Lloyds Bank plc

2023 Half-Year Results

LONDON, July 26, 2023 (GLOBE NEWSWIRE) --

Member of the Lloyds Banking Group

CONTENTS

Financial review	1
Risk management
Principal risks and uncertainties	3
Capital risk	5
Credit risk	9
Funding and liquidity risk	20
Statutory information
Condensed consolidated half-year financial statements (unaudited)	23
Consolidated income statement	24
Consolidated statement of comprehensive income	25
Consolidated balance sheet	26
Consolidated statement of changes in equity	27
Consolidated cash flow statement	30
Notes to the condensed consolidated half-year financial statements	31
Statement of directors' responsibilities	62
Independent review report to Lloyds Bank plc	63
Forward looking statements	64

FINANCIAL REVIEW

Principal activities

Lloyds Bank plc (the Bank) and its subsidiary undertakings (the Group) provide a wide range of banking and financial services through branches and offices in the UK and in certain overseas locations. The Group's revenue is earned through interest and fees on a broad range of financial services products including current accounts, savings, mortgages, credit cards, motor finance and unsecured loans to personal and business banking customers; and lending, transactional banking, working capital management and risk management services to commercial customers.

Income statement

The Group's profit before tax for the first half of 2023 was £3,530 million, 8 per cent higher than the same period in 2022, benefiting from higher total income, partly offset by operating expense and impairment charge increases. Profit after tax was £2,590 million (half-year to 30 June 2022: £2,441 million).