Lloyds Banking Group plc 9.25% NON-CUM IRR PRF SHS GBP0.25

LLOBF

Lloyds is a retail and commercial bank headquartered in the United Kingdom. The bank operates via three business segments: retail, commercial banking, and insurance and wealth. In retail, Lloyds offers primarily mortgages (66% of loan portfolio), credit cards, and current accounts to its customers. Its commercial banking operation provides lending, transaction banking, working capital management, and debt capital market services to large corporates and financial institutions in the U.K. Insurance and wealth rounds out the product lineup with life and property insurance as well as pension solutions and high-net-worth asset-management services.

Profit Waterfall Analysis

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Profitability Margins

Operating Income Margini

38.36%

Operating Income = $1.98B

Revenue = $5.17B

Pre-tax Profit Margini

38.36%

Income Before Tax = $1.98B

Revenue = $5.17B

Net Profit Margini

27.12%

Net Income = $1.40B

Revenue = $5.17B

Tax Metrics

Effective Tax Ratei

27.63%

Income Tax Expense = $0.55B

Income Before Tax = $1.98B

Cash Tax Rate (TTM)i

0.00%

Income Taxes Paid = $0.00B

Income Before Tax = $3.16B

Financial Sector PPNR Metrics

PPNRi

$-16.14B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: $20.94B | non interest income: $-15.77B | non interest expense: $21.31B

PPNR Margini

-312.29%

PPNR = $-16.14B

Revenue = $5.17B

PPNR / Avg Assetsi

-1.71%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $-16.14B | avg total assets: $943.92B

Cost Efficiency Metrics

Efficiency Ratioi

412.29%

Non-Interest Expense = $21.31B

Revenue = $5.17B

Cost-to-Incomei

412.29%

Operating Expenses = $21.31B

Revenue = $5.17B

Cost-to-Assetsi

2.26%

Operating Expenses = $21.31B

Avg Total Assets = $943.92B

Operating Leverage Metrics

Operating JAWSi

N/A

Revenue Growth = N/A

Expense Growth = N/A

Operating Margin Expansioni

N/A

Current Operating Margin = N/A

Prior Operating Margin = N/A

Earnings Quality Metrics

Earnings Qualityi

N/A

Operating Cash Flow = N/A

Net Income = $1.40B

Accruals / Avg Assetsi

N/A

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $1.40B | operating cash flow: N/A | avg total assets: $943.92B

Volatility Metrics

PPNR Volatilityi

N/A

Core Revenue Volatilityi

N/A

Employee Productivity Metrics

Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $0.84B | employee count: N/A

OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $15.81B | employee count: N/A

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Capital Adequacy

Tangible Common Equity (TCE)i

GBP33.32B

Tangible Assets (TA)i

GBP935.33B

TCE / TA Ratioi

3.56%

🔴 Risk

TCE = GBP33.32B

TA = GBP935.33B

Leverage

Equity / Assets (E/A)i

4.44%

Total Equity = GBP41.91B

Total Assets = GBP943.92B

Assets / Equity (A/E)i

22.52x

Total Assets = GBP943.92B

Total Equity = GBP41.91B

Capital Quality

AOCI / TCEi

0.00%

✅ Healthy

AOCI = GBP0.00B

TCE = GBP33.32B

(Goodwill + Intangibles) / Equityi

20.50%

✅ Healthy

GW+Intangibles = GBP8.59B

Total Equity = GBP41.91B

Liquidity

Liquidity Buffer (HQLA proxy)i

6.42%

🔴 Risk

Cash+ST Inv = GBP60.60B

Total Assets = GBP943.92B

Funding Structure

Wholesale Funding Ratio (Core)i

10.62%

✅ Healthy

ST+LT Debt = GBP95.14B

Total Liabilities = GBP896.21B

Securities / Assetsi

55.58%

🔴 Risk

ST+LT Inv = GBP524.66B

Total Assets = GBP943.92B

Risk-Adjusted

Risk-Adjusted TCE (ATCE)i

GBP33.32B

ATCE / TAi

3.56%

TCE ATCE = GBP33.32B

TA = GBP935.33B

ATCE Scissor Spreadi

0 bps

✅ Healthy

TCE/TA = 356.00%

ATCE/TA = 356.00%

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Profitability Margins

Operating Income Margini

38.36%

Operating Income = $1.98B

Revenue = $5.17B

Pre-tax Profit Margini

38.36%

Income Before Tax = $1.98B

Revenue = $5.17B

Net Profit Margini

27.12%

Net Income = $1.40B

Revenue = $5.17B

Tax Metrics

Effective Tax Ratei

27.63%

Income Tax Expense = $0.55B

Income Before Tax = $1.98B

Cash Tax Rate (TTM)i

0.00%

Income Taxes Paid = $0.00B

Income Before Tax = $3.16B

Financial Sector PPNR Metrics

PPNRi

$-16.14B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: $20.94B | non interest income: $-15.77B | non interest expense: $21.31B

PPNR Margini

-312.29%

PPNR = $-16.14B

Revenue = $5.17B

PPNR / Avg Assetsi

-1.71%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $-16.14B | avg total assets: $943.92B

Cost Efficiency Metrics

Efficiency Ratioi

412.29%

Non-Interest Expense = $21.31B

Revenue = $5.17B

Cost-to-Incomei

412.29%

Operating Expenses = $21.31B

Revenue = $5.17B

Cost-to-Assetsi

2.26%

Operating Expenses = $21.31B

Avg Total Assets = $943.92B

Operating Leverage Metrics

Operating JAWSi

N/A

Revenue Growth = N/A

Expense Growth = N/A

Operating Margin Expansioni

N/A

Current Operating Margin = N/A

Prior Operating Margin = N/A

Earnings Quality Metrics

Earnings Qualityi

N/A

Operating Cash Flow = N/A

Net Income = $1.40B

Accruals / Avg Assetsi

N/A

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $1.40B | operating cash flow: N/A | avg total assets: $943.92B

Volatility Metrics

PPNR Volatilityi

N/A

Core Revenue Volatilityi

N/A

Employee Productivity Metrics

Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $0.84B | employee count: N/A

OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $15.81B | employee count: N/A

Capital Adequacy

Tangible Common Equity (TCE)i

GBP33.32B

Tangible Assets (TA)i

GBP935.33B

TCE / TA Ratioi

3.56%

🔴 Risk

TCE = GBP33.32B

TA = GBP935.33B

Leverage

Equity / Assets (E/A)i

4.44%

Total Equity = GBP41.91B

Total Assets = GBP943.92B

Assets / Equity (A/E)i

22.52x

Total Assets = GBP943.92B

Total Equity = GBP41.91B

Capital Quality

AOCI / TCEi

0.00%

✅ Healthy

AOCI = GBP0.00B

TCE = GBP33.32B

(Goodwill + Intangibles) / Equityi

20.50%

✅ Healthy

GW+Intangibles = GBP8.59B

Total Equity = GBP41.91B

Liquidity

Liquidity Buffer (HQLA proxy)i

6.42%

🔴 Risk

Cash+ST Inv = GBP60.60B

Total Assets = GBP943.92B

Funding Structure

Wholesale Funding Ratio (Core)i

10.62%

✅ Healthy

ST+LT Debt = GBP95.14B

Total Liabilities = GBP896.21B

Securities / Assetsi

55.58%

🔴 Risk

ST+LT Inv = GBP524.66B

Total Assets = GBP943.92B

Risk-Adjusted

Risk-Adjusted TCE (ATCE)i

GBP33.32B

ATCE / TAi

3.56%

TCE ATCE = GBP33.32B

TA = GBP935.33B

ATCE Scissor Spreadi

0 bps

✅ Healthy

TCE/TA = 356.00%

ATCE/TA = 356.00%

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Lloyds Banking Group plc 9.25% NON-CUM IRR PRF SHS GBP0.25

Income Statement Analysis

Profit Waterfall Analysis

Balance Sheet Analysis