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Lloyds Banking group pays 0.75p 2015 interim dividend

Investment Tools Ltd.
Lloyds Banking group pays 0.75p 2015 interim dividend

Improvement in underlying and statutory profit with balance sheet further strengthened

Underlying profit of £4,383 million, an increase of 15 per cent on the first half of 2014

Total income up 2 per cent to £8,968 million

− Net interest income of £5,715 million, up 6 per cent, primarily driven by margin improvement to 2.62 per cent

− Other income lower at £3,253 million, largely due to disposals and run-off, but up 4 per cent in last quarter

Operating costs flat after increased investment; cost:income ratio improved by 0.7 percentage points to 48.3 per cent

Impairment charge down 75 per cent to £179 million; asset quality ratio improved 21 basis points to 0.09 per cent

Underlying return on required equity of 16.2 per cent, up 2.2 percentage points on the first half of 2014

Statutory profit before tax up 38 per cent to £1,193 million (2014: £863 million), including charge of £1,400 million for PPI and £660 million charge relating to the disposal of TSB

Statutory return on required equity of 3.7 per cent, up 0.6 percentage points on the first half of 2014

Strong balance sheet and liquidity position with a CET1 ratio of 13.3 per cent (31 Dec 2014: 12.8 per cent); a total capital ratio of 21.7 per cent; and a leverage ratio of 4.9 per cent

Tangible net assets per share post dividend of 53.5 pence (31 Dec 2014: 54.9 pence)

Continued focus on supporting customers and the UK economy through the successful delivery of our strategy

Creating the best customer experience through multi-channel, multi-brand strategy and increased investment in digital; key customer satisfaction metrics continue to improve, with net promoter scores up 3 points this year and by 60 per cent since 2010

Continue to become simpler and more efficient through process redesign and automation; run-rate savings of £225 million in the new Simplification programme and we remain on track to deliver the targeted savings of £1 billion by the end of 2017

Delivering sustainable growth in key customer segments over last 12 months

− Meeting our Helping Britain Prosper Plan commitments by supporting 1 in 4 first-time buyers and 1 in 5 new business start-ups

− Net lending of £1.5 billion to SMEs, up 5 per cent and ahead of the market

− UK Consumer Finance lending growth of 17 per cent, with 34 per cent growth in motor finance

Completion of sale of TSB to Banco Sabadell will enable the Group to meet its commitment to the European Commission ahead of the mandated deadline

UK government stake reduced to less than 15 per cent (as at 15 July 2015)

Guidance for 2015 net interest margin and asset quality ratio improved with other guidance reconfirmed

Net interest margin for the full year improved to around 2.60 per cent

Full year asset quality ratio improved to around 15 basis points (previously around 25 basis points)

Continue to expect other income to be broadly stable in 2015

Continue to expect full year cost:income ratio to be lower than full year 2014 ratio of 49.8 per cent

Dividend

Interim dividend of 0.75 pence per share amounting to £535 million

Further guidance on capital and dividend policy

Companies mentioned

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