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Retail Banking £2,493 Million Building our business Annual Report and Accounts 2005 Forward looking statements This annual report includes certain forward looking Factors that could cause actual results to differ statements with respect to the business, strategy materially from the plans, objectives, expectations, and plans of Lloyds TSB Group and its current estimates and intentions expressed in such forward goals and expectations relating to its future looking statements made by Lloyds TSB Group or financial condition and performance. Statements on Lloyds TSB Group’s behalf include, but are not that are not historical facts, including statements limited to, general economic conditions in the UK about Lloyds TSB Group’s or management’s beliefs and internationally; inflation, interest rate, and expectations, are forward looking statements. exchange rate, market and monetary fluctuations; Words such as ‘believes’, ‘anticipates’, ‘estimates’, changing demographic developments, adverse ‘expects’, ‘intends’, ‘aims’, ‘potential’, ‘will’, ‘could’, weather and similar contingencies outside the ‘considered’, ‘likely’, ‘estimate’ and variations of Lloyds TSB Group’s control; inadequate or failed these words and similar expressions are intended internal or external processes, people and systems; to identify forward looking statements but are not terrorist acts and other acts of war or hostility and the exclusive means of identifying such responses to those acts; changes in laws, statements. By their nature, forward looking regulations or taxation; changes in competition and statements involve risk and uncertainty because pricing environments; the ability to secure new they relate to events and depend upon customers and develop more business from circumstances that will occur in the future. existing customers; the ability to achieve Examples of such forward looking statements value-creating mergers and/or acquisitions include, but are not limited to, projections or at the appropriate time and prices and the success expectations of profit attributable to shareholders, of the Lloyds TSB Group in managing the risks provisions, economic profit, dividends, capital of the foregoing. structure or any other financial items or ratios; Lloyds TSB Group plc may also make or disclose statements of plans, objectives or goals of written and/or oral forward looking statements in Lloyds TSB Group or its management; statements reports filed with or furnished to the Securities and about the future trends in interest rates, stock Exchange Commission (‘SEC’), Lloyds TSB Group market levels and demographic trends and any plc’s annual review, proxy statements, offering impact on Lloyds TSB Group; statements circulars, prospectuses, press releases and other concerning any future UK or other economic written materials and in oral statements made by environment or performance including in particular the directors, officers or employees of Lloyds TSB any such statements included in this annual Group plc to third parties, including financial report; statements about strategic goals, analysts. The forward looking statements competition, regulation, dispositions and contained in this annual report are made as of the consolidation or technological developments in the date hereof, and Lloyds TSB Group undertakes financial services industry and statements of no obligation to update any of its forward assumptions underlying such statements. looking statements. Contents Forward looking statements 2005 highlights 3 Chairman’s statement 4 Group chief executive’s review 7 Corporate responsibility 10 The businesses of Lloyds TSB 12 Operating and financial review and prospects 14 Five year financial summary 39 The board 40 Directors’ report 42 Corporate governance 43 Directors’ remuneration report 46 Report of the independent auditors on the consolidated financial statements 58 Primary consolidated financial statements 59 Notes to the group accounts 64 Report of the independent auditors on the parent company financial statements 121 Parent company primary financial statements 122 Notes to the parent company accounts 125 Information for shareholders 129 LLOYDS TSB GROUP 1 We are building our business by… Deepening customer relationships Improving customer service Improving processing efficiency Delivering earnings momentum Statutory Income and Profit Economic Customer Employee profit before cost growth before tax profit Return service engagement tax £m 2005* £m* £m* on equity* index index +10% +7% +9% +14% 23.3% 65.0% 66.6% 74 22.2% 69 74 3,820 3,726 1,620 3,432 3,477 1,417 +4% e m co n 2004 2005 Costs 2004 2005 2004 2005 2004 2005 2004 2005 2004 2005 I 0 * Comparable basis – excluding impact of volatility, other IFRS adjustments applied from 1 January 2005 and discontinued operations. Also excludes provisions for customer redress and the strengthening of reserves for mortality. 2 LLOYDS TSB GROUP 2005 highlights Profit before tax Results – statutory By division Profit before tax increased by £343 million, or 10 per cent, to £3,820 million. 2005 2004 £ million £ million Profit attributable to equity shareholders increased by £101 million, or 4 per cent, to UK Retail Banking £2,493 million. – Before provisions for customer redress 1,681 1,739 Earnings per share increased by 4 per cent – Provisions for customer redress (150) (100) to 44.6p. 1,531 1,639 Insurance and Investments Post-tax return on average shareholders’ equity increased to 25.6 per cent, from – Before provisions for customer redress and 22.8 per cent. strengthening of reserves for mortality 908 790 Total capital ratio 10.9 per cent, tier 1 – Provisions for customer redress – (12) capital ratio 7.9 per cent. – Strengthening of reserves for mortality (110) – 798 778 Dividend maintained. Final dividend of 23.5p per share, making a total of 34.2p for Wholesale and International Banking 1,504 1,253 the year (2004: 34.2p). Dividend cover Central group items (367) (350) increased to 1.3 times. Profit before tax – comparable basis 3,466 3,320 Results – comparable basis Volatility* 625 138 Other IFRS adjustments applied from 1 January 2005** Profit before tax increased by £146 million, – Before strengthening of reserves for mortality (276) – or 4 per cent, to £3,466 million. – Strengthening of reserves for mortality (45) – Excluding customer redress provisions and the strengthening of reserves for mortality (321) – Profit (loss) on sale and closure of businesses† 50 (21) Profit before tax increased by £294 million, Trading results of discontinued operations in 2004†† – 40 or 9 per cent, to £3,726 million. Income growth of 7 per cent exceeded cost Profit before tax 3,820 3,477 growth of 4 per cent. Earnings per share 44.6p 42.8p Earnings per share increased by 11 per cent to 47.2p. * Volatility relates to Insurance and Investments (2005: £749 million, 2004: £138 million) and Central group items (2005: Economic profit increased by 14 per cent to £(124) million, 2004: nil). £1,620 million. ** Other IFRS adjustments applied from 1 January 2005 relate to UK Retail Banking (£(213) million), Insurance and Investments (£(73) million), Wholesale and International Banking (£20 million) and Central group items (£(55) million). Post-tax return on average shareholders’ † Profit (loss) on sale and closure of businesses relates to UK Retail Banking (2005: £76 million, 2004: nil), Wholesale and International equity increased to 23.3 per cent, from Banking (2005: £(6) million, 2004: £(21) million) and Central group items (2005: £(20) million, 2004: nil). 22.2 per cent. †† Trading results of discontinued operations in 2004 relates to Wholesale and International Banking. Presentation of information Up to 31 December 2004 the Group prepared and IFRS 4 ‘Insurance Contracts’ (including performance this volatility has been separately its financial statements in accordance with UK UK Financial Reporting Standard 27 ‘Life analysed for the Group’s insurance and Generally Accepted Accounting Principles (UK Assurance’), which have been implemented with banking businesses. In addition, other IFRS GAAP). With effect from 1 January 2005 the effect from 1 January 2005, with the opening related adjustments applied with effect from Group implemented International Financial balance sheet at that date adjusted accordingly. 1 January 2005, for which comparatives are Reporting Standards (IFRS). In this document Further information on the impact of not required to be restated, the profit (loss) on the 2004 comparative financial information has implementing IFRS on comparative information sale and closure of businesses and the impact been restated to reflect the adoption of those was published in the Group’s ‘Transition to on the Group’s results of businesses sold in IFRS standards which are required to be IFRS’ announcement on 27 May 2005. 2004 have been separately analysed in the applied retrospectively, but does not include Group’s results. A reconciliation of this the additional impacts arising from first time The impact of IFRS, and in particular the ‘comparable’ basis of presentation to the application of IAS 32 ‘Financial Instruments: increased use of fair values, has resulted in statutory profit before tax is shown on this page. Disclosure and Presentation’, IAS 39 ‘Financial greater earnings volatility. In order to provide a Instruments: Recognition and Measurement’ more comparable representation of business LLOYDS TSB GROUP 3 Chairman’s statement 2005 was a successful year for the Lloyds TSB further improve our processing efficiency and Community Group, as we continue to build
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