Lloyds Banking Group PLC ADR

LYG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$4.50	Mvfwbf	Rbqkxdy

Lloyds: The Strongest Banking Franchise in the UK

Niklas Kammer

May 1, 2024

Business Strategy and Outlook

Lloyds is a pure UK banking play, with 95% of its assets based domestically. Since its massive restructuring, which started in 2011, the bank has emerged as a low-risk domestic retail and commercial bank. It has shed about GBP 190 billion in runoff assets and GBP 200 billion in risk-weighted assets and has significantly reduced its dependence on wholesale funding. Today, Lloyds operates one of the strongest retail franchises in the United Kingdom.

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