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Annual Review 2018 About Us Our Purpose Is to Help Britain Prosper

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Annual Review 2018 About Us Our Purpose Is to Help Britain Prosper Lloyds Banking Group Annual Review 2018 About us Our purpose is to Help Britain Prosper. We are the largest UK retail financial services provider with around 26 million customers and a presence in nearly every community. We are transforming the business into The Group’s main business activities are retail and commercial banking, general a digitised, simple, low risk, financial insurance and long-term savings, provided under well recognised brands including Lloyds Bank, Halifax, Bank of Scotland and services provider whilst creating a Scottish Widows. Our shares are quoted on the London responsible business that focuses on and New York stock exchanges and we are one of the largest companies in the customers’ needs. This is key to our FTSE 100 index. long-term success and to fulfilling Reporting Just as we operate in an integrated way, our aim to become the best bank for we aim to report in an integrated way. customers, colleagues and shareholders. We have taken further steps towards this goal this year. As well as reporting our Business model on financial results, we also report on our pages 10 to 11 approach to operating responsibly and take into account relevant economic, political, social, regulatory and environmental factors. This Annual Review contains forward looking statements with respect to certain of the Group’s plans and its current goals and expectations relating to its future financial condition, performance, results, strategic initiatives and objectives. For further details, reference should be made to the forward looking statements on page 45. This icon appears throughout Inside this year’s Annual Review this report highlighting how we are Helping Britain Prosper. Read more online at Strategic report lloydsbankinggroup.com Group highlights 01 Chairman’s statement 02 View our Annual Report and Group Chief Executive’s review 04 Accounts and other information Key performance indicators 06 about Lloyds Banking Group at Our external environment 08 lloydsbankinggroup.com Our business model 10 Our strategic priorities 12 Reflecting the needs of our stakeholders 16 Responsible Business 19 Helping Britain Prosper Plan 20 Divisional overview 27 Risk overview 30 Summary of Group results 36 Board of Directors 38 Directors’ remuneration report 40 Shareholder information 44 This Annual Review incorporates the Strategic Report which forms part of the 2018 Annual Report and Accounts along with some information about the Board of Directors, a summary of Group results and detail on remuneration as well as some general shareholder information. On behalf of the Board Lord Blackwell Chairman Lloyds Banking Group 19 February 2019 Lloyds Banking Group Annual Review 2018 01 Group highlights Strong financial and strategic performance 2018 has been a successful year for the Group in which we have continued to Help Britain Prosper, economically, socially and environmentally. In February 2018, we launched the next phase of our strategic plan and have made strong strategic progress with significantly improved financial performance. £6.0bn £8.1bn 5.5p >£3bn +13% +6% +27% Statutory profit before tax Underlying profit increased, Earnings per share increased Strategic investment spend over increased significantly, further driven by higher income, and in the year, largely due to the three year plan period closing the gap between lower costs the significant increase in (2018 to 2020), significant increase statutory and underlying profit statutory profit on prior plan 3.21p 11.7% 49.3% 15.7m +5% +2.8pp (2.5)pp Ordinary dividend per share Group delivering a market Cost:income ratio including Digitally active customers, the including interim and final leading return on tangible equity remediation further improved largest digital bank in the UK dividend. In addition the Group intends to implement a share buyback of up to £1.75bn Key performance Strategic priorities on indicators on pages 06 to 07 pages 12 to 15 HOW WE’VE HELPED BRITAIN PROSPER IN 2018 Helping Britain Tackling social Building capability Championing Britain's get a home disadvantage across Britain and digital skills diversity £12.4bn >3,000 >700,000 35.3% in lending to first charities supported, one of of individuals, SMEs and of senior roles held time buyers the largest corporate donors charities trained in digital skills by women in the UK Find out more about our Helping visit lloydsbankinggroup.com/ Britain Prosper Plan on page 20 prosperplan 02 Lloyds Banking Group Annual Review 2018 Chairman’s statement Transforming the Group for success in a digital world At the heart of our success is our purpose to Help Britain Prosper and we are playing a vital role in supporting people, businesses and communities across the UK. Lord Blackwell Chairman Overview and strategy One important component of this to a more sustainable low carbon economy. opportunity is the potential to provide a We recognise that the success of the Group is The Group once again delivered strong deeper range of financial planning, wealth inextricably linked to the health of the UK and financial performance in 2018 while making management and retirement solutions to our in this uncertain economic environment we are major strides in executing our strategic bank customers, drawing on the capabilities working hard to support the whole economy; transformation. Nevertheless I am conscious and expertise within Scottish Widows. During and to help businesses take advantages of it was a frustrating year for shareholders, 2018, as well as completing the acquisition the continuing opportunities we have to build with a disappointing share price performance of the UK workplace pensions and savings a prosperous future for the nation. Given despite this progress. While external factors business from Zurich Financial Services, the UK’s ongoing competitive advantages affecting UK investments are outside of we were delighted to announce a strategic as an open, innovative economy we remain our control, the Board are determined to partnership with Schroders in October with optimistic about the long-term prospects. continue building value for shareholders the aim of creating a market leading wealth by maintaining our focus on delivering In line with these objectives I am delighted management proposition. continued improvement in our results whilst that we have been named as a Top Ten simultaneously investing in the transformation Capital return Employer for Working Families, Responsible required to serve our customers and Business of the Year, and also The Times’ Top operate effectively in a digital world. We At each year end the Board makes an 50 Employer for Women – showing that we’re are committed to building a successful and assessment of the strength of the Group’s leading the way on gender equality too. sustainable Group we can all be proud of. balance sheet and future prospects relative to uncertainties in the external environment. Customers and communities The Board has been actively involved in the In addition to the increased investment of development and ongoing review of the more than £3 billion over the plan period, Over the course of the year I have travelled strategy and last year we announced the I am pleased to announce that, as a result across Britain to meet with colleagues, next phase of our strategic plan. We outlined of the financial progress in the year, the customers and communities. These visits our four transformation priorities focused Board has recommended an increased final enable me to see first-hand the work we do on the financial needs and behaviours of the ordinary dividend of 2.14 pence per share, to support our customers and respond to customer of the future: further enhancing bringing the total ordinary dividend for their changing needs. Being truly customer our leading customer experience; further 2018 to 3.21 pence per share, an increase of focused is a prerequisite for success and I am digitising the Group; maximising Group 5 per cent on last year. In line with the Group’s always impressed by the fact it is an aspiration capabilities; and transforming ways of policy to deliver a progressive and sustainable and commitment shared by everyone I meet working. This programme of change and ordinary dividend, whilst distributing surplus in the Group. renewal is all embracing, and our strong capital, the Board also intends to implement Our focus on customers also continues to be capital build is enabling us to invest more than a share buyback of up to £1.75 billion. More recognised through various awards which £3 billion in these strategic initiatives over the information on the intended share buyback this year included being awarded Bank of the current three year plan period (2018 to 2020), is provided on page 40 of our 2018 Annual Year for the sixth year running at The Banker a significant increase over the prior period. Report and Accounts. awards; and for the third year in a row Scottish During 2018, the Board were excited to see Widows won five stars at the Financial Adviser the excellent progress that had been made Our purpose Service Awards, a reflection on how financial within the first year of this plan. We are now At the heart of our success is our continued advisers rate our products and services. operating in an industry which is experiencing focus on Helping Britain Prosper. The Group During the year our colleagues raised close more change through digitisation than in its plays a vital role in supporting the prosperity to £4 million for Mental Health UK, our charity entire history. Our aim is not just to maintain of people, businesses and communities partner, bringing our total to over £8 million our position as Britain’s biggest digital bank by across the UK, and in doing so builds deep, since the partnership began in 2017. Seeing competing more effectively, but also to seize long-term customer relationships.
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