Bank plc together with its subsidiaries (the
Lloyds Bank Group) and its current goals and expectations.
Statements that are not historical or current facts, including
statements about Lloyds Bank 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 Lloyds Bank 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; Lloyds Bank Group's
future financial performance; the level and extent of future
impairments and write-downs; Lloyds Bank Group's ESG targets and/or
commitments; statements of plans, objectives or goals of Lloyds
Bank Group's or its management and other statements that are not
historical fact; expectations about the impact of COVID-19; 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, 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;
market related risks, trends and developments; fluctuations in
interest rates, inflation, exchange rates, stock markets and
currencies; volatility in credit markets; any impact of the
transition from IBORs to alternative reference rates; the ability
to access sufficient sources of capital, liquidity and funding when
required; changes to the Lloyds Bank Group's or Lloyds Banking
Group plc's credit ratings; the ability to derive cost savings and
other benefits including, but without limitation, as a result of
any acquisitions, disposals and other strategic transactions;
potential changes in dividend policy; the ability to achieve
strategic objectives; management and monitoring of conduct risk;
exposure to counterparty risk; credit rating risk; instability in
the global financial markets, including within the Eurozone, and as
a result of uncertainty surrounding the exit by the UK from the
European Union (EU) and the effects of the EU-UK Trade and
Cooperation Agreement; political instability including as a result
of any UK general election and any further possible referendum on
Scottish independence; 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; natural pandemic (including but not limited to the
COVID-19 pandemic) and other disasters; inadequate or failed
internal or external processes or systems; acts of hostility or
terrorism and responses to those acts, or other such events;
geopolitical unpredictability; risks relating to sustainability and
climate change (and achieving climate change ambitions), including
the Lloyds Bank Group's or Lloyds Banking Group plc's ability along
with the government and other stakeholders to measure, manage and
mitigate the impacts of climate change effectively; 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 Lloyds Bank Group; projected
employee numbers and key person risk; the impact of competitive
conditions; and exposure to legal, regulatory or competition
proceedings, investigations or complaints. A number of these
influences and factors are beyond Lloyds Bank Group's control.
Please refer to the latest Annual Report on Form 20-F filed by
Lloyds Bank 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 Bank 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 Bank 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
Lloyds Bank 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
020 7356 1571
douglas.radcliffe@lloydsbanking.com
Edward Sands
Director of Investor Relations
020 7356 1585
edward.sands@lloydsbanking.com
Eileen Khoo
Director of Investor Relations
07385 376435
eileen.khoo@lloydsbanking.com
Nora Thoden
Director of Investor Relations - ESG
020 7356 2334
nora.thoden@lloydsbanking.com
CORPORATE AFFAIRS
Grant Ringshaw
External Relations Director
020 7356 2362
grant.ringshaw@lloydsbanking.com
Matt Smith
Head of Media Relations
020 7356 3522
matt.smith@lloydsbanking.com
Copies of this interim management statement may be obtained
from:
Investor Relations, Lloyds Banking Group plc, 25 Gresham Street,
London EC2V 7HN
The statement can also be found on the Group's website -
www.lloydsbankinggroup.com
Registered office: Lloyds Bank plc, 25 Gresham Street, London
EC2V 7HN
Registered in England No. 2065
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
QRTUWSARAOURUAA
(END) Dow Jones Newswires
October 28, 2021 07:49 ET (11:49 GMT)
Grafico Azioni Lloyds Banking (LSE:LLOY)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Lloyds Banking (LSE:LLOY)
Storico
Da Apr 2023 a Apr 2024