Lloyds Banking Group

Ticker LLOY

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As of 00:11 27 May 2019
Market cap. Pound sterling
41,312.12 million
As of 00:11 27 May 2019

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Bank branches here to stay: Lloyds

Lloyds Bank branch
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The boss of Lloyds Bank in Scotland has predicted traditional branches will still be around in 30 or 40 years.

Philip Grant said he understood concerns about branch closures.

But he said Lloyds was committed to maintaining face-to-face services for vulnerable and other customers.

Most high street banks, including Lloyds, have been shutting branches in recent years as more customers conduct their banking through apps or on the internet.

House prices rise in April says Halifax

house prices
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Halifax - the UK's biggest mortgage lender - says house prices rose by 1.1% in April after falling 1.3% in March.

The average house price is now £236,619 which Halifax compares with April 2009 when average house prices were £154,663. That was the low point following the 2008 financial crash.

"Over the past decade annual house price growth has seen the average price increase by £81,956, or an average rise of 4.3% each year," said Russell Galley, managing director of Halifax.

House prices in the three months to April were 5.0% higher than in the same three months a year earlier.

Compensation review at HBOS Reading - The Times

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The Times is reporting that Lloyds Banking Group has agreed to an independent review of its compensation scheme for victims of the HBOS Reading fraud.

The compensation scheme was established by Lloyds in 2017 after a former HBOS banker and five other financiers were jailed for their part in a £245m loans scandal.

Lloyds told the Times that the review was not a “reopening or re-assessment of individual outcomes nor is it a forum for customers to appeal outcomes” and that the existing scheme “delivered fair and reasonable outcomes for customers”.

Lloyds 'can weather Brexit uncertainty'

Lloyds cash machines
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Lloyds Banking Group sounds pretty confident about Brexit uncertainty after reporting flat profits.

"While Brexit uncertainty persists, and continued uncertainty could further impact the economy, I remain confident that our unique business model, and in particular our market leading efficiency and targeted investment, will continue to deliver superior performance and returns for our customers and shareholders," says group chief executive António Horta-Osório.

The group reports flat profit before tax in the first quarter of £1.6bn.

It took one-off charges on exiting a Standard Life Aberdeen investment management agreement, and a £100m payment protection insurance charge "reflecting increased costs from higher gross complaint volumes", it says.

Lloyds shares rise

Lloyds atms

Shares in Lloyds Banking Group are up around 1% and among the top ten risers this morning.

This comes after it told the market that the Bank of England had set one its regulatory capital buffers at a slightly lower amount than expected.

"The group remains strongly capital generative and continues to expect ongoing capital build of 170 to 200 basis points per annum. The group has a progressive and sustainable ordinary dividend policy and the board will continue to give consideration to the distribution of surplus capital at the end of the year," it said.

Its first quarter results are due tomorrow.

Lloyds internet banking trouble


A Lloyds Banking Group spokesperson confirms:

“We know some of our customers are having issues with internet banking.

"We're sorry for this and are working to have it back to normal soon.”