v3.25.4

Segmental analysis (Tables) | 12 Months Ended
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Dec. 31, 2025
Disclosure of entity's operating segments [Abstract] |
Schedule of Operating Segments |
Year ended 31 December 2025 | Retail £m | Commercial Banking £m | Insurance, Pensions and Investments £m |  | Other £m |  | Total £m
Underlying net interest income | 9,637 |  | 3,670 |  | (151) |  | 479 |  | 13,635
Underlying other income | 2,636 |  | 1,825 |  | 1,431 |  | 228 |  | 6,120
Total underlying income | 12,273 |  | 5,495 |  | 1,280 |  | 707 |  | 19,755
Operating lease depreciation 1 | (1,445) |  | (9) |  | – |  | – |  | (1,454)
Net income | 10,828 |  | 5,486 |  | 1,280 |  | 707 |  | 18,301
Operating costs | (5,807) |  | (2,853) |  | (933) |  | (168) |  | (9,761)
Remediation | (931) |  | (27) |  | (15) |  | 5 |  | (968)
Total costs | (6,738) |  | (2,880) |  | (948) |  | (163) |  | (10,729)
Underlying impairment (charge) credit | (734) |  | (60) |  | (2) |  | 1 |  | (795)
Underlying profit before tax | 3,356 |  | 2,546 |  | 330 |  | 545 |  | 6,777
External income | 15,383 |  | 3,499 |  | 1,436 |  | (563) |  | 19,755
External operating lease depreciation 1 | (1,445) |  | (9) |  | – |  | – |  | (1,454)
Inter-segment (expense) income | (3,110) |  | 1,996 |  | (156) |  | 1,270 |  | –
Net income | 10,828 |  | 5,486 |  | 1,280 |  | 707 |  | 18,301
Loans and advances to customers 2 | 390,616 |  | 90,307 |  | – |  | 540 |  | 481,463
External assets | 404,882 |  | 147,186 |  | 218,137 |  | 173,867 |  | 944,072
Customer deposits | 325,169 |  | 171,063 |  | – |  | 225 |  | 496,457
External liabilities | 331,244 |  | 211,175 |  | 213,520 |  | 140,266 |  | 896,205
Analysis of underlying other income: |  |  |  |  |  |  |  |  |
Consumer lending | 2,075 |  |  |  |  |  |  |  | 2,075
Consumer relationships | 561 |  |  |  |  |  |  |  | 561
Business and Commercial Banking |  |  | 543 |  |  |  |  |  | 543
Corporate and Institutional Banking |  |  | 1,282 |  |  |  |  |  | 1,282
Life, Pensions and Investments |  |  |  |  | 1,018 |  |  |  | 1,018
General insurance |  |  |  |  | 277 |  |  |  | 277
Venture capital |  |  |  |  |  |  | 462 |  | 462
Other |  |  |  |  | 136 |  | (234) |  | (98)
Underlying other income | 2,636 |  | 1,825 |  | 1,431 |  | 228 |  | 6,120
Other items reflected in income statement above: |  |  |  |  |  |  |  |  |
Depreciation and amortisation | 2,352 |  | 345 |  | 193 |  | 587 |  | 3,477
Defined benefit scheme credit | – |  | – |  | – |  | (37) |  | (37)
Non-income statement items: |  |  |  |  |  |  |  |  |
Additions to fixed assets | 4,173 |  | 242 |  | 57 |  | 1,851 |  | 6,323
Investments in joint ventures and associates at end of year | – |  | – |  | – |  | 445 |  | 445
1 Net of losses on disposal of operating lease assets of £10 million. 2 Other includes centralised fair value hedge accounting adjustments. Note 4: Segmental analysis continued
Year ended 31 December 2024 | Retail £m |  | Commercial Banking £m | Insurance, Pensions and Investments £m |  | Other £m |  | Total £m
Underlying net interest income | 8,930 |  | 3,434 |  | (136) |  | 617 |  | 12,845
Underlying other income 1 | 2,354 |  | 1,815 |  | 1,292 |  | 136 |  | 5,597
Total underlying income | 11,284 |  | 5,249 |  | 1,156 |  | 753 |  | 18,442
Operating lease depreciation 2 | (1,319) |  | (6) |  | – |  | – |  | (1,325)
Net income | 9,965 |  | 5,243 |  | 1,156 |  | 753 |  | 17,117
Operating costs 1 | (5,566) |  | (2,752) |  | (924) |  | (200) |  | (9,442)
Remediation | (750) |  | (104) |  | (19) |  | (26) |  | (899)
Total costs | (6,316) |  | (2,856) |  | (943) |  | (226) |  | (10,341)
Underlying impairment (charge) credit | (457) |  | 14 |  | 7 |  | 3 |  | (433)
Underlying profit before tax | 3,192 |  | 2,401 |  | 220 |  | 530 |  | 6,343
External income | 13,566 |  | 3,981 |  | 1,292 |  | (397) |  | 18,442
External operating lease depreciation 2 | (1,319) |  | (6) |  | – |  | – |  | (1,325)
Inter-segment (expense) income | (2,282) |  | 1,268 |  | (136) |  | 1,150 |  | –
Net income | 9,965 |  | 5,243 |  | 1,156 |  | 753 |  | 17,117
Loans and advances to customers 3 | 372,250 |  | 87,602 |  | – |  | 5 |  | 459,857
External assets 4 | 387,322 |  | 148,548 |  | 197,309 |  | 173,518 |  | 906,697
Customer deposits | 319,726 |  | 162,645 |  | – |  | 374 |  | 482,745
External liabilities 4 | 324,730 |  | 207,066 |  | 193,519 |  | 135,494 |  | 860,809
Analysis of underlying other income: |  |  |  |  |  |  |  |  |
Consumer lending | 1,810 |  |  |  |  |  |  |  | 1,810
Consumer relationships | 544 |  |  |  |  |  |  |  | 544
Business and Commercial Banking |  |  | 533 |  |  |  |  |  | 533
Corporate and Institutional Banking |  |  | 1,282 |  |  |  |  |  | 1,282
Life, Pensions and Investments |  |  |  |  | 979 |  |  |  | 979
General insurance |  |  |  |  | 229 |  |  |  | 229
Venture capital |  |  |  |  |  |  | 457 |  | 457
Other |  |  |  |  | 84 |  | (321) |  | (237)
Underlying other income | 2,354 |  | 1,815 |  | 1,292 |  | 136 |  | 5,597
Other items reflected in income statement above: |  |  |  |  |  |  |  |  |
Depreciation and amortisation | 2,303 |  | 338 |  | 229 |  | 556 |  | 3,426
Defined benefit scheme charge (credit) | 7 |  | 2 |  | 3 |  | (23) |  | (11)
Non-income statement items: |  |  |  |  |  |  |  |  |
Additions to fixed assets | 3,485 |  | 107 |  | 75 |  | 1,956 |  | 5,623
Investments in joint ventures and associates at end of year | – |  | – |  | – |  | 542 |  | 542
1 In 2025, the Group revised its treatment of certain divisional variable payment related costs. Previously reported within divisional operating costs, these are now included within divisional underlying other income. Comparative figures have been represented on a consistent basis, with no net impact on segmental profit or loss. Total Group comparatives are unchanged. 2 Net of profits on disposal of operating lease assets of £59 million. 3 Other includes centralised fair value hedge accounting adjustments. 4 The Insurance, Pensions and Investments operating segment external assets included £5,122 million of disposal group assets and external liabilities included £5,268 million of disposal group liabilities. Further details are provided in note 24 and note 27. Note 4: Segmental analysis continued
Year ended 31 December 2023 | Retail £m |  | Commercial Banking £m | Insurance, Pensions and Investments £m |  | Other £m |  | Total £m
Underlying net interest income | 9,647 |  | 3,799 |  | (132) |  | 451 |  | 13,765
Underlying other income | 2,159 |  | 1,691 |  | 1,209 |  | 64 |  | 5,123
Total underlying income | 11,806 |  | 5,490 |  | 1,077 |  | 515 |  | 18,888
Operating lease depreciation 1 | (948) |  | (8) |  | – |  | – |  | (956)
Net income | 10,858 |  | 5,482 |  | 1,077 |  | 515 |  | 17,932
Operating costs | (5,469) |  | (2,647) |  | (880) |  | (144) |  | (9,140)
Remediation | (515) |  | (127) |  | (14) |  | (19) |  | (675)
Total costs | (5,984) |  | (2,774) |  | (894) |  | (163) |  | (9,815)
Underlying impairment (charge) credit | (831) |  | 511 |  | 7 |  | 5 |  | (308)
Underlying profit before tax | 4,043 |  | 3,219 |  | 190 |  | 357 |  | 7,809
External income | 12,803 |  | 4,570 |  | 1,221 |  | 294 |  | 18,888
External operating lease depreciation 1 | (948) |  | (8) |  | – |  | – |  | (956)
Inter-segment (expense) income | (997) |  | 920 |  | (144) |  | 221 |  | –
Net income | 10,858 |  | 5,482 |  | 1,077 |  | 515 |  | 17,932
Loans and advances to customers 2 | 361,181 |  | 88,606 |  | – |  | (42) |  | 449,745
External assets | 376,789 |  | 150,834 |  | 184,267 |  | 169,563 |  | 881,453
Customer deposits | 308,441 |  | 162,752 |  | – |  | 203 |  | 471,396
External liabilities | 313,244 |  | 204,815 |  | 179,962 |  | 136,067 |  | 834,088
Analysis of underlying other income: |  |  |  |  |  |  |  |  |
Consumer lending | 1,553 |  |  |  |  |  |  |  | 1,553
Consumer relationships | 606 |  |  |  |  |  |  |  | 606
Business and Commercial Banking |  |  | 514 |  |  |  |  |  | 514
Corporate and Institutional Banking |  |  | 1,177 |  |  |  |  |  | 1,177
Life, Pensions and Investments |  |  |  |  | 966 |  |  |  | 966
General insurance |  |  |  |  | 171 |  |  |  | 171
Venture capital |  |  |  |  |  |  | 448 |  | 448
Other |  |  |  |  | 72 |  | (384) |  | (312)
Underlying other income | 2,159 |  | 1,691 |  | 1,209 |  | 64 |  | 5,123
Other items reflected in income statement above: |  |  |  |  |  |  |  |  |
Depreciation and amortisation | 1,927 |  | 410 |  | 201 |  | 367 |  | 2,905
Defined benefit scheme charge (credit) | 53 |  | 21 |  | 6 |  | (159) |  | (79)
Non-income statement items: |  |  |  |  |  |  |  |  |
Additions to fixed assets | 3,294 |  | 88 |  | 80 |  | 1,993 |  | 5,455
Investments in joint ventures and associates at end of year | – |  | – |  | – |  | 401 |  | 401
1 Net of profits on disposal of operating lease assets of £93 million. 2 Other includes centralised fair value hedge accounting adjustments.
Schedule of Reconciliation of Underlying Basis to Statutory Results | The underlying basis is the basis on which financial information is presented to the chief operating decision-maker which excludes certain items included in the statutory results. The table below reconciles the statutory results to the underlying basis.
|  |  | Removal of: |  |
Year ended 31 December 2025 |  | Lloyds Banking Group statutory basis £m | Volatility, and other items 1 £m | Insurance gross up 2 £m | Underlying basis £m |
Net interest income |  | 13,230 | 403 | 2 | 13,635 | Underlying net interest income
Other income |  | 6,192 | (326) | 254 | 6,120 | Underlying other income
|  |  | (1,454) | – | (1,454) | Operating lease depreciation 3
Total income |  | 19,422 | (1,377) | 256 | 18,301 | Net income
Operating expenses 3 |  | (11,966) | 1,493 | (256) | (10,729) | Total costs
Impairment charge |  | (795) | – | – | (795) | Underlying impairment charge
Profit before tax |  | 6,661 | 116 | – | 6,777 | Underlying profit
|  |  | Removal of: |  |
Year ended 31 December 2024 | Lloyds Banking Group statutory basis £m | Volatility, and other items 1 £m | Insurance gross up 2 £m | Underlying basis £m |
Net interest income |  | 12,277 | 578 | (10) | 12,845 | Underlying net interest income
Other income |  | 5,726 | (375) | 246 | 5,597 | Underlying other income
|  |  | (1,325) | – | (1,325) | Operating lease depreciation 3
Total income |  | 18,003 | (1,122) | 236 | 17,117 | Net income
Operating expenses 3 |  | (11,601) | 1,496 | (236) | (10,341) | Total costs
Impairment charge |  | (431) | (2) | – | (433) | Underlying impairment charge
Profit before tax |  | 5,971 | 372 | – | 6,343 | Underlying profit
|  |  | Removal of: |  |
Year ended 31 December 2023 | Lloyds Banking Group statutory basis £m | Volatility, and other items 1 £m | Insurance gross up 2 £m | Underlying basis £m |
Net interest income |  | 13,298 | 479 | (12) | 13,765 | Underlying net interest income
Other income |  | 5,331 | (447) | 239 | 5,123 | Underlying other income
|  |  | (956) | – | (956) | Operating lease depreciation 3
Total income |  | 18,629 | (924) | 227 | 17,932 | Net income
Operating expenses 3 |  | (10,823) | 1,235 | (227) | (9,815) | Total costs
Impairment charge |  | (303) | (5) | – | (308) | Underlying impairment charge
Profit before tax |  | 7,503 | 306 | – | 7,809 | Underlying profit
1 In the year ended 31 December 2025 this comprises the effects of market and other volatility (gain of £72 million, 2024: losses of £144 million, 2023: gain of £35 million); the amortisation of purchased intangibles (£86 million, 2024: £81 million, 2023: £80 million); restructuring (£46 million of merger, acquisition and integration costs, 2024: £40 million, 2023: £154 million); and the fair value unwind (losses of £56 million, 2024: losses of £107 million, 2023: losses of £107 million). 2 Under IFRS 17, expenses which are directly associated with the fulfilment of insurance contracts are reported as part of the insurance service result within statutory other income. On an underlying basis these expenses remain within costs. 3 Net of losses on disposal of operating lease assets of £10 million (2024: profit of £59 million; 2023: profit of £93 million). Statutory operating expenses includes operating lease depreciation. On an underlying basis operating lease depreciation is included in net income.

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