olivLaw · US equity research
Lloyds Banking Group plc LYG
Commercial Banks, NEC · SIC 6029 · Vertical: Commercial Banks, NEC (SIC 6029)
Lloyds Banking Group is a major provider of financial services to individual and business customers in the UK, with retail and commercial banking and long-term savings, protection and investment businesses. In 2025 it reported a profit before tax of £6,661 million, and net interest income rose 8%, a sign of how the group is positioned in a changing rate environment.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Lloyds Banking Group plc (LYG) stock was 5.27 USD (+5.82% on the day), with beta 0.97, 52-week range 4.52–6.28 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.9
- weak (30–45)
- Bollinger (20, 2)
- 5.03 – 5.67
- in the lower half of the band · %B 0.37 · band width 12.0%
- SMA 50 / 200
- 5.62 / 5.61
- mixed trend
- MACD (12, 26, 9)
- -0.14 / -0.12
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.5% | −1.1% | −2.4 pp | — |
| 3 months | −15.7% | −0.5% | −15.2 pp | — |
| 6 months | −3.1% | +4.4% | −7.5 pp | — |
| Year to date | −0.6% | +12.3% | −12.9 pp | — |
| 1 year | +13.6% | +13.5% | +0.0 pp | +23.0% |
| 3 years | +155.8% | +76.4% | +79.4 pp | +123.9% |
| 5 years | +102.7% | +63.7% | +39.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22.1 bn | 42.4 bn | 29.2 bn | 39.0 bn | -5.3 bn | 18.6 bn | 18.0 bn | 19.4 bn |
| Revenue YoY | −35.5% | +91.7% | −31.1% | +33.5% | −113.7% | unavailable | −3.4% | +7.9% |
| Net income | 4.4 bn | 2.9 bn | 1.3 bn | 5.8 bn | 3.8 bn | 5.5 bn | 4.4 bn | 4.7 bn |
| Net income YoY | +12.8% | −33.6% | −54.9% | +338.8% | −33.8% | +42.7% | −19.0% | +5.4% |
| Diluted EPS | 0.06 | 0.03 | 0.01 | 0.08 | 0.05 | 0.08 | 0.06 | 0.07 |
| Diluted EPS YoY | +14.6% | −38.2% | −64.7% | +525.0% | −34.7% | +53.1% | −17.3% | +11.3% |
| net % | 20.0% | 6.9% | 4.5% | 14.8% | -71.6% | 29.3% | 24.6% | 24.0% |
| Free cash flow | -14.6 bn | 7.8 bn | 25.3 bn | 3.5 bn | 19.6 bn | 2.8 bn | -8.8 bn | 630.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 60.6 bn GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 47.9 bn GBP
- Total assets
- 944.1 bn GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 9.9%
- ROA
- 0.5%
- FCF margin
- 3.2%
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Pre-tax income | 1.2 bn | 6.9 bn | 4.8 bn | 7.5 bn | 6.0 bn | 6.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Net income | 1.3 bn | 5.8 bn | 3.8 bn | 5.5 bn | 4.4 bn | 4.7 bn | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | 0.01 | 0.08 | 0.05 | 0.08 | 0.06 | 0.07 | SEC (XBRL)· 13 Feb 2026verified |
Balance sheet · GBP
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 78.1 bn | 79.2 bn | 95.8 bn | 88.8 bn | 70.8 bn | 60.6 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 871.3 bn | 881.3 bn | 873.4 bn | 881.5 bn | 906.7 bn | 944.1 bn | SEC (XBRL)· 13 Feb 2026verified |
| Total liabilities | 821.9 bn | 830.0 bn | 829.5 bn | 834.1 bn | 860.8 bn | 896.2 bn | SEC (XBRL)· 13 Feb 2026verified |
| Equity | 49.4 bn | 51.2 bn | 43.9 bn | 47.4 bn | 45.9 bn | 47.9 bn | SEC (XBRL)· 13 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 30.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
30% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 30.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 10.0% | 32 (vs peers) | 53% |
| ROA · Quality | 0.5% | 7 (on a fixed band) | 20% |
| Cost-to-income · Quality | unavailable | unavailable | — |
| Net interest margin · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 12.1% | 100 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality25/100 · 2/4 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Lloyds Banking Group plc (LYG). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: YoY growth 7.9%; net margin 24.0%; ROE 10.0%.
The estimated value range is 0.54–0.84 GBP per share (median of 4 methods, agreement: medium); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 30.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 12.1%
What contradicts it
- ROA: 0.5%
Not assessed (insufficient data or a ratio without meaning): Cost-to-income, Net interest margin, Revenue CAGR 3Y, NPL ratio, Cost of risk, Loan-to-deposit, P/B, P/E (TTM), Dividend yield.
Versus the vertical median
Commercial Banks, NEC (SIC 6029) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BCHBank of Chile | 3,989.2 bn | 3.2 | 25,665.4% | 1,571,522.8% | −10.7% | +5% / +74% |
| HDBHdfc Bank Limited | 186.2 bn | 23.4 | 9.1% | 30.8% | +15.2% | −34% / −19% |
| KBKB Financial Group Inc. | 41.2 bn | 13.4 | 8.3% | 0.0% | +17.8% | +35% / +185% |
| NTBThe Bank of N.T. Butterfield & Son Limited | 2.2 bn | 10.1 | 21.4% | 38.2% | +4.6% | +19% / +100% |
| BLXForeign Trade Bank Of Latin America, Inc. | 1.9 bn | 9.2 | 16.2% | 67.8% | +14.1% | +14% / +110% |
| PGCPeapack Gladstone Financial Corp | 839.4 m | 16.4 | 7.7% | 16.4% | +24.1% | +75% / +91% |
| AVALGrupo Aval Acciones Y Valores S.A. | 30 | 0.1 | — | — | −2.4% | +3% / +93% |
| BAPCredicorp Ltd | — | — | 16.5% | 20.0% | +7.0% | +40% / +186% |
| BMOBank Of Montreal | — | — | 10.1% | 24.0% | +10.6% | +41% / +116% |
| MUFGMitsubishi UFJ Financial Group, Inc. | — | — | 9.1% | 14.6% | +9.5% | +39% / +156% |
| SANBanco Santander, S.A. | — | — | 12.8% | — | +0.0% | +12% / +194% |
| INGIng Groep NV | — | — | 15.6% | 32.4% | +21.8% | +27% / +133% |
| CMCanadian Imperial Bank Of Commerce | — | — | 13.7% | 28.9% | +13.8% | +39% / +190% |
| RYRoyal Bank Of Canada | — | — | 15.3% | 30.6% | +16.1% | +36% / +132% |
| BCSBarclays PLC | — | — | 9.6% | 64.6% | +3.7% | +4% / +228% |
| INTRINTER & Co, INC. | — | — | 11.1% | 14.2% | +34.7% | −56% / −25% |
| VBNKVersaBank | — | — | 6.1% | 22.8% | +11.7% | +90% / +193% |
| TDToronto Dominion Bank | — | — | 16.9% | 30.3% | +18.4% | +53% / +110% |
| LYGLloyds Banking Group plc | — | — | 10.0% | 24.0% | +7.9% | +14% / +156% |
| SUPVGrupo Supervielle S.A. | — | — | 13.6% | 12.2% | −13.9% | −48% / +73% |
| NWGNatWest Group plc | — | — | 14.2% | 19.3% | +3.1% | −1% / +209% |
1- and 3-year price returns: for LYG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Feb 2026; since then the company filed 6-K (04 Nov 2026), 6-K (02 Nov 2026), 6-K (30 Oct 2026), 6-K (29 Oct 2026).
In brief
Lloyds Banking Group is a major provider of financial services to individual and business customers in the UK, with retail and commercial banking and long-term savings, protection and investment businesses. In 2025 it reported a profit before tax of £6,661 million 1, and net interest income rose 8% 1, a sign of how the group is positioned in a changing rate environment.
SWOT
Strengths
- The group has a large branch network and the largest digital bank in the UK, along with well-established brands such as Halifax and Scottish Widows 1.
- The deposit base is broad, providing stable funding and supporting interest margins 1.
- The group has a solid capital position, with capital ratios that allow share buybacks to be announced 1.
Weaknesses
- Operations are concentrated almost entirely in the UK, which exposes the group to domestic economic developments 1.
- Operating costs in the main divisions have risen due to strategic investment and inflation 1.
- Remediation linked to motor finance added unexpected costs, and its final size remains uncertain 1.
Opportunities
Risks
- Macroeconomic riskhigh
The group is exposed to general economic conditions in the UK and elsewhere, which could affect lending demand and asset quality 1.
- Regulatory and legal riskhigh
Legal and regulatory consequences could exceed provisions set aside, and the financial impact is difficult to quantify 1.
- Liquidity and funding riskmedium
If access to retail deposits or wholesale funding markets becomes more limited, the group could face funding pressure 1.
- Operational and cyber riskmedium
Operational, technological or cyber failures could affect customer services and the group's reputation 1.
- Strategic execution risklow
If strategic change initiatives are not delivered on time or do not produce the planned benefits, financial objectives could be missed 1.
Investment thesis
What would need to be true (bull case)
- If net interest income keeps growing and efficiency gains take effect, the group's profitability could continue to improve 1.
- A solid capital position and the buyback programme could support shareholder returns in the period ahead 1.
- If Retail and IP&I extend their digital offers, the group could gain additional market share 1.
What to watch
- Development of net interest margin and net interest income2026
- Completion of the £1.75 billion share buyback31 December 2026
- Development of motor finance remediationnext annual report
- Credit quality in mortgages and unsecured products2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Feb 2026; since then the company filed 6-K (04 Nov 2026), 6-K (02 Nov 2026), 6-K (30 Oct 2026), 6-K (29 Oct 2026).
The business
Lloyds Banking Group plc is a UK banking group registered in Scotland, formed through the 2009 acquisition of HBOS by Lloyds TSB 1. It operates through brands such as Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows, and through the largest branch network and digital bank in the UK 1. Total assets at 31 December 2025 were £944,072 million 1.
The main activities are retail and commercial banking and long-term savings, protection and investment, operated primarily in the UK 1. The group has three reportable divisions: Retail, Commercial Banking and Insurance, Pensions and Investments 1. Management measures performance on an underlying basis, a non-GAAP measure under the SEC's Regulation G 1.
The common equity tier 1 capital ratio was 14.0% at the end of 2025, and the group had 60,061 full-time equivalent employees 1. In January 2026 the group also announced an ordinary share buyback of up to £1.75 billion 1.
Segments
Retail
Retail offers current accounts, savings, mortgages, credit cards, unsecured loans, motor finance and leasing, and its underlying profit rose to £3,356 million in 2025 1. The group runs the largest digital bank in the UK and pursues a mobile-first strategy 1.
Market context
The group operates primarily in the UK, where funding relies on customer deposits, which totalled £496,457 million at the end of 2025 1. The net interest margin was 2.06% in 2025, up from 1.96% in 2024 1, and the rate and regulatory environment directly shapes the bank's income 1.
Regulators including the FCA, the PRA and the Bank of England shape capital, liquidity and conduct requirements, and changes to them could affect costs and strategy 1. The company is authorised as the UK parent mixed financial holding company and is responsible for prudential requirements on a consolidated basis 1.
Trends
- Higher net interest incometailwind
Net interest income rose in 2025, helped by structural hedge earnings and higher unsecured loan balances, but mortgage refinancing pressure could reduce this benefit if rates fall 1.
- Rising operating costsheadwind
Underlying operating costs in Retail rose from strategic investment, business growth and inflation, which could squeeze margins if efficiency gains do not offset them 1.
- Motor finance remediationheadwind
Remediation rose in 2025, including £800 million relating to the potential impact of motor finance commission arrangements, which could add pressure if obligations widen 1.
- Stable credit qualitymixed
Credit performance remained strong, with improvement in UK mortgages and stability in unsecured products, which could support results if economic conditions do not deteriorate 1.
Competitive position
The group operates in competitive environments subject to ongoing regulatory scrutiny, and its financial performance depends on management's ability to respond to competitive pressures 1. The source does not name individual competitors but refers to the competitive environment in its external environment section 1.
- Other UK retail and commercial banks
The source does not identify individual competitors, but refers to competition across UK retail, commercial and insurance markets 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Lloyds executive criticises Healey for linking bank tax rises to energy bill supportThe Guardian World · 29 Oct 2026 · EN
- Lloyds Beats Estimates on Rise in Fees and Interest IncomeBloomberg Markets · 29 Oct 2026 · EN
- Lloyds formează dublu minim înainte de bugetul Regatului Unit și rezultatele T3 - InvezzSurge — Google News · 28 Oct 2026 · RO
- Analiză preț acțiuni Lloyds înainte de rezultatele din T3 și majorarea dobânzii BoE - InvezzSurge — Google News · 22 Oct 2026 · RO
- Băncile din Marea Britanie sunt inundate de reclamații din partea utilizatorilor de criptomonede, în frunte cu Lloyds și Barclays - Bitcoin NewsSurge — Google News · 20 Oct 2026 · RO
- UK urged to act as Polymarket takes bets on whether HSBC and Lloyds will failThe Guardian World · 03 Oct 2026 · EN
- Previziuni pentru principalele acțiuni FTSE 100: Vodafone, Lloyds Bank, Rolls-Royce, Glencore - InvezzSurge — Google News · 23 Sept 2026 · RO
- Lloyds Banking Group Maps 2030 Growth Plan as U.K. Consumers Stay ResilientYahoo Finance — News · 22 Sept 2026 · EN
- UK house prices fall for first time in nearly three years, says LloydsThe Guardian World · 07 Sept 2026 · EN
- Lloyds Metals Allowed to Ready Restart of Giant PNG Copper MineBloomberg Markets · 12 Aug 2026 · EN
- UK house prices flat in July, says Lloyds, as buyers struggle with affordabilityThe Guardian World · 07 Aug 2026 · RO
- Lloyds Bank to cut £2bn in costs as part of AI-powered strategyThe Guardian World · 30 Jul 2026 · RO
- Lloyds Banking Group CEO on Earnings, 2030 PlanBloomberg Markets · 30 Jul 2026 · EN
- Halifax to disappear from UK high street as Lloyds axes bank brand after 173 yearsThe Guardian World · 01 Jul 2026 · RO
- Lloyds Banking Group to hire 300 tech experts to work on AIThe Guardian World · 20 Jun 2026 · RO
- Lloyds Taps Japan’s Booming Samurai Market With ¥75 Billion SaleBloomberg Markets · 12 Jun 2026 · EN
- Lloyds Plans SRT Tied to $4.2 Billion of Loans to Smaller FirmsBloomberg Markets · 11 Jun 2026 · EN
- Lloyds customers unable to make payments due to IT glitchThe Guardian World · 03 Jun 2026 · RO
- Lloyds, Halifax and Bank of Scotland app users report outageBBC News — Technology · 03 Jun 2026 · RO
- Halifax could disappear from UK high streets as Lloyds assesses branding strategyThe Guardian World · 18 May 2026 · RO
The latest news item in our archive is from 29 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)23 Oct 2026
- Current report (foreign issuer)22 Oct 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Lloyds Banking Group plc · 13 Feb 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.