Lloyds Banking Group publishes UBS European Conference transcript
LYG•Lloyds CFO William Chalmers reiterated 2026 net interest income guidance of modestly above £14.9 billion and forecast mid-single-digit growth in 2027. He also outlined £13 billion of investment over 2027–2030 and reaffirmed 2030 targets for a cost-to-income ratio below 45% and return on tangible equity of around 20%.
1. Outlook and targets
William Chalmers forecast mid-single-digit net interest income growth in 2027 and reiterated guidance of modestly above £14.9 billion for 2026. Structural hedge income growth is expected to slow to about £1 billion in 2027 from £1.5 billion, while asset and deposit markets remain competitive. Investment is set to total £13 billion over 2027–2030, with spending rising materially at the start of the strategic cycle. Chalmers reaffirmed targets for a cost-to-income ratio below 45% and return on tangible equity of around 20% by 2030.
