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Annual Report / Shareholder Update

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Annual Report / Shareholder Update Lloyds Bank plc Report and Accounts 2018 Member of Lloyds Banking Group Lloyds Bank plc Contents Strategic report 2 Directors’ report 8 Directors 11 Forward looking statements 12 Independent auditors’ report 13 Consolidated income statement 20 Statements of comprehensive income 21 Balance sheets 23 Statements of changes in equity 25 Cash flow statements 28 Notes to the accounts 29 Subsidiaries and related undertakings 147 Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England no 2065 Lloyds Bank plc Strategic report Principal activities Lloyds Bank plc (the Bank) and its subsidiary undertakings (the Group) provide a wide range of banking and financial services through branches and offices in the UK and in certain locations overseas. The Group’s revenue is earned through interest and fees on a broad range of financial services products including current accounts, savings, mortgages, credit cards, motor finance and unsecured loans to personal and business banking customers; and lending, transactional banking, working capital management, risk management and debt capital markets services to commercial customers. Business review As a result of the requirements of the ring-fencing regulations, the Bank sold its subsidiary, Scottish Widows Group Limited, to its ultimate holding company during 2018. Whilst this was an internal reorganisation within the Lloyds Banking Group, it was an external transaction for Lloyds Bank Group; due to the significance of the Scottish Widows entities they have been classified as discontinued operations for the purposes of the Bank’s consolidated statutory reporting. In addition, the Bank and its subsidiary, Bank of Scotland plc, sold the element of their overseas and commercial banking businesses required to be transferred in order to ensure compliance with the ring-fencing legislation to Lloyds Bank Corporate Markets plc, a fellow Lloyds Banking Group undertaking. Continuing operations During the year ended 31 December 2018, the Group recorded a profit before tax from its continuing operations of £4,929 million compared with £5,035 million in 2017. Total income decreased by £378 million, or 2 per cent, to £16,974 million in the year ended 31 December 2018 compared with £17,352 million in 2017; a £390 million increase in net interest income was more than offset by a decrease of £768 million in other income. Net interest income was £12,754 million in the year ended 31 December 2018, an increase of £390 million, or 3 per cent compared to £12,364 million in 2017, despite a fall in average interest-earning assets, as a result of margin improvements due to the benefit from the acquisition of MBNA and lower deposit costs, more than offsetting continued asset pricing pressure. Other income was £768 million lower at £4,220 million in the year ended 31 December 2018 compared to £4,988 million in 2017. Net fee and commission income was £493 million lower at £1,269 million in the year ended 31 December 2018 compared to £1,762 million in 2017, in part due to a lower level of current account fees as a result of changes to overdraft charging announced in July 2017, which took effect in November, reduced corporate fee income following the transfer of some activities to Lloyds Bank Corporate Markets plc during the year and also a renegotiation of fee arrangements for the sale of insurance products through the banking network. Net trading income, which is inherently volatile, was £365 million lower at £408 million in the year ended 31 December 2018 compared to £773 million in 2017. Other operating income was £90 million higher at £2,543 million in the year ended 31 December 2018 compared to £2,453 million in 2017, an increased level of recharges to other Lloyds Banking Group entities, following the restructuring in the year, has more than offset a loss of £105 million on the sale of the Group’s Irish residential mortgage portfolio in 2018 and the non-repetition of a gain of £146 million on the sale of the Group’s investment in Vocalink in 2017. Operating expenses decreased by £511 million to £11,119 million in the year ended 31 December 2018 compared with £11,630 million in the year ended 31 December 2017. There was a £815 million reduction in regulatory provisions partly offset by a £304 million increase in other operating expenses. The charge in respect of regulatory provisions was £1,307 million compared to £2,122 million in 2017 and comprised a charge of £746 million in respect of payment protection insurance and £561 million in respect of other conduct issues. Other operating expenses were £304 million higher at £9,812 million in the year ended 31 December 2018 compared to £9,508 million in 2017 reflecting costs in MBNA and increased restructuring costs. Credit quality across the portfolio remains strong. Impairment losses increased by £239 million to £926 million in year ended to 31 December 2018 compared with £687 million in 2017, reflecting the expected lower releases and write-backs and the acquisition of MBNA. Discontinued operations The Group sold the Scottish Widows Group to its ultimate holding company, Lloyds Banking Group plc, at the beginning of May 2018 and so the results of discontinued operations reflect four months of trading compared to a full year in 2017; a trading surplus of £370 million compared to £943 million for the year ended 31 December 2017. The Group realised a profit of £1,010 million on the sale of Scottish Widows Group, which is reported as part of discontinued operations. Balance sheet and capital Total assets were £228,617 million lower at £593,486 million at 31 December 2018 compared to £822,103 million at 1 January 2018, principally due to the sale of the Group’s insurance activities, which accounted for £154,007 million of this reduction. Loans and advances to customers increased in the year by £3,089 million to £464,044 million, compared to £460,955 million at 1 January 2018. A £19,047 million increase in holdings of reverse repurchase agreement balances, as part of a rebalancing of the Group’s liquid asset portfolio, and continued growth in targeted segments such as SME and motor finance have more than offset the transfer of lending assets to Lloyds Bank Corporate Markets plc and a reduction of some £4 billion following the sale of the Group’s Irish residential mortgage portfolio; the open mortgage book was broadly flat reflecting continued focus on margin in a highly competitive market environment. Cash and balances at central banks were £18,308 million lower at £40,213 million compared to £58,521 million at 31 December 2017 as reverse repurchase agreements became a more attractive option for the placing of funds. Financial assets at fair value through profit or loss were £22,352 million lower at £23,256 million compared to £45,608 million at 31 December 2017 reflecting the transfer of assets to Lloyds Bank Corporate Markets plc and the run-down of the Group’s trading portfolio. Financial assets held at fair value through other comprehensive income have reduced by £18,167 million since the start of 2018 following sales of some of the Group’s gilt holdings, as part of the rebalancing of the Group’s liquid asset portfolio. Customer deposits were £26,873 million lower at £391,251 million at 31 December 2018 compared to £418,124 million at 31 December 2017 as a result of the transfer of the Group’s offshore business to Lloyds Bank Corporate Market plc; an £820 million reduction in repurchase agreement balances and reductions in maturing retail savings products have largely offset growth in retail current account balances and in Commercial Banking. Financial liabilities at fair value through profit or loss were £33,144 million lower at £17,730 million at 31 December 2018 compared to £50,874 million at 31 December 2017 following reductions in trading book repurchase agreements, a result of growth in other funding sources. Total equity has decreased by £10,841 million from £51,194 million at 31 December 2017 to £40,353 million at 31 December 2018, principally due to a reduction of £1,191 million on adoption of IFRS 9 and IFRS 15 on 1 January 2018 and dividends and capital repayments totalling £13,997 million as the Group restructures its capital following the sale of businesses as part of the Lloyds Banking Group’s programme for compliance with the ring-fencing legislation, partly offset by retained profits of £4,746 million. 2 Lloyds Bank plc Strategic report The Group’s common equity tier 1 capital ratio reduced to 14.9 per cent (31 December 2017: 15.8 per cent), predominantly reflecting the net impact of ring-fencing related restructuring activities on capital resources and risk-weighted assets during the period, including the transfer of the Group’s holding in its Insurance business to its ultimate parent company Lloyds Banking Group plc and the transfer of assets and liabilities of non ring-fenced portfolios and businesses to Lloyds Bank Corporate Markets plc. In addition common equity tier 1 capital reduced as a result of the payment of the 2018 interim dividend, the accrual for the 2018 full year ordinary dividend, the increase in the defined benefit pension scheme surplus deduction, other reserve movements and an increase in intangible assets which are deducted from capital. This was partially offset by profits generated during the year and the receipt of dividends paid by the Insurance business in February 2018. Excess expected losses reduced to nil as a result of the partial absorption of the increase in impairment provisions following the adoption of IFRS 9 on 1 January 2018, which was in turn offset by the impact on retained earnings (net of transitional relief).
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