London, June 25, 2026, 11:10 BST
- Lloyds was up about 1.2%, trading close to 109 pence. The FTSE 100 added 0.2%.
- Lloyds picked up 5 million shares Wednesday, paying an average of 108.3071 pence each.
- At this price, £100 million gets 92.3 million shares—29% less than the number bought in the 2025 programme.
Lloyds Banking Group plc (LON:LLOY) climbed roughly 1.2% to about 109 pence on Thursday, ahead of the FTSE 100. With the stock up, its £1.75 billion buyback will take out fewer shares per pound.
Lloyds picked up 5 million shares on June 24, paying a volume-weighted average price of 108.3071 pence, according to a filing. Trades came in between 107.55 pence and 108.90 pence. Lloyds plans to cancel the shares.
The current programme had picked up roughly 600 million shares for £700 million through March, paying an average of 97.7 pence. On Wednesday, the average price was 10.9% up on that. At this level, £100 million would get 92.3 million shares—about 10 million less than what £100 million bought at the first-quarter average.
The difference is bigger when compared to the programme wrapped up in December 2025. Lloyds bought 2.204 billion shares for £1.7 billion, paying an average of 77.13 pence a share. At Wednesday’s price, £100 million only buys 37.3 million fewer shares, down 28.8%.
At Wednesday’s average, £1.75 billion is enough for 1.62 billion shares. That’s 2.8% of the 58.39 billion voting shares reported on May 29. If shares trade at 77.13 pence, £1.75 billion would get 2.27 billion shares, or 3.9%.
Lloyds’ book-value hurdle is higher now. Shares are at 109 pence, which is around 1.9 times March tangible net assets of 57.9 pence. The bank said the buyback helped balance out the latest quarterly jump in tangible assets per share. Still, with the balance sheet flat, buying stock above book drops tangible assets per share, even though fewer shares are out.
Lloyds put first-quarter return on tangible equity at 17% and stuck with a target of more than 16% for 2026. “We are confident in our delivery for the year ahead and reiterate our guidance for 2026,” Chief Executive Charlie Nunn said. Lloyds Banking Group
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said in response to the first-quarter numbers that “the structural hedge is doing the heavy lifting”. He added that Lloyds doesn’t look as cheap now as it used to. HL
Traders now see a 25-basis-point rate hike from the Bank of England by the end of the year, LSEG data showed, Reuters reported.
Lloyds is set to report its half-year numbers and deliver a strategy update on July 30.
