FINM036

FINANCIAL DECISION
MAKING Assignment 2

Name: Mohammad Parwez Soobratty

Student ID: 17448110

Submission Date: 5 December 2017

Module Leader: Mr Arvind Harris

Word Count: 2,926

 Table of Contents

1.0 Corporte Profile ..................................................................................................... 1

2.0 Strategic Priorities ................................................................................................. 2
3.0 Divisional Highlights .............................................................................................. 2
4.0 Commitment for future opportunities ..................................................................... 4
5.0 Key performance Indicators................................................................................... 4
6.0 Capital Ratio and Risk weighted Asset .................................................................. 6
7.0 Peer Group Analysis.............................................................................................. 6
8.0 Financial Performance ..................................................................................................... 7
9.0 Income Growth .................................................................................................................. 8
10.0 Asset Growth ................................................................................................................... 10
11.0 Management Effectiveness and Shareholders’ Equity ............................................. 10
12.0 Impairment and Capital ratios ....................................................................................... 11
13.0 External observations ..................................................................................................... 12
14.0 Corporate Governance ................................................................................................... 13
15.0 Board and Governance Structure ................................................................................. 14
16.0 Key Areas of Risk Governance ..................................................................................... 14
17.0 Net Asset value per share ............................................................................................. 14
18.0 Current Market Share Price ................................................................................. 15
19.0 Recommendations .............................................................................................. 16
20.0 list of references .................................................................................................. 17
21.0 Appnedix 1: (Key Performance Indicators) .......................................................... 19
22.0 Appnedix 2: (Underlying basis – Segmental analysis)......................................... 20
23.0 Appnedix 3: (Five year Financial Summary ) ....................................................... 21
24.0 Appnedix 4: (Board of Directors) ......................................................................... 22
 Section A

1.0 Corporate Profile

Lloyds Banking Group, having its registered office at 25 Gresham Street London is a UK public
limited company established in 1985. The group offers dedicated banking and financial services
through a panoply of comprehensive financial needs within its umbrella. The main area of
activities of Lloyds is Retail, Insurance, Consumer Finance and Commercial banking
facilities (Financials Times, 2017). Underpinned by its market diversification strategy within the
reputed brands including “Lloyds Bank, Halifax, Bank of Scotland, Scottish Widows, Colleys,
Lex Auto-lease and AMC”, the Group has whittled out an increasingly leading position and
playing a prominent role in “Helping Britain to prosper” by constantly responding and promoting
socio-economic development within the country over years (Lloyds Annual Report,2016).
Building on its rigorous commercial ideal, the group in its relentless pursuit helping individuals
and corporates through different business segments by offering a full range of banking and
financial services as illustrated in below. Its main strategic priorities are the UK market. (Lloyds
Annual Report,2016)

•CASA Deposit •Insurance

Accounts protection
( Current and •Pension
Savings ) •Investment
•Mortgages solutions

Retail Insurance
segment segment

Consumer Commercial
Finance Banking
segment segment
•Lending products • Lending
• Transactional banking
• Motor finance
• Working capital
•Credit cards management
• Unsecured •Risk management and
personal loans debt capital markets
services

Table 1 (Source: Own Chart, Lloyds Annual Report 2016)

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2.0 Strategic priorities
Alongside widespread and tailored made financial solutions, the group also pursued measures
aimed at fulfilling its strategic priorities which are: Understanding and meeting customer needs,
Leverage on its operational efficiency coupled with Digital transformation, Sustainable Market
growth, Promoting Human resources, Achieving solid and sustainable growth in Shareholders’
wealth (Lloyds Annual Report,2016).

3.0 Divisional Highlights

Figures as at December 2016 is illustrated the below

Retail Segment
Market Share 24 %
Underlying Profit £3,003m
Loans & Advances £297.7 bn
Customer deposits £271.0bn

Insurance
Market Share 14%
Underlying Profit £837.0m
6m
life, pensions and
Overview of
investments customers
Run Off -Central Items
Segment
Underlying Profit £276m
Loans & Advances 16.5 bn
Customer deposits £1.5bn
Segmental
Analysis

Consumer Finance Commercial Banking

Market Share 15% Market Share 17%
Underlying Profit £1,283m Underlying Profit £2,468m
Loans & Advances £35.1bn Loans & Advances £100.4bn
Customer deposits £7.9bn Customer deposits £132.6bn

Table 2 (Source: Own Graphic, Lloyds Annual Report 2016)

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For the year ended December 2016 the two major profit contributors are the commercial banking
which generated a profit of £2,468m followed by Retail segment £2,003m as profit generation.

Underlying Profit £m
3,000

2,468
2,500
2,003
2,000

1,500 1,283

1,000 837

500
276

-
Retail Commercial Banking Consumer Finance Insurance Run off - central items

Retail Commercial Banking Consumer Finance Insurance Run off - central items

Table 3 (Source: Own Graphic, Lloyds Annual Report 2016)

The portfolio of retail represented 24% followed by commercial banking 17%. Consumer finance
15% and Insurance felt short of consumer

Market Shares %

24%
25%
14%
15%
17%
20%

15% 0%
%

Run off - central items

10% Insurance
Consumer Finance
5%
Commercial Banking

0% Retail
Segments
Retail Commercial Banking Consumer Finance Insurance Run off - central items

Table 4 (Source: Own Graphic, Lloyds Annual Report 2016)

3
Pursuing with its with market zeal and tactical determinations, Lloyds group PLC sharpened its
supremacy by concluding its acquisition of the MBNA Ltd in December 2016 and announced its
deal for acquiring the Zurich Insurance PLC, in October 2017 (Lloyds Communique, 2017). The
Britain prosper plan was an initiative earmarked in 2014 in order to support individuals, corporates
and communities at large (Lloyds Annual Report,2016). Amidst the persisting uncertainties within
markets, the group has deployed bold measures on its human capital and bank tremendously on
their unfettered support to build a culture where colleagues put customer first, a work force of
approximately 84k staff comprising of male 38k and female 46k. (Lloyds Annual Report,2016).

4.0 Lloyds commitment for future opportunities to capture:

Lloyds is committed in delivering better service online through a network of more than 12.5
million virtual users, an All-in-one paperless approach which make it the digital market leader in
UK. The group is also privileging significant investment on its IT core system to make it resilient
in mitigating digital fraud while leveraging on automated process. Digital process will also be
extended to the insurance unit for online promotion of insurance product and stimulating electronic
insurance card to customers as well (Lloyds Annual Report,2016).

5.0 Key performance Indicators for the year ended December 2016.

•Underlying profit before tax £ 7,867m

Earnings •Statutory profit before tax £4,238m

•Cost to Income ratio 48.7%

•Loans and advances to customers £450 bn

Balance Sheet • Deposits £413 bn

•Loan to deposit ratio 109%

•Underlying Return on Equity 13.2 %

Stock Profile • Earning per share 2.9p

•Dividend per share 2.55p

Table 5 (Source: Own Chart, Lloyds Annual Report 2016)

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Constant reduction noted in cost income ratio from 55.1 % in 2012 to 48.7% in 2016 as a result of
operational efficiency and management proficiency (Lloyds Annual Report,2016).

Cost Income ratio

56.0% 55.1%

54.0% 52.9%

52.0%
49.8%
49.3%
50.0% 48.7%

48.0%

46.0%

44.0%
2012 2013 2014 2015 2016

Table 6 (Source: Own Chart, Lloyds Annual Report 2016)

The total assets as at December 2016 stood at £818bn as compared to £807bn as at December
2015 representing an increase of 1.4% (Lloyds Annual Report,2016).

Total assets £'m

933,064

854,896
842,380

806,688 817,793

2012 2013 2014 2015 2016

Table 7 (Source: Own Chart, Lloyds Annual Report 2016)

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6.0 Capital Ratio and Risk weighted Asset

Equity Tier 1
Ratio
13.8 %

Tier 1 Capital
Capital Ratio
ratio
21.4 %
17.0 %
Capital Ratio and
Risk weighted Asset

Risk
Shareholders'
Weighted
Equity
Assets
£ 43 bn
£ 216 bn

Table 8 (Source: Own Chart, Lloyds Annual Report 2016)

7.0 Peer Group Analysis

A peer group analysis conducted in 2017 by Advisory HQ reveals that Lloyds banking group stood
at the 4th rank in the list of top 5 UK banks in terms of asset base (Lloyds Annual Report,2016).
Top five list of British Banks in terms of asset size:

Total Assets in
Biggest UK Banks
Trillions*
HSBC Holdings £1.94

Barclays PLC £1.35

Royal Bank of Scotland Group £0.9

Lloyds Banking Group £0.85

Standard Chartered PLC £0.49

Table 9 (Source: www.advisoryhq.com)

6
The table below shows the value base of the total assets of the top five biggest UK banks from
2012 to 2016. Lloyds banking group PLC stood at the 4th rank with a market capitalisation of
£0.85 trillion in assets (Advisoryhq,2017)

Table 10 (Source: www.advisoryhq.com)

Following the financial crisis in 2008, the British government stood as surety for both Royal Bank
of Scotland (RBS) and Lloyds banking Group. The government shareholdings in Lloyds stood at
43.4% through a capital injection of £ 20.3 billion (an equivalent of $25.4 billion). (Lloyds Annual
Report,2016).
8.0 Financial Performance
The banking industry inexorably faced by challenging factors due its inherent nature. Nevertheless,
Lloyds performance has been commendable on several fronts, with improved profit and returns on
both underlying assets and statutory base. Profits before tax of the Group as at December 2016
stood at £4,238 million more than doubled with strong balance sheet maintained and increasing
dividends (Lloyds Annual Report,2016).

7
9.0 Income Growth
Lloyds’ operating income for the 12 months to December 2016 stood at £17,267 million
as compared to £17,421 million in the previous year as shown below with sustainable operating
income growth throughout the last five years. (Lloyds Annual Report,2016).

Income statement data for the

2016 2015 2014 2013 2012
year ended 31 December (£m)

Total income, net of insurance

claims 17,267 17,421 16,399 18,478 20,517

Operating Expenses (12,277) (15,387) (13,885) (15,322) (15,974)

Trading Surplus 4,990 2,034 2,514 3,156 4,543

Impairment (752) (390) (752) (2,741) (5,149)

Profit (loss) Before tax 4,238 1,644 1,762 415 (606)

Profit (loss) after tax for the year 2,514 956 1,499 (802) (1,387)

Profit (loss) for the year attributable

to ordinary shareholders 2,001 466 1,125 (838) (1,471)

Table 11 (Source: Own Chart, Lloyds Annual Report 2016)

The group performance has been resilient over the last five years by turning a loss of £606m
registered in 2012 resulted from a decline in the volume of the core business to a profit of £415m
within coming 12 months and subsequently delivering improved results over years. The profit
before tax grew steadily from 2013 to 2016 (Lloyds Annual Report,2016).

Profit (loss) Before tax £'m

5,000
4,238
4,000

3,000

2,000 1,762

1,644
1,000

- 415
(606)
2012 2013 2014 2015 2016
(1,000)

Table 12 (Source: Own Chart, Lloyds Annual Report 2016)

8
The main drivers of revenue were net interest income and non-interest income.

Total Income 2012 2013 2014 2015 2016

Net interest income 10,331 10,884 11,761 11,482 11,435

Other income 7,726 7,259 6,607 6,155 6,065

Total Income 18,057 18,143 18,368 17,637 17,500

Bank Net Interest Margin 1.93% 2.12% 2.45% 2.63% 2.71%

Cost to Income ratio 55.1% 52.9% 49.8% 49.3% 48.7%

Table 13 (Source: Own Chart, Lloyds Annual Report 2016)

NII registered a significant increase in 2014 and the steady progress in net interest margin is driven
mainly by lower deposit, funding costs, repricing of income generated portfolios and funding mix
enhancement over years (Lloyds Annual Report,2016).
Furthermore, the main drive for upheld improvement in annual cost income ratio is the pursue
for operational efficiency and the target has been set to 45.0% in 2019
(Lloyds Annual Report,2016).

Bank Net Interest Margin

3.00% 2.71%
2.63%
2.45%
2.50%
2.12%
1.93%
2.00%

1.50%

1.00%

0.50%

0.00%
2012 2013 2014 2015 2016

Table 14 (Source: Own Chart, Lloyds Annual Report 2016)

9
10.0 Asset Growth
Notwithstanding the difficult context, the Group posted a strong financial performance with
progressive returns and strong capital position. A hike in loans and advances by £2.8bn was
registered in 2016 accompanied by a significant rise in total assets which stood at £818bn. Healthy
gross are achieved in loan book which was somehow dampen as result of impairment
(Lloyds Annual Report,2016).
Balance Sheet data December
2016 2015 2014 2013 2012
(£m)

Share capital 7,146 7,146 7,146 7,145 7,042

Shareholders’ equity 43,020 41,234 43,335 38,989 41,896

Other equity instruments 5,355 5,355 5,335 - -

Net asset value per ordinary share 60.2p 57.9p 60.7p 54.6p 59.5p

Customer deposits 415,460 418,326 447,067 439,467 426,216

Subordinated liabilities 19,831 23,312 26,042 32,312 34,092

Loans and advances to customers 457,958 455,175 482,704 492,952 516,764

Total assets 817,793 806,688 854,896 842,380 933,064

Table 15 (Source: Own Chart, Lloyds Annual Report 2016)

11.0 Management Effectiveness and Shareholders’ Equity
The Group shareholders’ equity stood £43bn as at December 2016 (December 2015: £41bn) which
with partly offset by dividend payments. The return on average shareholders’ equity stood at 4.9%
for the year under review representing a great leap as compared to 1.3% in 2015.
Share information December 2016 2015 2014 2013 2012
Basic earnings (loss) per ordinary share 2.9p 0.8p 1.7p (1.2)p (2.1)p
Diluted earnings (loss) per ordinary share 2.9p 0.8p 1.6p (1.2)p (2.1)p
Dividends per ordinary share 3.05p 2.75p 0.75p - -
Market price (year ended) 62.5p 73.1p 75.8p 78.9p 47.9p

Number of shareholders (thousands) 2,510 2,563 2,626 2,681 2,733

Number of ordinary shares in issue (millions) 71,374 71,374 71,374 71,368 70,343

Shareholders’ equity 43,020 41,234 43,335 38,989 41,896

Table 16A (Source: Own Chart, Lloyds Annual Report 2016)

10
 Financials ratios (%) December 2016 2015 2014 2013 2012

Dividend payout ratio 104.0 359.3 45.1 - -

Post-tax return on average shareholders’ equity 4.9 1.3 2.9 (2.0) (3.3)

Post-tax return on average assets 0.30 0.11 0.170 (0.09) (0.14)

Table 16B (Source: Own Chart, Lloyds Annual Report 2016)
In line with rise in profit, significant increase noted in earning per share which stood at 2.9p as at
December 2016 as compared to 0.8p in 2015 which was above industry average.
12.0 Impairment and Capital ratios
The asset quality ratio remains robust with no reduction in the loan book, impairment of £645m
and AQR of 15bps increased but within prudential limit.

Impairment 2016 2015 2014 2013 2012

Total impairment charge £’m 645 568 997 1,615 1,919

Asset quality ratio 0.15% 0.14% 0.24% 0.57% 1.02%

Impaired loans as a % of closing advances 1.8% 2.1% 2.9% 6.3% 8.6%

Provisions as a % of impaired loans 43.4% 46.1% 56.4% 50.1% 48.2%

Capital ratios (%) December 2016 2015 2014 2013 2012
Total capital 21.4 21.5 22.0 20.8 17.3
Tier 1 capital 17.0 16.4 16.5 14.5 13.8
Common equity tier 1 capital/Core tier 1 capital 13.8 12.8 12.8 14.0 12.0
Table 17 (Source: Own Chart, Lloyds Annual Report 2016)

Total impairment charge £'m

2,500

1,919
2,000
1,615

1,500
997
1,000
568 645

500

-
2012 2013 2014 2015 2016

Table 18 (Source: Own Chart, Lloyds Annual Report 2016)

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A steady decline registered in total impairment which stood at £645m for the period under review
as compared to previous years
The asset quality ratio has remained within manageable level and sound gross AQR of 28bps
registered due to prudent risk appetite. The impaired loans remained on the decline and collapsed
to 1.8% from 2.1% at the end of December 2015. Impaired loans were further brought down to
£8.5 billion in December 2016 as compared to £9.6 billion at 31 December 2015. The CET ratio
remained strong and stood at 13.8% as compared to 12.8% in 2015 (Lloyds Annual Report,2016).

Section B

13.0 External observations

According to a review in “ The Guardian”, Lloyds’ profit for the first quarter ended March 2017
has boosted by nearly twice as compared to same period last year despite significant hits
experienced on one-off items for PPI payment (Payment Protection Insurance), compensation paid
to customers for fraudulent dealings taken place in HBOS (Halifax and Bank of Scotland) prior
acquisition and challenges lurking in the operational environment by the recent Brexit
(The Guardian, 2017). Lloyds is being sued by a number of individual and institutional investors
alleging that directors at that time concealed information about the HBOS which was rescued in
2008. However, Lloyds representatives intend to defend the claim with vehemence for which the
impact is currently undetermined (Express, 2017). Moreover, Lloyds’ acquisition of HBOS is
deemed as a catastrophe in High Court (Financials times, 2017) and Lloyds’ former chief executive
attested that he was forewarned to the forthcoming HBOS nationalization (Financials times, 2017).
Lloyds’ chairman of London stated that the group is strongly positioned against uncertainty from
the Brexit and measured it as a “walk in the park” with regards to crisis experienced 20 years ago
which have had significant impact on the operations (Express, 2017).
Following a stress test conducted the Bank of England, the outcome of the test revealed that
Lloyds’ along with Barclays are considered “robust and healthy”. The assessment was conducted
on multiple adverse scenarios amplified by profound slumps both local and international level
accompanied hefty assets impairment. The governor of the bank of England believed that “Despite
the rigidity of tests, no banks have been summoned for capital injection” (The Guardian, 2017).
Withstanding the post Brexit challenges, Lloyds positioned itself as “Robust and Going Concern”.
The group CEO remained confident and poised with the performance and liquidity position of
Lloyds. Government stake reduced to 2% and the government has recouped £20.3bn from tax
payers’ money used to bail out the bank in 2008. The group CEO is confident for a fair and
appropriate compensation to victims of the HBOS swindle. Lloyds’ net interest income exceeded
its budgeted figures since long and the bank has the potential for a full-year dividend payment of
5p and is focussing on its ability to generate capital for additional dividends prospects. (The
Guardian, 2017)
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14.0 Corporate Governance

Corporate Governance sets the principles by which board members and management are governed
in the best interest of shareholders and other stakeholders. Corporate governance is important since
shareholders’ funds are at stake. Its principles exercise great control on the executives of a
company, deterring them from making abuse, committing fraud and engaging in money
laundering. The board member who are in charge of establishing a good corporate framework in
the company. It is concerned with effective leadership of the business, sound structure of the board,
effective risk management, implementation of monitoring of internal control and Promoting a good
professional relationship with the external auditors. (Financial Reporting Council.org.uk, 2017)

The five major principles ruling the UK corporate governance are: Leadership, Effectiveness,
Accountability, Remuneration and Relations with shareholders (FRC, 2016). The Board of
Directors of Lloyds Banking Group is fully committed to attaining and maintaining the highest
standards of corporate governance. It has all the powers for managing, directing and supervising
the Management of the business and affairs of the group. The key and responsibilities of the
directors are portrayed in the table below.

At the end of 2016, the board of directors constitutes of 13 Directors, 10 independent

Non-Executive Directors and 3 Executive Directors, there were 10 males and 3 females. The
executive directors are responsible to oversee, the day to day processes, perform the plans and
strategy of the business with respect to policies, reverts regularly to board members for matters of
material interest to the group, co-ordinates office between management and board, provide advice
and guides senior management, promotes the corporate brand value, and ensure that appropriate
framework in place to monitor and mitigate risk (Lloyds Annual Report,2016).

On the other hand, non-executive directors are responsible to assist and contributes in progress
the corporate strategy, assess management performance against targets set, ensure adequate
internal control and risk assessment in place, ensure correct financial information is released to
stakeholders, play a participative role in decision making and challenge management proposals,
provides necessary expertise to the board and always have a duty of care and abide by their
fiduciary duties (Lloyds Annual Report,2016).

13
15.0 Board and Governance Structure

LLOYDS BANKING GROUP BOARD

Chairman
Lord Blackwell

Nomination and Audit Board Risk Remuneration

Board Responsible
Group Chief Governance Committee Committee Committee
Business Committee
Executive and Committee Chairman Chairman Chairman Chairman
Executive Director Chairman
António Horta-Osório Lord Blackwell Nick Luff Alan Dickinson Sara Weller ( Mrs) Anita Frew (Mrs)

Group Chief Executive

Committees

Table 18 (Source: Own Chart, Lloyds Annual Report 2016

16.0 Key Areas of Risk Governance

The key areas for risk which fall under the purview the Board are: Overall Management of the
group, Group’s capital Structure management, Approval of policies, Approval of interim and
annual performance, Dividend policy and shareholder distributions, Review of risk and internal
control, Review of board and senior executives’ roles and Corporate Governance

17.0 Net Asset value per share

Ratios - based on IFRS 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16
Continuing Operations
PE Ratio - Adjusted -22.82 11.95 9.36 91.34 21.56
PEG - Adjusted n/a n/a 0.41 -1.01 0.08
Earnings per Share Growth - Adjusted n/a n/a 22.73% -90.12% 262.50%
Dividend Cover n/a n/a n/a 0.53 1.23
Pre-Tax Profit per Share -0.87p 0.58p 2.47p 2.31p 5.95p
Continuing & Discontinued Operations
Dividend Yield 0.00% 0.00% 0.00% 2.05% 3.76%
Dividend per Share Growth n/a n/a n/a n/a 56.67%
Net Asset Value per Share (exc.
53.70p 49.10p 64.19p 60.42p 63.18p
Intangibles)
Net Assets £m 42,581 39,336 49,903 46,980 48,815
Source: (London stock Exchange, 2017)

14
The net asset value per share as a key performance indicator stood at 63.18p or an increase of 4.6
% as compared to 2015 and the Net Assets Value (NAV) was £48,815m or an increase of 3.9% as
compared to 2015 which was £46,980m. There have been sustained fundamental growth in NAV
since its penchant in December 2013. The adjusted earnings per share growth for 2016 raised to
262.50%. Lloyds performance has been commendable with strong balance sheet growth over
years.

18.0 Current Market Share Price

Source: (London stock Exchange, 2017)

Price (GBX) 66.00 Var % (+/-) -1.64% ( -1.10)

High 67.41 Low 65.88
Volume 244,466,005 Last close 66.00 on 30-Nov-2017
Bid 65.97 Offer 66.09
Trading status Market Close Special conditions NONE
Source: (London stock Exchange, 2017)

The current market share price of the Lloyds banking Group on 30 November 2017 was closed
on £66.00 Price (GBX) representing a decrease of 1.64% with a volume of 244,466,005.

15
19.0 Recommendations

Following a broad analysis of the Lloyd banking group performance with much emphasis laid on
its latest audited financial report ended December 2016, the group posted good underlying
performance in delivering sustainable growth over years. The group made significant progress and
well positioned itself in the thrive for future success by leverage further on its strong financial
progress within its simple and low risk business model. Moody's upgraded Lloyds rating to A3
from Baa1, Strong management team with proven integration capabilities (Reuters,2016).The
group has steadily been delivering excellent strong results almost in all areas of business,
according to the growing market value of the company while focussing on its future prospects, it
is recommendable to invest in Lloyds banking group while reaping benefits of the following
attributes of the group which are: lower cost income ratio over years, robust and sound
performance with a market capitalization of £0.85 trillion in Assets, a rich portfolio of diversified
products, Committed in “Helping Britain to prosper” , profit doubled for the first quarter ending
March 2017, producing strong capital over years, massive investment on technology to intensify
efficiency at all levels of business, steady improvement on assets quality ratio over years , regular
dividend payment to equity holders (Lloyds Annual Report,2016) and following Bank of England
recent Stress Test conducted, Lloyds was awarded a “Sound and Robust” rating with no current
increase in capital requirement. (The Guardian, 2017).

16
 List of references
1. Company Profile available at:
https://markets.ft.com/data/equities/tearsheet/profile?s=LLOY:LSE
(Accessed November 2017)

2. Annual reports available at :

http://www.lloydsbankinggroup.com/Investors/annual-reports/download-
centre/ (Accessed November 2017)

3. MBNA acquisition available at :

http://www.lloydsbankinggroup.com/globalassets/documents/investors/201
7/2017jun1_lbg_mbna_acquisition_completion.pdf (Accessed November
2017)

4. Zurich Pension Savings Acquisition Available at :

http://www.lloydsbankinggroup.com/globalassets/documents/investors/201
7/2017oct12_lbg_acquisition_of_zurich_pensions_savings_business.pdf
(Accessed November 2017)

5. Biggest UK banks Available at :

https://www.advisoryhq.com/articles/top-5-uk-banks-ranking-biggest
British-banks-best-banks-in-the-uk/#The-Biggest-UK-Banks (Accessed
November 2017)

6. Financial Performance and Ratios Available at :

http://www.hl.co.uk/shares/shares-search-results/l/lloyds-banking-group-
plc-ordinary-10p/financial-statements-and-reports (Accessed November
2017)

7. Government Shareholdings available at :

http://uk.businessinsider.com/government-cuts-lloyds-stake-to-under-5-
183-billion-recovered-2017-1?IR=T (Accessed November 2017)

8. Profit Quarter March 2017 Available at http://www.hitc.com/en-

gb/2017/04/27/lloyds-profits-double-to-13bn-despite-ppi-and-fraud-
payouts/ (Accessed November 2017)

17
9. RBS lawsuit Available at
https://www.express.co.uk/finance/city/812683/lloyds-banking-investors-
case-lawsuit-royal-bank-of-scotland (Accessed November 2017)

10. HBOS nationalisation available at :

https://www.ft.com/content/35fd96c0-c300-11e7-b2bb-
322b2cb39656(Accessed November 2017)

11. Brexit Challenges Available at :

https://www.express.co.uk/finance/city/784196/Lloyds-London-chairman-
plays-down-Brexit-challenges(Accessed November 2017)
12. Bank of England Stress Test Available at :
https://www.theguardian.com/business/live/2017/nov/28/bank-of-england-
stress-tests-financial-stability-released-live
13. Frc.org.uk. (2017). [online] Available at:
https://www.frc.org.uk/getattachment/ca7e94c4-b9a9-49e2-a824-
ad76a322873c/UK-Corporate-Governance-Code-April-2016.pdf [Accessed Nov.
2017].
14. Net Assets Value Available at :
http://www.londonstockexchange.com/exchange/prices/stocks/summary/fu
ndamentals.html?fourWayKey=GB0008706128GBGBXSET0
15. Ratios analysis available at :
http://financials.morningstar.com/ratios/r.html?t=LYG
16. Five years Financials results availbe at :
http://www.hl.co.uk/shares/shares-search-results/l/lloyds-banking-group-
plc-ordinary-10p/financial-statements-and-reports
17. Corporate Governance available at :
https://www.bupa.com/corporate/about-us/corporate-governance/role-of-
the-non-executive-director
18. Moody's rating available at :
https://www.reuters.com/finance/stocks/LYG/key-
developments/article/3678848

18
 Appendix 1
21 Key performance indicators

(Lloyds Annual Report Page16 ,2016)

19
 Appendix 2
22 Underlying basis – segmental analysis

(Lloyds Annual Report Page37 ,2016)

20
 Appendix 3

23 Five-year financial summary

(Lloyds Annual Report Page 39 ,2016)

21
 Appendix 4
24 Board of Directors Profile

(Lloyds Annual Report Page 54 ,2016)

22
Board of Directors Profile (Continued)

(Lloyds Annual Report Page 56 ,2016)

23