Company: LLOBF
Filing Date: 2025-07-24
Form Type: 6-K
Source: 0001654954-25-008460
Chunk: 56

Company: Lloyds Banking Group plc
Filing Date: 2025-07-24
Form: 6-K
Chunk 56
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 the following excluded in arriving at underlying profit:

● Restructuring costs relating to merger, acquisition, integration and disposal activities

● Volatility and other items, which includes the effects of certain asset sales, the volatility relating to the Group's hedging arrangements and that arising in the insurance businesses, the unwind of acquisition-related fair value adjustments and the amortisation of purchased intangible assets

For the purposes of the underlying income statement, operating lease depreciation (net of gains on disposal of operating lease assets) is shown as an adjustment to total income.

There has been no change to the descriptions of these segments as provided in note 4 to the Group's financial statements for the year ended 31 December 2024.

In the half-year to 30 June 2025, the Group revised its treatment of certain divisional variable payment related costs. Previously reported within divisional operating costs, these are now included within underlying other income. Comparatives have been represented on a consistent basis in respect of these changes.

NOTES TO THE CONDENSED CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS (UNAUDITED) (continued)

Note 3: Segmental analysis (continued)

The table below analyses the Group's income and profit by segment on an underlying basis. Net income is also analysed between external and inter-segment income.

| Half-year to 30 June 2025              |  Retail 
      £m | Commercial 
 Banking    
 £m         |     |         | Insurance,   
 Pensions and 
 Investments  
 £m           |     |         |     |   Other 
      £m |     |   Total 
      £m |
| Underlying net interest income         |   4,709 |            |     |   1,766 |              |     |     -78 |     |     258 |     |   6,655 |
| Underlying other income                |   1,276 |            |     |     926 |              |     |     689 |     |      78 |     |   2,969 |
| Total underlying income                |   5,985 |            |     |   2,692 |              |     |     611 |     |     336 |     |   9,624 |
| Operating lease depreciation1          |    -706 |            |     |      -4 |              |     |       - |     |       - |     |    -710 |
| Net income                             |   5