Our strategy is focused on being a more conservative, 'through the cycle' relationship based business. The key objectives of our strategy are:
1Excludes Group Operations, Central items and insurance claims
There are four primary operating divisions within the Group: Retail, Wholesale,Wealth and International, and Insurance.
Their relative contribution to the Group's total income is presented to the right as well as links to more detailed analysis of their strategy, business and performance.
“We have a great platform for the future and have established a strong financial and operational trajectory. I am confident that we will be able to grow the business further over the coming years.”
“We achieved a step change in our financial performance despite slow economic growth, returning the Group to profitability while absorbing the substantial costs of reducing risk in the business.”
The Group returned to profitability on a combined businesses basis with profit before tax of £2,212 million
Statutory profit before tax of £281 million
Loss attributable to equity shareholders was £320 million; equivalent to a loss per share of 0.5 pence
Good trading performance against the backdrop of modest growth in the UK
Continued active support for the UK 's economic recovery by providing £30 billion of gross mortgage lending (including remortgages) and £49 billion of committed gross lending to businesses, of which £11 billion was for SMEs
Strong cost performance with a 6 per cent reduction in operating expenses
Significant reduction in the impairment charge
Continued strong progress with the integration programme
Good progress on balance sheet reduction with cumulative non-core asset reduction of £105 billion
Capital position significantly improved with core tier 1 ratio increased to 10.2 per cent
Excellent progress against term funding objectives with £50 billion of wholesale term issuance in the year
£61 billion reduction in liquidity support from government and central bank facilities
Lloyds TSB Bank plc, Lloyds TSB Scotland plc and Bank of Scotland plc (members of Lloyds Banking Group), are authorised and regulated by the Financial Services Authority. FSA authorisation can be checked on the FSA's Register at: www.fsa.gov.uk/register/home.do. Lloyds TSB Bank plc, Lloyds TSB Scotland plc and Bank of Scotland plc are members of the Financial Services Compensation Scheme and the Financial Ombudsman Service.