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21 February 2018
LLOYDS BANKING GROUP STRATEGIC UPDATE
'I am delighted to announce today our strategy for the next three years which will transform the Group for success in a digital world.
Over the last six years the Group has made huge progress and has built many strong capabilities including the largest and top rated digital bank in the
The external environment is evolving rapidly and I am confident that this exciting and ambitious plan, with the significant additional investment, will mean we remain at the forefront of
António Horta-Osório, Group Chief Executive
Key actions of the 2018-2020 strategic plan:
· Transform the Group into a digitised, simple, low risk, customer focused,
· Leverage our multi-brand and multi-channel model, including the
· Invest more than
Key outcomes and financial targets:
· Growth in targeted segments with strong statutory profit growth
· Operating costs of less than
· Asset quality ratio of around 35 basis points through the cycle and less than 30 basis points during the plan period
· Strong and superior returns (14-15 per cent return on tangible equity from 2019) on a higher CET1 capital base
· Strong capital generation (170-200 basis points per year pre dividend) will continue to drive attractive and sustainable capital returns
Over the last six years we have successfully transformed the Group, restructuring and simplifying the business whilst enhancing customer experience, Helping Britain Prosper and significantly increasing shareholder returns.
We have made strong progress, leveraging the unique strengths and assets of the Group including our differentiated multi-brand strategy, our multi-channel propositions, market leading efficiency, and the largest digital bank and branch network in the
As we look to the future, we see the external environment evolving rapidly. Changing customer behaviours, the pace of technological evolution and changes in regulation all present opportunities. Given our strong capabilities and the significant progress made in recent years we believe we are in a unique position to compete and win in this environment by developing additional competitive advantages. We will continue to transform ourselves to succeed in this digital world and the next phase of our strategy will ensure we have the capabilities to deliver future success.
We have identified four strategic priorities focused on the financial needs and behaviours of the customer of the future: further enhancing our leading customer experience; further digitising the Group; maximising Group capabilities; and transforming ways of working. We will invest more than
Delivering a leading customer experience
We will drive stronger customer relationships through best in class propositions while continuing to provide our customers with brilliant servicing and a seamless experience across all channels. This will include:
· remaining the number 1 digital bank in the
· unrivalled reach with
· data-driven and personalised customer propositions.
Digitising the Group
We will deploy new technology to drive additional operational efficiencies that will make banking simple and easier for customers whilst reducing operating costs, pursuing the following initiatives:
· deeper end-to-end transformation targeting over 70 per cent of cost base;
· simplification and progressive modernisation of our data and IT infrastructure; and
· technology enabled productivity improvements across the business.
Maximising the Group's capabilities
We will deepen customer relationships, grow in targeted segments and better address our customers' banking and insurance needs as an integrated financial services provider. This will include:
· increasing Financial Planning and Retirement (FP&R) open book assets by more than
· implementing an integrated FP&R proposition with single customer view; and
· start-up, SME and Mid Market net lending growth (more than
Transforming ways of working
We are making our biggest ever investment in people, increasing colleague training and development by 50 per cent to 4.4 million hours per annum and embracing new technology to drive better customer outcomes. The hard work, commitment and expertise of our colleagues has enabled us to deliver to date and we will further invest in capabilities and agile working practices. We have already restructured the business and reorganised the leadership team to ensure effective implementation of the new strategy.
The strategy outlined today will enable the Group to deliver strong statutory profit growth supported by targeted asset growth in key segments, a resilient net interest margin, lower operating costs, strong asset quality and lower remediation costs, whilst delivering strong capital generation and sustainable and superior shareholder returns.
Costs will continue to be a competitive advantage as we deliver market leading efficiency. We expect operating costs to be less than
Asset quality remains strong and, given our low risk business model and the significant portfolio improvements in recent years, we now expect an asset quality ratio of around 35 basis points through the cycle and less than 30 basis points through the plan period.
We expect to deliver an improved return on tangible equity (RoTE) of 14.0-15.0 per cent from 2019 onwards on a higher CET1 capital base of c.13 per cent plus a management buffer of around 1 per cent.
Capital generation is expected to remain strong with 170-200 basis points of capital generation per year pre dividend and as a result we expect to deliver progressive and sustainable ordinary dividends whilst maintaining the flexibility to return surplus capital to shareholders.
Forward looking statements
This document contains certain forward looking statements with respect to the business, strategy, plans and /or results of Lloyds Banking Group and its current goals and expectations relating to its future financial condition and performance. Statements that are not historical facts, including statements about Lloyds Banking Group's or its directors' and/or management's beliefs and expectations, are forward looking statements. By their nature, forward looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future. Factors that could cause actual business, strategy, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward looking statements made by the Group or on its behalf include, but are not limited to: general economic and business conditions in the
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