Lloyds Banking Group Plc · LSE:LLOY
Lloyds Banking — FY2011 Earnings Presentation
61 slides from Lloyds Banking's earnings presentation, Feb 24, 2012
Slide 1: 2011 Results Presentation to Analysts
2011 Results R lt Presentation to Analysts 24 Februaryy 2012
Slide 2: António Horta-Osório, Group Chief Executive
2011 RESULTS 24 February 2012 António Horta-Osório Group Chief Executive “Accelerating balance sheet strength, improving customer service and efficiency whilst investing to grow our profitable core business and deliver the best bank for customers customers” 1 2011 RESULTS 1
Slide 3: Agenda and Summary
AGENDA SUMMARY 2011 IN CONTEXT PROGRESS AGAINST OUR STRATEGY FINANCIAL PERFORMANCE 2011 RESULTS TIM TOOKEY, GROUP FINANCE DIRECTOR UPDATE ON COSTS AND SIMPLIFICATION MARK FISHER, DIRECTOR, GROUP OPERATIONS ECONOMIC AND REGULATORY ENVIRONMENT GUIDANCE AND SUMMARY 2 SUMMARY Significant reduction in
Slide 4: 2011 in Context
AGENDA SUMMARY 2011 IN CONTEXT PROGRESS AGAINST OUR STRATEGY FINANCIAL PERFORMANCE 2011 RESULTS TIM TOOKEY, GROUP FINANCE DIRECTOR UPDATE ON COSTS AND SIMPLIFICATION MARK FISHER, DIRECTOR, GROUP OPERATIONS ECONOMIC AND REGULATORY ENVIRONMENT GUIDANCE AND SUMMARY 4 2011 IN CONTEXT The Group faced man
Slide 5: Strategy Summary Presented in June 2011
AGENDA SUMMARY 2011 IN CONTEXT PROGRESS AGAINST OUR STRATEGY FINANCIAL PERFORMANCE 2011 RESULTS TIM TOOKEY, GROUP FINANCE DIRECTOR UPDATE ON COSTS AND SIMPLIFICATION MARK FISHER, DIRECTOR, GROUP OPERATIONS ECONOMIC AND REGULATORY ENVIRONMENT GUIDANCE AND SUMMARY 6 STRATEGY SUMMARY PRESENTED IN JUNE
Slide 6: Accelerating Balance Sheet Strength
ACCELERATING BALANCE SHEET STRENGTH Non-core assets and RWA reduction, above market deposit growth and reduction in wholesale funding requirement (£bn) FUNDED ASSETS(1) CUSTOMER DEPOSITS(3) Core loans & advances Non-core loans and advances STRENGTHEN and other funded assets and other funded assets(2
Slide 7: Reshaping Our Business Portfolio
RESHAPING OUR BUSINESS PORTFOLIO All core businesses, apart from Wholesale, have good profit growth, while we are exiting non-core activities STRENGTHEN FOCUS ON THE CORE UNDERLYING ...WHILE DECREASING NON-CORE our balance BUSINESS… AND STRENGTHENING CAPITAL sheet and AND FUNDING li idit liquidity U
Slide 8: Reshaping Our Business Portfolio: Value-Driven ISA Growth
RESHAPING OUR BUSINESS PORTFOLIO …driven by value (ISA example) 2011 CASH 2011 CASH ISAs STRENGTHEN ISA GROWTH(1) (HEADLINE ADVERTISED RATE) our balance sheet and li idit liquidity 20% position 8% 3.25% 3.30% RESHAPE our 3.10% 3.00% 3.00% business portfolio Market Group 2.65% SHARE OF CASH ISA NEW 2
Slide 9: Simplifying the Group
SIMPLIFYING THE GROUP Successful execution of integration, strong initial progress on simplification and a 6% reduction in operating expenses STRENGTHEN Successful execution of OPERATING EXPENSES(1) our balance integration has resulted in annual (6)% sheet and li idit liquidity run-rate savings of
Slide 10: Investing to Grow Our Core Customer Businesses
INVESTING TO GROW OUR CORE CUSTOMER BUSINESSES We continue to invest to grow our core customer businesses based on the 5 key growth initiatives mentioned in June 2011 Successful launch of multibrand strategy Halifax as a “challenger” brand: deposit growth 3 times UK market growth STRENGTHEN Hali
Slide 11: Profit Before Tax and Fair Value Unwind
PROFIT BEFORE TAX AND FAIR VALUE UNWIND Combined businesses profit broadly in line with expectations, resilient performance in core business, statutory result includes PPI provision £m GROUP CORE 2010 2011 2010 2011 Core business income Underlying Income(1) 23 537 23,537 21,197 21 197 19 972 19,972
Slide 12: Group and Core Asset & Liability Margins
GROUP ASSET & LIABILITY MARGINS Funding cost pressure partly offset by liability funding benefits ASSET MARGIN LIABILITY MARGIN Average Interest Earning Assets Average Interest Bearing Liabilities £626bn £585bn £341bn £364bn 9bp 1.71% 1.46% (33)bp (1)bp 21bp 0.98% 0.92% (3)bp (12)bp 2010 Asset Whole
Slide 13: Financial Performance: Impairments and Core Retail
FINANCIAL PERFORMANCE Improving asset quality driving a 26% impairment reduction £bn 24.0 Conservative approach to risk fully 13.4 embedded across the business 26% 10.6 Group £3.4bn 26% 13.2 9.8 Retail £0.8bn 28% 6.6 6.6 5.4 Wholesale £1.2bn 29% 4.4 4.9 4.7 Commercial £0.1bn 21% 38 3.8 3.1
Slide 14: Core Wholesale Business Performance
CORE WHOLESALE BUSINESS PERFORMANCE A challenging trading environment UNDERLYING CORE BUSINESS (£m)(1) % CORE ASSETS(4), LOANS(5) 2010 2011 Change AND RWAs (£bn) (3)% Underlying income 4,907 4,297 (12)% (7)% Total costs (2,191) (2,107) 4% 108.3 104.8 Impairment(2) (574) (741) (29)% Underlying profit
Slide 15: Core Insurance Business Performance
CORE INSURANCE BUSINESS PERFORMANCE Margin improved and costs reduced UNDERLYING CORE BUSINESS (£m)(1) % EEV NEW BUSINESS MARGIN 2010 2011 Change 50bps 4.0% Underlying income 2,588 2,484 (4)% 3.5% Insurance claims (542) (343) 37% Income less insurance claims 2,046 2,141 5% Total costs (813) (772) 5%
Slide 16: Tim Tookey, Group Finance Director
AGENDA SUMMARY 2011 IN CONTEXT PROGRESS AGAINST OUR STRATEGY FINANCIAL PERFORMANCE 2011 RESULTS TIM TOOKEY, GROUP FINANCE DIRECTOR UPDATE ON COSTS AND SIMPLIFICATION MARK FISHER, DIRECTOR, GROUP OPERATIONS ECONOMIC AND REGULATORY ENVIRONMENT GUIDANCE AND SUMMARY 28 2011 RESULTS 24 February 2012 Tim
Slide 17: Income Statement
DELIVERING …… PERFORMANCE IN LINE WITH EXPECTATIONS PRUDENT MANAGEMENT OF NON-CORE BUSINESS SIGNIFICANTLY IMPROVED CAPITAL RATIOS, STRENGTHENED LIQUIDITY AND FUNDING POSITION SUMMARY 30 INCOME STATEMENT Combined businesses profit broadly in line with expectations £m GROUP CORE 2010 2011 2010 2011 Un
Slide 18: Resilient Underlying Profits
RESILIENT UNDERLYING PROFITS Liability management gains more than offset volatile items £m 2010 2011 % Change Profit before tax – combined businesses basis 2,212 2,685 21% Adjust to exclude effects of liability management management, volatile items and asset sales Gains and losses on asset sales (45
Slide 19: Performance of Core Business
PERFORMANCE OF CORE BUSINESS Resilient performance despite challenging market conditions £m 2010 2011 % Change Net interest income 11,745 10,916 (7)% Other operating income Other 8,769 8,360 (5)% Insurance claims (542) (343) 37% Effects of liability management, volatile items 51 603 and asset sales
Slide 20: Core Income and Group Net Interest Margin
BUSINESS PERFORMANCE – CORE INCOME Reductions principally due to subdued demand and customer deleveraging £m (2)% (5)% 20,023 19,972 612 18,933 603 19,536 (51) (665) (589) (173) (224) 2010 Volatile 2010 Customer Asset Deposit Wholesale Other 2011 Volatile 2011 total core items(1) balance pricing spr
Slide 21: Cost Performance and Impairment by Division
COST PERFORMANCE Continued strong cost control and delivery of operating efficiencies £m 4% 6% 11,078 10,882 179 189 10,621 (150) (46) 116 10,253 (490) (178) (77) 2010 Impairment FSCS 2010 Incremental Simplification Operating Other 2011 FSCS Bank 2011 total of tangible operating synergies & other le
Slide 22: Impairment Charge
IMPAIRMENT CHARGE Substantial further reductions WHOLESALE (£bn) W&I (£bn) Material reduction primarily in corporate real Trend continues to be dominated by Ireland estate and related portfolios Decline in valuations of Australasian property Supported by the stabilising UK and US One third
Slide 23: New to Arrears and Irish Portfolio
NEW TO ARREARS AND IMPAIRMENTS Continuing improvement in credit quality RETAIL SECURED (£bn) RETAIL UNSECURED (£bn) New to arrears New to arrears 15.2 14.8 14.5 13 2 13.2 3.4 3.1 2.6 2.2 H1/10 H2/10 H1/11 H2/11 H1/10 H2/10 H1/11 H2/11 WHOLESALE (£m) COMMERCIAL (£m) New to impaired New to impaired 11
Slide 24: Performance Summary
PERFORMANCE SUMMARY Performing in line with expectations Income reductions result from smaller balance sheet and subdued demand Margin guidance achieved despite challenging funding environment Successful liability management exercise more than offsets volatile items and asset sales Excellent
Slide 25: Non-Core Portfolio
NON-CORE PORTFOLIO Continued disciplined reductions in non-core portfolio £bn £53BN(1) NON-CORE REDUCTION IN 2011 RWA 144 109 ≤65 £4.8bn £4 8bn UK CRE disposals; Total assets 194 27% c. 80% of which is outside London Treasury Substantial run-off of treasury assets Assets 49 141 Commercial Cash
Slide 26: Non-Core Capital and Eurozone Exposures
NON-CORE CAPITAL CONSUMPTION / RELEASE £0.3bn capital release; real benefit even greater due to avoidance of future impairments H1 2011 H2 2011 FY 2011 Loss before tax(1) (£m) (1,762) (1,902) (3,664) Post tax loss ‘capital consumed’ (£m) (1,295) (1,398) (2,693) Reduced RWAs (£bn) 15.2 19.9 35.1 at 1
Slide 27: Capital Strengthened with Asset Reduction
DELIVERING …… PERFORMANCE IN LINE WITH EXPECTATIONS PRUDENT MANAGEMENT OF NON-CORE BUSINESS SIGNIFICANTLY IMPROVED CAPITAL RATIOS, STRENGTHENED LIQUIDITY AND FUNDING POSITION SUMMARY 50 CAPITAL STRENGTHENED WITH ASSET REDUCTION OFFSETTING PPI & TRADING IMPACT Lower capital intensity of new business
Slide 28: Capital: CRD IV
CAPITAL: CRD IV Maintaining prudent capital reserves over and above regulatory requirements Date of rule Estimated impact if applied change to December 2011 core tier 1 RWA increases largely from derivative valuation adjustments, c. £25-30bn RWAs c. (0.8)% January changes h in i definition d fi iti
Slide 29: Further Improvement in Wholesale Funding
FURTHER IMPROVEMENT IN WHOLESALE FUNDING Prudent maturity profile driven by successful issuance programme WHOLESALE FUNDING MATURITY PROFILE (£bn) WHOLESALE FUNDING £251BN (16)% > 1 year 55% 298 2 – 5 years 251 £60bn 149 50% >5 years 1 – 2 years 138 £26bn £52bn 55% £69bn 149 money mone £23bn market
Slide 30: Short-Term Wholesale Funding & Liquidity
SHORT-TERM WHOLESALE FUNDING & LIQUIDITY Liquidity significantly exceeds short-term funding and regulatory requirements £bn 218 202 192 143% coverage 179% 160 coverage 149 152 117 107 49 62 59 113 109 44 49 38 63 Primary 100 98 93 101 0 95 liquid 69 assets 52 57 35 Dec Dec Jun Dec 2008 2010 2011 201
Slide 31: Summary
SUMMARY Resilient performance in line with expectations in a difficult economic environment Core business performance reflects subdued demand in key markets and the benefits of improved funding profile Prudent management of the non-core business with disciplined approach to non-core asset redu
Slide 32: Update on Costs and Simplification
2011 RESULTS 24 February 2012 Mark Fisher Director Group Operations Director, UPDATE ON COSTS AND SIMPLIFICATION 2011 RESULTS 31
Slide 33: 2011 Total Costs
2011 TOTAL COSTS Total costs reduced 4%, operating expenses down 6% TOTAL COSTS 2010 2011 Change £m £m % Operating expenses 10,882 10,253 (6) UK bank levy - 189 FSCS Costs 46 179 Impairment of tangible fixed assets 150 - Total costs 11,078 10,621 (4) Integration synergies annual run-rate 1,379 2,054
Slide 34: Simplification Programme
SIMPLIFICATION The Simplification Programme is central to becoming the best bank for customers and a high performing organisation SIMPLIFYING OUR BUSINESS Enhanced customer experience CUSTOMER BENEFITS Reduced errors and complaints Faster, more efficient service Reduced cost Increased prod
Slide 35: Simplification: Fast Start to Cost Savings
SIMPLIFICATION Fast start to cost savings with early deliverables achieved SIMPLIFICATION MOBILISED £178m benefits in 2011 / Run Run-rate rate £242m 2,098 role reductions announced – 1,665 FTE reductions by year end Corporate functions (eg Risk, HR, Finance) centralised Wholesale and Retail
Slide 36: Simplification: Process Focus
SIMPLIFICATION We are focussing on the processes that will both maximise cost savings and simplify customer service FTE VOLUME BY PROCESS NUMBERS 100k 80k 85k FTEs mapped to 910 end-to-end processes 60k 125 processes FTE 68k FTE 16k FTE involved in top 5 40k processes Focus on top 20k 125 proc
Slide 37: Simplification: Momentum into 2012 and Cost Summary
SIMPLIFICATION Early momentum carried into 2012, with over 180 initiatives now underway EARLY 2012 DELIVERIES Further 1,690 role reductions announced Efficiency improvements in – Account Transfer (Switchers) process - April – Improved Commercial Lending process rolling out – ISA account process
Slide 38: António Horta-Osório, Group Chief Executive
2011 RESULTS 24 February 2012 António Horta-Osório Group Chief Executive AGENDA SUMMARY 2011 IN CONTEXT PROGRESS AGAINST OUR STRATEGY FINANCIAL PERFORMANCE 2011 RESULTS TIM TOOKEY, GROUP FINANCE DIRECTOR UPDATE ON COSTS AND SIMPLIFICATION MARK FISHER, DIRECTOR, GROUP OPERATIONS ECONOMIC AND REGULATO
Slide 39: Economic and Regulatory Environment
ECONOMIC AND REGULATORY ENVIRONMENT WEAK SHORT-TERM OUTLOOK DEMANDING REGULATORY FOR THE UK ECONOMY ENVIRONMENT GDP GREATER CLARITY EMERGING Flat in 2012, with modest recovery ON UK REGULATORY in 2013 FRAMEWORK ICB report and Government UK BASE RATE response provides greater clarity To remain at c
Slide 40: Guidance
GUIDANCE 2012 Guidance – our expectations are… Income will be lower than in 2011, given the economic outlook and further non- Income core asset reductions, subdued demand in the core loan book, higher wholesale funding costs, and interest rates likely to remain lower for longer Full year banking
Slide 41: Appendix: Summary
SUMMARY Significant reduction in balance sheet risk Substantial improvement in funding and capital position Resilient core business performance given challenging environment Significantly stronger position than twelve Good progress against strategic initiatives months ago Tangible improvem
Slide 42: Loans and Advances to Customers; Mortgage Portfolio
LOANS AND ADVANCES TO CUSTOMERS LOANS AND ADVANCES TO CUSTOMERS £584bn(1) 31 Dec 2011 Financial, business & other services 11 0% 11.0% Property companies 11.1% Personal other 5.1% Construction 1.7% Personal mortgages Manufacturing 59.6% 1.7% Corporate other 1.0% Agriculture, forestry & fishery 0.9%
Slide 43: Mortgage New Business Distribution and LTVs
MORTGAGE NEW BUSINESS DISTRIBUTION NEW BUSINESS 12 months to 31 Dec 2010 - £30.1bn 12 months to 31 Dec 2011 - £28.0bn £bn £bn Homemovers Homemovers 11.2 9.8 First time First time buyers buyers xx% 5.5 37% 5.7 35% 18% 20% xx% xx% 15% 20% 16% 20% xx% 6.1% xx% Buy to let 10% Buy to let 9% 6.1bn% 4.4 Re
Slide 44: UK Mortgage Portfolio
UK MORTGAGE PORTFOLIO Books performing satisfactorily with stable profiles 31 Dec 2011 (£bn) 31 Dec 2010 (£bn) 39.7 3.1 45.0 3.2 332.1 341.1 (12.0%) (0.9%) (13.2%) (0.9%) 5.4 08 0.8 29.3 5.7 0.8 27.3 27 3 (19.8%) (2.9%) (8.6%) (19.4%) (2.7%) (8%) 46.4 8.6 0.6 48.3 7.6 0.6 (13.6%) (18.5%) (1.3%) (15%
Slide 45: UK Mortgage Impairment Coverage and Arrears Trends
UK MORTGAGE PORTFOLIO IMPAIRMENT COVERAGE UK MORTGAGES 2011 2010 Loans and advances to customers (gross) £332.1bn £341.1bn Impaired loans £6.5bn £6.8bn Impaired loans as % of closing advances 1.9% 2.0% I Impairment i t provisions i i £1 7b £1.7bn £1 6b £1.6bn Impairment provisions as % of impaired l
Slide 46: Trend in Mortgage Portfolio Arrears
TREND IN MORTGAGE PORTFOLIO ARREARS CUSTOMERS NEW TO ARREARS (Value £m) 15,176 15,151 14,782 14,393 14,481 13,218 H1 09 H2 09 H1 10 H2 10 H1 11 H2 11 88 SECURED ARREARS STABLE MORTGAGES CASES GREATER THAN 90 DAYS IN ARREARS (excl. possessions) £bn £bn 10 1 10.1 10 1 10.1 9.7 9.6 9.7 9.6 2.5 2.3 2.4
Slide 47: Mortgage Portfolio: Properties in Repossession
MORTGAGE PORTFOLIO – PROPERTIES IN REPOSSESSION PROPERTIES IN REPOSSESSION NEW REPOSSESSIONS(2) (% of total mortgage cases) (% of total mortgage cases) 0.12% 0.09% 0.08% (3,054) 0.05% (1,772) CML Ll d Lloyds CML Ll d Lloyds average(1) Banking average(1) Banking Group Group 31 Dec 31 Dec Q4 Q4 2011 2
Slide 48: New Repossessions and Unsecured Lending Portfolio
MORTGAGE PORTFOLIO – NEW REPOSSESSIONS NEW REPOSSESSIONS (% of total cases) 0.08% 0.07% 0.05% 0.05% CML(1) Ll d Lloyds CML(3) Ll d Lloyds Banking Banking Group(2) Group(4) 31 Dec 31 Dec 31 Dec 31 Dec 2011 2011 2010 2010 (1) Source: Council of Mortgage Lenders Dec 2011. (2) Lloyds Banking Group Dec 2
Slide 49: Unsecured Lending Portfolio
UNSECURED LENDING PORTFOLIO UNSECURED IMPAIRED LOANS (£m) 3,603 2,981 2,695 2,370 Jun 10 Dec 10 Jun 11 Dec 11 Loans Cards Current Accounts 94 UNSECURED LENDING PORTFOLIO CUSTOMERS NEW TO ARREARS (value £m) 3 367 3,367 3,130 2,632 2,250 Jun 10 Dec 10 Jun 11 Dec 11 95 2011 RESULTS 48
Slide 50: Loans to Corporate Customers; Commercial/Residential Property
LOANS AND ADVANCES TO CORPORATE CUSTOMERS LOANS AND ADVANCES TO CORPORATE CUSTOMERS £206bn(1) 31 Dec 2011 Transport, distribution and hotels 15.9% Property companies 31.4% Construction 4.7% Manufacturing 4.9% Corporate Other 2.9% Agriculture, forestry and fishing 2.5% Lease financing and hire purcha
Slide 51: UK Commercial/Residential Property
UK COMMERCIAL/RESIDENTIAL PROPERTY Commercial Property Residential Property (£28.3bn) (£8.3bn) Through the cycle policy, policy £36.6bn(1) Larger residential property supporting existing customer companies franchise Some concentration seen in South East and London, although well spread across
Slide 52: Overseas Property Lending; Leveraged Finance
OVERSEAS PROPERTY LENDING Ireland Australia (Gross £10.9bn/Net £4.7bn) (Gross £2.5bn/Net £1.3bn) 54% Property investment, of 46% Property investment, of £21.8bn(1) which 84% is impaired which 74% is impaired 46% Property development, 54% Property development, of of which 99% is impaired x wh
Slide 53: Wholesale Equity Portfolio at Carry Value
WHOLESALE EQUITY PORTFOLIO AT CARRY VALUE(1) MANAGE FOR GROWTH MANAGE FOR VALUE Lloyds Development Capital (£1.6bn) Fund Investments (£2.0bn) Ongoing direct equity business Generally, Generally Limited Partner Investments being managed for growth £3.9bn(2) in private equity funds; well diversifi
Slide 54: Impairment Losses and Impaired Asset Ratios
IMPAIRMENT LOSSES ON LOANS AND ADVANCES TO CUSTOMERS 2010 2011 % of average lending Impairment £m £m 2010 2011 Retail 2,747 1,970 0.74% 0.54% – Secured (mortgages) 292 463 0.09% 0.14% – Unsecured 2,455 1,507 8.11% 5.65% Wholesale 3,855 2,828 2.23% 1.95% Commercial 371 313 1.24% 1.06% Wealth and Inte
Slide 55: Irish Portfolio
IRISH PORTFOLIO Limited portfolio reductions (local currency basis), with increased provisioning PORTFOLIO BREAKDOWN (£bn) 31 Dec 2010 31 Dec 2011 Portfolio size: £27.5bn (€31.8bn) Portfolio size: £24.8bn (€29.6bn) 27 5 27.5 14 4 14.4 78 7.8 24.8 16.4 10.2 7.7 0.9 0.6 7.0 1.4 1.0 8.1 4.3 6.9 2.4 5.1
Slide 56: Irish Portfolio: Impaired Loan Rate and Coverage
IRISH PORTFOLIO Coverage level increased due to economic uncertainties IMPAIRED LOAN RATE AND COVERAGE RATIO TREND Ireland Wholesale Ireland Retail(1) 70% 65% 65% 61% 55% 53% 45% 40% 39% 40% 36% 84% 84% 69% 58% 13% 44% 17% 15% 20% 7% 9% 11% 6% H1/09 H2/09 H1/10 H2/10 H1/11 H2/11 H1/09 H2/09 H1/10 H2
Slide 57: Ireland Mortgages Peer Comparison
IRELAND MORTGAGES Peer comparison Lloyds Banking Four peers in €24 – 28bn gross loan ranges Group Dec June 2011 2011 June 2011 A B C D Gross Loans(1) €8,337m €8,439m Not – Owner occupied % 84% 84% 74% 69% 75% Disclosed Not – Buy to let % 16% 16% 26% 31% 25% Disclosed Total book % Impaired 20% 15% 6%
Slide 58: Projected Fair Value Unwind; Net Tangible Assets
PROJECTED FAIR VALUE UNWIND £bn 1.9 1 9(1) 0.5 0.2 0.0 (0.3) 2011 2012 2013 2014 2015 Further fair value unwind expected (1) Actual fair value unwind in 2011. 112 NET TANGIBLE ASSETS NET TANGIBLE ASSETS (£bn) NET TANGIBLE ASSETS PER SHARE (p) 59.2 41 4.1 58 6 58.6 40.3 2.8 40.3 (0.6) (4.1) (2.8) 201
Slide 59: Reducing Our Wholesale Funding Requirements
REDUCING OUR WHOLESALE FUNDING REQUIREMENTS Maintaining broad spread of wholesale funding £bn 31 Dec 31 Dec 2011 2010 Bank deposits(1) 25 26 Certificates of deposit 28 42 Medium-term notes 70 88 Clear benefit delivered by Covered bonds 37 32 managing balance sheet down Commercial paper 18 33 Goo
Slide 60: Core and Non-Core Income Statement
CORE AND NON-CORE INCOME STATEMENT Total Core Non-Core 2011 2010 2011 2010 2011 2010 £ million £ million £ million £ million £ million £ million Net interest income 12,233 14,143 10,916 11,745 1,317 2,398 Other income Oth i 9,307 9 307 9,936 9 936 8,360 8 360 8,769 8 769 947 1,167 1 167 Effects of l
Slide 61: Forward Looking Statements and Basis of Presentation
FORWARD LOOKING STATEMENTS AND BASIS OF PRESENTATION FORWARD LOOKING STATEMENTS This announcement contains forward looking statements with respect to the business, strategy and plans of the Lloyds Banking Group, its current goals and expectations relating to its future financial condition and perfor