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Lloyds Banking group returns to the dividend list

Investment Tools Ltd.
Lloyds Banking group returns to the dividend list

Delivery of 2011 strategic priorities has transformed the business; strategy updated in October

·     Group has been reshaped with Run-off assets reduced to £16.9 billion (2013: £33.3 billion) and international presence reduced to six countries from 30 countries in 2010

·     Strong balance sheet and liquidity position attained with, post dividend, a CET1 ratio of 12.8 per cent, a total capital ratio of 22.0 per cent and a leverage ratio of 4.9 per cent

·     Cost leadership position achieved with cost:income ratio of 51 per cent

·     Lending and deposit growth in key customer segments and relationship brands

·     Strategy updated in October with focus on creating the best customer experience, becoming simpler and more efficient and delivering sustainable growth

 

Continue to support customers and the UK economy

·     £11.9 billion of mortgage lending to over 89,000 first-time buyers and continued growth in SME lending, up 5 per cent

·     Continued to support our communities with over 2,200 apprenticeship positions and over 940,000 paid volunteer hours

 

Substantial increase in underlying profit and returns

·     Underlying profit increased 26 per cent to £7.8 billion (2013: £6.2 billion)

·     Return on risk-weighted assets increased to 3.02 per cent (2013: 2.14 per cent)

·     Income of £18.4 billion, up 1 per cent excluding St. James's Place effects in 2013

-    Net interest income up 8 per cent, driven by margin improvement to 2.45 per cent

-    Other income down 9 per cent reflecting disposals and a challenging operating environment

·     Costs down 2 per cent to £9.4 billion (cost base of £9.0 billion excluding TSB)

·     Impairment charge reduced 60 per cent to £1.2 billion; asset quality ratio improved 33 basis points to 0.24 per cent

 

Statutory profit before tax of £1.8 billion (2013: £0.4 billion) despite legacy items

·     £2.2 billion provision for PPI in the year (2013: £3.1 billion) and a £0.9 billion provision for other regulatory items

·     Statutory profit after tax of £1.5 billion (2013: loss of £0.8 billion)

·     Tangible net assets per share increased to 54.9p (31 Dec 2013: 48.5p)

 

Guidance reflects confidence in the future

·     2015 full year net interest margin expected to be around 2.55 per cent

·     2015 full year asset quality ratio expected to be around 30 basis points

·     Expect other income to be broadly stable in 2015

·     Targeting cost:income ratio to exit 2017 at around 45 per cent, with reductions in each year

·     Expect to generate between 1.5 and 2 percentage points of common equity tier 1 per annum (pre dividend)

·     Expected return on required equity of 13.5-15 per cent by the end of the strategic plan period (2017)

 

Dividend

·     Recommending a dividend of 0.75 pence per share in respect of 2014, amounting to £535 million

Companies mentioned

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