Half Year 2024 Lloyds Banking Group PLC Earnings Call Transcript
Key Points
- Lloyds Banking Group PLC (LYG) delivered a robust financial performance in the first half of 2024, in line with expectations.
- The company announced a 15% increase in the interim ordinary dividend to 1.06p per share.
- Lloyds Banking Group PLC (LYG) has made significant progress in its five-year strategic transformation, with strong capital generation and consistent growth in shareholder distributions.
- The company has grown its balance sheet with broad-based lending growth of GBP5 billion and deposits up by GBP6 billion.
- Lloyds Banking Group PLC (LYG) remains on track to deliver its interim 2024 financial targets and is confident in achieving higher, more sustainable returns by 2026.
- Net income of GBP8.4 billion was down 9% year on year, reflecting challenges in the operating environment.
- Operating costs increased by 7% year on year, driven by inflationary pressures and strategic investments.
- The company faced a significant charge in operating lease depreciation, particularly due to developments in electric vehicle prices.
- The mortgage book refinancing continues to be a headwind, with completion margins lower than maturing mortgages.
- Despite strong performance, the company did not upgrade its full-year guidance, indicating cautious optimism amid market uncertainties.
Thank you for standing by, and welcome to the Lloyds Banking Group 2024 half year results call. (Operator Instructions) There'll be presentations from Charlie Nunn and William Charles followed by a question and answer session. (Operator Instructions) Please note this call is scheduled for 90 minutes as being recorded.
I will now hand over to Charlie Nunn. Please go ahead.
Thank you, operator, and good morning, everyone, and thank you for joining our 2024 half year results Presentation. As usual, I'll start by providing a short overview of the Group financial and strategic performance. Wayne will then run through the financials in detail following a brief summary, we'll have plenty of time to take your questions.
Let me begin on slide 3. I'm pleased to say that we are continuing to make strong progress on delivering in line with our purpose, driving positive outcomes for customers, colleagues and shareholders. I'll cover this in more detail in the
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