Company: LLOBF
Filing Date: 2025-07-24
Form Type: 6-K
Source: 0001654954-25-008460
Chunk: 11

Company: Lloyds Banking Group plc
Filing Date: 2025-07-24
Form: 6-K
Chunk 11
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. Other liabilities decreased by £2,940 million and included the effects of the disposal of the Group's bulk annuity business. Debt securities in issue reduced by £2,533 million, with higher levels of maturities in the period.

Total equity of £46,871 million at 30 June 2025 increased from £45,888 million at 31 December 2024. The movement reflected profit for the period, the unwind of the cash flow hedging reserve and issuance of an AT1 capital instrument in February 2025. This was partially offset by the impact of the commenced share buyback programme in respect of 2024, the dividend paid in May 2025, as well as the impact of redemption of an AT1 capital instrument in June 2025 and a lower pension surplus.

SUMMARY OF GROUP RESULTS (continued)

#### Income statement - underlying basis A
The Group's underlying profit was £3,561 million in the first half of 2025, an increase of 2% compared to £3,497 million in the same period in 2024. Higher net income was partly offset by slightly increased operating costs and a higher underlying impairment charge. Underlying profit in the second quarter of 2025 was up 32% compared to the first quarter, given strengthening income and lower costs, including lower severance charges. The underlying impairment charge in the second quarter was 57% lower than in the first quarter.

| Net incomeA                              | Half-year to 
       30 Jun 
         2025 
           £m |     | Half-year to 
       30 Jun 
         2024 
           £m |     | Change 
      % |     | Half-year to 
       31 Dec 
         2024 
           £m |     | Change 
      % |
| Underlying net interest income           |        6,655 |     |        6,338 |     |      5 |     |        6,507 |     |      2 |
| Underlying other income                  |        2,969 |     |        2,734 |     |      9 |     |        2,863 |     |      4 |
| Operating lease depreciation1            |         -710 |     |         -679 |     |     -5 |     |         -646 |     |    -10 |
| Net incomeA                              |        8,914 |     |        8,393 |     |