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Britain's largest domestic retail and mortgage bank, operating under the Lloyds, Halifax and Bank of Scotland brands.
Britain's largest domestic retail and mortgage bank, operating under the Lloyds, Halifax and Bank of Scotland brands.
Earns mostly from the lending spread on mortgages and current accounts, so earnings follow UK interest rates, with insurance and pensions through Scottish Widows adding fees. It is almost entirely a UK business. It took its present shape in 2009 when it took over HBOS in the financial crisis; government ownership from the rescue ended in 2017.
In one line: A UK-only Wells Fargo.
Moat: narrow (scale, distribution, brand). Largest UK mortgage and current-account franchise, but a pure domestic bank with no scale outside the UK.
Headquarters: London, UK · Founded: 1765 · Employees: 60,061
Size Lloyds Banking (LLOY.L) is a United Kingdom Financials company (Major Banks) with a market value of $73.7B, the 13th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £95.88 on 6 Nov 2026.
Performance Over six months the shares gained 1.9%, against +8.2% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue fell 1.8% over the last twelve months (peer median +1.4%); the operating margin is 27.1% (peer median 37.5%).
Valuation It trades at 1.37× book value against a peer median of 1.67× (5th cheapest of 21).
Price implies The share price implies a return on equity of about 17.2%; Lloyds Banking delivers 14.3%, so the price asks more than the business earns today.
Backlog Backlog (remaining performance obligations) was £207M at 31 Dec 2025, up 6% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit Lloyds Banking has 36 bonds outstanding ($28.4B), rated A- by the agencies and trading like BBB+ at a weighted spread of 74 bp.
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £21.3B | £65.6B | £58.2B | £54.9B | £26.2B |
| Revenue growth | — | +13% | +6% | +110% | — |
| Net income | £5.74B | £4.20B | £3.92B | £4.93B | £3.39B |
| Free cash flow | n/a | -£8.38B | -£2.84B | -£4.96B | £2.25B |
| Capital expenditure | n/a | £6.32B | £5.62B | £5.46B | £3.85B |
| Total debt | £161B | £142B | £134B | £140B | £148B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Lloyds Banking LLOY.L | $73.7B | +2% | -2% | 14% | 1.37× | 17.2% |
| NatWest NWG.L | $62.3B | +4% | +3% | 16% | 1.21× | 15.8% |
| Barclays BARC.L | $75.1B | +1% | +7% | 11% | 0.88× | 13.5% |
| HSBC HSBA.L | $301B | -1% | -4% | 14% | 1.51× | 17.5% |
| Standard Chartered STAN.L | $60.9B | +14% | -10% | 13% | 1.37× | 16.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LLOY.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.7% | +2.8% | 4th lowest of 21 |
| 6-month return | +1.9% | +8.2% | 4th lowest of 21 |
| Return on equity | 14.3% | 12.6% | 5th highest of 21 |
| Price / book | 1.37× | 1.67× | 5th cheapest of 21 |
| Trailing P/E | 9.6× | 12.1× | 6th cheapest of 21 |
| ROE the price implies | 17.2% | 14.2% | 4th most demanding of 21 |
| ROE delivered | 14.3% | 12.8% | 5th highest of 20 |
| Bond spread | 74 bp | 79 bp | 7th tightest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Lloyds Banking LLOY.L | United Kingdom | $73.7B | +2% | -2% | 14% | 1.37× | 17.2% | 14.3% |
| China CITIC Bank 0998.HK | Hong Kong | $73.0B | 0% | -1% | 9% | 0.45× | 4.5% | 8.6% |
| Boc Hong Kong 2388.HK | Hong Kong | $67.4B | +13% | -8% | 12% | 1.47× | 8.1% | 11.8% |
| ANZ ANZ.AX | Australia | $84.2B | +17% | -5% | 8% | 1.71× | 14.4% | 8.3% |
| Itau Unibanco Holding S.A. Sponsored ADR Pfd ITUB | United States | $84.9B | -12% | +8% | 22% | 1.84× | 11.8% | 21.7% |
| National Australia Bank NAB.AX | Australia | $86.2B | +9% | -8% | 10% | 2.02× | 20.2% | 10.0% |
| NatWest NWG.L | United Kingdom | $62.3B | +4% | +3% | 16% | 1.21× | 15.8% | 15.9% |
| Nordea Bank Abp NDA-FI.HE | Finland | $62.3B | +6% | +3% | 15% | 1.77× | 14.6% | 14.9% |
| Westpac Banking WBC.AX | Australia | $87.6B | +4% | +2% | 9% | 1.78× | 16.4% | 9.5% |
| Standard Chartered STAN.L | United Kingdom | $60.9B | +14% | -10% | 13% | 1.37× | 16.9% | 12.8% |
| PNC Financial Services PNC | United States | $89.4B | +4% | +8% | 13% | 1.59× | 13.2% | 12.9% |
| ING Groep INGA.AS | Netherlands | $89.8B | +11% | +7% | 14% | 1.63× | 12.5% | 13.6% |
| National Bank of Canada NA.TO | Canada | $59.3B | +4% | +8% | 14% | 2.62× | 20.1% | 14.3% |
| U.S. Bancorp USB | United States | $92.6B | +8% | +1% | 13% | 1.55× | 13.9% | 12.8% |
| Oversea-Chinese Banking O39.SI | Singapore | $97.6B | +23% | -3% | 13% | 2.02× | 14.9% | 13.2% |
| Societe Generale GLE.PA | France | $52.0B | -5% | +9% | 9% | 0.78× | 10.0% | 9.5% |
| Bank of Communications 601328.SS | China | $106B | +22% | -5% | 8% | 0.62× | 2.4% | n/a |
| Kotak Mahindra Bank KOTAKBANK.NS | India | $50.5B | +27% | +12% | 12% | 2.45× | 29.5% | 11.8% |
| DNB Bank DNB.OL | Norway | $50.0B | +16% | -8% | 15% | 1.76× | 11.2% | 15.1% |
| Mizuho Financial 8411.T | Japan | $110B | +7% | +6% | 13% | 1.52× | 11.5% | 12.5% |
| Bank of Nova Scotia BNS.TO | Canada | $114B | +21% | -3% | 12% | 1.99× | 16.3% | 11.6% |
Lloyds Banking has 36 bonds outstanding with $28.4B face value. The agencies rate it A-; its bonds trade like BBB+. Weighted yield 5.64%, a spread of 74 bp over government bonds.
Lloyds Banking reported £207M of remaining performance obligations at 31 Dec 2025, up 6% from a year earlier. That is 0.0 years of trailing revenue already under contract.