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Annual Report and Accounts 2008

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Annual Report and Accounts 2008 ANNUAL REPORT AND ACCOUNTS 2008 CREATING THE UK’S LEADING FINANCIAL SERVICES PROVIDER This publication contains the 2008 report and accounts for Lloyds Banking Group plc (formerly Lloyds TSB Group plc). HBOS plc was acquired by Lloyds Banking Group plc on 16 January 2009 and, accordingly, is dealt with in the accounts only as a post balance sheet event (see note 52, page 181). The 2008 report and accounts for HBOS plc therefore do not form part of this publication. CONTENTS OVERVIEW BUSINESS REVIEW FINANCIAL STATEMENTS Group profile 1 Summary of Group results 10 Report of the independent auditors on the consolidated financial statements 96 Chairman’s statement 2 Divisional results 18 Consolidated financial statements 97 Group chief executive’s review 4 Corporate responsibility 36 Notes to the consolidated financial Group chief executive’s Q&A 6 Our people 40 statements 102 Marketplace trends 8 Risk management 42 Report of the independent auditors on Five year financial summary 65 the parent company financial statements 182 Parent company financial statements 183 GOVERNANCE Notes to the parent company The board 66 financial statements 186 Directors’ report 68 SHAREHOLDER INFORMATION Corporate governance 70 Shareholder information 191 Directors’ remuneration report 74 Index to annual report 192 Financial calendar 2009 195 PRESENTATION OF INFORMATION In order to provide a more comparable representation of underlying business performance in certain commentaries in the Overview and Business Review, insurance and policyholder interests volatility have been separately analysed for the Group’s insurance businesses. Further information on these items is shown on pages 34 and 35. In addition, a provision in respect of certain historic US dollar payments, a provision in respect of the Financial Services Compensation Scheme levy and goodwill impairment in 2008, and the profit on the sale of businesses, the results of discontinued businesses and the settlement of overdraft claims in 2007 have been separately analysed in the Group’s results. A reconciliation of this continuing businesses basis of presentation to the statutory profit is shown on page 1. Certain commentaries also separately analyse the impact of market dislocation from the results for both years. FORWARD LOOKING STATEMENTS This annual report includes certain forward looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect to the business, strategy and plans of Lloyds Banking Group and its current goals and expectations relating to its future financial condition and performance. Statements that are not historical facts, including statements about Lloyds Banking Group’s or management’s beliefs and expectations, are forward looking statements. Words such as ‘believes’, ‘anticipates’, ‘estimates’, ‘expects’, ‘intends’, ‘aims’, ‘potential’, ’will’, ‘would’, ‘could’, ‘considered’, ‘likely’, ‘estimate’ and variations of these words and similar future or conditional expressions are intended to identify forward looking statements but are not the exclusive means of identifying such statements. By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. Examples of such forward looking statements include, but are not limited to, projections or expectations of the Group’s future financial position including profit attributable to shareholders, provisions, economic profit, dividends, capital structure, expenditures or any other financial items or ratios; statements of plans, objectives or goals of Lloyds Banking Group or its management including in respect of the integration of HBOS and the achievement of certain synergy targets; statements about the future business and economic environments in the United Kingdom (UK) and elsewhere including trends in interest rates, foreign exchange rates, credit and equity market levels and demographic developments, competition, regulation, dispositions and consolidation or technological developments in the financial services industry; and statements of assumptions underlying such statements. Factors that could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements made by Lloyds Banking Group or on Lloyds Banking Group’s behalf include, but are not limited to, general economic conditions in the UK and internationally; inflation, deflation, policies of the Bank of England and other G7 central banks and interest rate, exchange rate, market and monetary fluctuations; changing demographic developments including consumer spending, saving and borrowing habits, technological changes, natural and other disasters, adverse weather, terrorist acts and other acts of war or hostility and responses to those acts; changes in laws, regulations, taxation, Government policies or accounting standards or practices and similar contingencies outside Lloyds Banking Group’s control; the ability to derive cost savings and other benefits as well as mitigate exposures from the acquisition and integration of HBOS; inadequate or failed internal or external processes, people and systems; exposure to regulatory scrutiny, legal proceedings or complaints; changes in competition and pricing environments; the inability to hedge certain risks economically; the adequacy of loss reserves; the ability to secure new customers and develop more business from existing customers; the degree of borrower credit quality; the ability to achieve value-creating mergers and/or acquisitions at the appropriate time and prices and the success of Lloyds Banking Group in managing the risks of the foregoing. Lloyds Banking Group may also make or disclose written and/or oral forward looking statements in reports filed with or furnished to the US Securities and Exchange Commission, Lloyds Banking Group annual review, half-year VIEW OUR ANNUAL REPORT ONLINE announcement, proxy statements, offering circulars, prospectuses, press releases and other written materials and A full version of our Annual Report and Accounts and in oral statements made by the directors, officers or employees of Lloyds Banking Group to third parties, including information relating to Lloyds Banking Group is available financial analysts. The forward looking statements contained in this annual report are made as of the date hereof, at www.lloydsbankinggroup.com and Lloyds Banking Group undertakes no obligation to update any of its forward looking statements. 1 Lloyds Banking Group Annual Report and Accounts 2008 GROUP PROFILE 2008 HIGHLIGHTS Statutory profit before tax reduced by 80 per cent to £807 million. OUR GROUP A resilient underlying business performance was offset by the impact of market dislocation and adverse volatility relating to the Group’s Lloyds Banking Group is a leading UK based financial services group insurance businesses. providing a wide range of banking and financial services, primarily in A resilient business performance. Profit before tax, on a continuing the UK, to personal and corporate customers. businesses basis, totalled £2,426 million, a decrease of 35 per cent which Lloyds Banking Group was formed in January 2009 following the reflected the impact of £1,270 million of market dislocation and higher acquisition of HBOS and our main business activities are retail, impairment levels. commercial and corporate banking, general insurance, and life, Robust income performance. Income, excluding market dislocation, pensions and investment provision. The new Group also operates an grew by nine per cent reflecting strong revenue growth from the Group’s international banking business with a global footprint in 40 countries. relationship banking businesses. On a statutory basis, income was The Group is the largest UK retail bank and has a large and diversified eight per cent lower at £9,872 million. customer base. Services are offered through a number of well Excellent cost management. The Group’s cost:income ratio, excluding recognised brands including Lloyds TSB, Halifax, Bank of Scotland, market dislocation, improved by 1.1 percentage points to 47.0 per cent. Scottish Widows, Clerical Medical and Cheltenham & Gloucester, In a difficult economic environment, asset quality remains satisfactory. and via a unique distribution capability comprising the largest branch Impairment losses increased by 68 per cent to £3,012 million, reflecting network in the UK and intermediary channels. the impact of market dislocation, the slowdown in the UK economic Lloyds Banking Group is quoted on both the London Stock Exchange environment and the impact of the falling house price index. and the New York Stock Exchange and is one of the largest Robust capital ratio and a strong liquidity and funding position companies within the FTSE 100. maintained throughout the recent turbulence in global financial markets. OUR VISION GroUP reSULTS SUmmarY To be recognised as the best financial services organisation in the UK by 2008 2007 customers, colleagues and shareholders. £m £m Net interest income 7,709 6,022 OUR STraTEGY Other income 521 11,777 Our corporate strategy supports this vision and is focused upon: Total income 8,230 17,799 Insurance claims 2,859 (6,917) Building strong customer franchises that are based on Total income, net of insurance claims 11,089 10,882 deep customer relationships Operating expenses (5,651) (5,330) – Extending reach and depth of customer relationships – Enhancing
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