Company: LLOBF
Filing Date: 2025-07-24
Form Type: 6-K
Source: 0001654954-25-008460
Chunk: 16

Company: Lloyds Banking Group plc
Filing Date: 2025-07-24
Form: 6-K
Chunk 16
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 pence in the first half of the year (31 December 2024: 52.4 pence) and up 0.1 pence in the second quarter. The increase resulted from attributable profit, the unwind of the cash flow hedging reserve and a reduction in the number of shares in issue due to the ongoing share buyback. This was partially offset by capital distributions in respect of 2024, including the payment of the full year ordinary dividend in the second quarter. At 30 June 2025, tangible net assets per share were reduced by 1.0 pence as a result of a temporary accrual for the ongoing ordinary share buyback without the corresponding reduction in the number of shares. This will reverse in the third quarter.

Tax

The Group recognised a tax expense of £960 million in the first half of 2025 (half-year to 30 June 2024: £880 million), representing an effective tax rate of 27.4%. The Group expects a medium-term effective tax rate of around 27% based on the banking surcharge rate of 3% and the corporation tax rate of 25%. An explanation of the relationship between the tax expense and the Group's accounting profit for the period is set out on page 74.

SUMMARY OF GROUP RESULTS (continued)

#### Balance sheet
|                                                  | At 30 Jun 
 2025      |     | At 31 Mar 
 2025      |     | Change 
      % |     | At 31 Dec 
 2024      |     | Change 
      % |
| Underlying loans and advances to customersA      | £471.0bn  |     | £466.2bn  |     |      1 |     | £459.1bn  |     |      3 |
| Customer deposits                                | £493.9bn  |     | £487.7bn  |     |      1 |     | £482.7bn  |     |      2 |
| Loan to deposit ratioA                           | 95%       |     | 96%       |     |   -1pp |     | 95%       |     |        |
| Wholesale funding1                               | £92.2bn   |     | £89.4bn   |     |      3 |     | £92.5bn   |     |        |
| Wholesale funding <1 year maturity1              | £30.7bn   |     | £29