London, April 24, 2026, 13:59 BST
Lloyds Banking Group plc snapped up 7.54 million shares on Thursday, according to a filing, with plans to cancel the stock as part of its ongoing capital return programme—even as shares slipped Friday afternoon. The buyback, executed via Goldman Sachs International, came in at a volume-weighted average price of 98.8528 pence. AJ Bell showed Lloyds quoted at 97.63p on the sell side and 97.66p to buy, down 1.23%.
Timing is key here. Lloyds will release its first-quarter interim management statement this Wednesday, April 29. Chief Financial Officer William Chalmers will run through the results at 9:30 a.m., letting investors dig into margins, credit quality, and conduct costs.
Citigroup is sticking with its “constructive on UK domestic banks” stance, though the broker anticipates a more challenging start to the year as net interest income faces headwinds—fewer days in the first quarter and tighter mortgage margins are set to weigh. Lloyds, they estimate, will see net interest income slip 1% from the previous quarter, with adjusted pretax profit landing at 1.9 billion pounds, about 3% shy of consensus. NatWest and HSBC, on the other hand, are forecast to come in ahead of expectations, while Barclays is tipped for a 2% drop in net interest income. Investing
There’s pressure on Lloyds to show it can expand past its traditional lending business. Richard Hunter, head of markets at Interactive Investor, told City AM the “recent acquisition of Schroder Personal Wealth was a statement of intent.” RBC’s Benjamin Toms and Ben Bathurst, quoted in the same piece, described Lloyds’ wealth management offering as “underdeveloped – even relative to UK bank peers.” Russ Mould, investment director at AJ Bell, reckons “litigation and conduct costs should remain modest” for banks with exposure to motor finance. City AM
Motor finance remains a drag. The Financial Conduct Authority estimates its industry-wide scheme could impact 12.1 million agreements dating from 2007 to 2024. If three-quarters of eligible customers claim, the compensation bill would hit 7.5 billion pounds, with average payouts around 830 pounds per agreement. “Payouts should not be delayed any longer,” FCA Chief Executive Nikhil Rathi said. FCA
Lloyds said after reviewing the FCA’s final rules, it doesn’t see a need to adjust its provision—funds earmarked for potential costs—for now. But the bank flagged ongoing uncertainty around response rates, legal challenges, complaints and operational expenses, adding it’ll provide an update with its first-quarter results.
The compensation schedule isn’t set in stone yet. RPC, the law firm, said Consumer Voice plans to take the FCA’s compensation method to the Upper Tribunal, claiming it gives lenders too much leeway. The FCA, for its part, maintains its approach is both the fastest and fairest available—and has cautioned that a legal fight could postpone payouts for millions.
Lloyds has little room to maneuver ahead of results: the buyback case stands only if profits, provisions, and capital hold steady. Wednesday’s update should reveal whether investors still see the shares as a bargain UK bank with surplus capital—or a lender shadowed by legacy conduct risk.
