Research · Sep 3, 2026
[LYG] Lloyds Banking Group Thesis 2026: Net Interest Income Recovery Upgrades Return Target
Lloyds Banking Group FY25 (Dec 31, 2025; £) at £4.66B NI; EPS £0.27. FY26 revenue target upgraded to ~£20B (cleaner basis). NII guide ~£14.9B. Cost savings £1.9B cumulative since 2021. RoTE target upgraded >16%. Schroders Personal Wealth acquisition (rebrand Lloyds Wealth) closed H2 2025. In-app AI agents roll out 2026.