LONDON, July 3, 2026, 09:21 BST
- Lloyds hit 115.45p at the open in London, its highest in a year, and last traded at 114.80p as of 09:21 BST.
- Legal action has partially put the FCA’s £9.1 billion motor finance redress plan on hold.
- Lloyds is trading at roughly 1.98 times its Q1 tangible net asset value per share at 114.80p.
- Halifax is rolling out a rebrand, and with its strategy update set for July 30, the focus is back on customer migration, costs and the potential for buybacks.
Lloyds Banking Group plc (LON:LLOY) ticked up on Friday, reaching a new year high. Shares are now near 2x their last stated tangible net asset value per share, putting the focus on whether the valuation still makes sense at these levels.
The stock was last seen at 114.80 pence as of 09:21 BST, up 0.13%. It moved between 114.65p and 115.45p so far today. A delayed AJ Bell snapshot also showed 115.45p as both the trade high and year high. Market cap was listed at £66.81 billion. London Stock Exchange hours are 8:00 to 16:30, so the market was open then.
| Lloyds measure | Number | Investor read |
|---|---|---|
| Latest quoted price | 114.80p | Shares up 0.13% as of 09:21 BST |
| Day high / year high | 115.45p / 115.45p | Shares touched a new high for the year |
| Q1 tangible net assets per share | 57.9p | Stock trading at roughly 1.98x TNAV |
| Q1 return on tangible equity | 17.0% | Beats 2026 target set above 16% |
| Q1 buyback average price | 97.7p | Current level stands 17.5% higher than buyback average |
Davy, AJ Bell, and Lloyds Q1 statement; calculations by reporter.
The multiple is key because Lloyds’ car-finance liability is postponed, not resolved. The UK’s Financial Conduct Authority said Thursday the Upper Tribunal has partly halted its motor finance redress program while legal challenges are set for Dec. 14-18, 2026, or Feb. 16-26, 2027. According to the FCA, firms don’t need to work out or pay compensation where things are paused, but must stay in line with rules that aren’t suspended.
Reuters said the planned scheme is valued at £9.1 billion for the sector. Most firms in the motor finance sector, including Lloyds, did not oppose the plan. Daniel Gore, partner at law firm Withers, told Reuters, the court case “will likely be a ferocious fight for every compensation percentage point and form of assessment criteria.” Reuters
Lloyds said back in April it saw no need to change its provision after looking at the FCA’s final rules. The bank also flagged continuing uncertainty around response rates, operational costs and litigation. It warned the final impact could still shift depending on legal cases and complaints.
London bank stocks ticked up early Friday, though Lloyds lagged other major banks on the upside.
| Company | Google Finance ticker | Early quote | Day move | Trade high | Market cap |
|---|---|---|---|---|---|
| Lloyds Banking Group plc | LON:LLOY | 114.90p / 115.00p | up 0.22% | 115.45p | £66.81 bln |
| Barclays PLC | LON:BARC | 524.30p / 524.50p | added 0.42% | 526.00p | £70.71 bln |
| NatWest Group PLC | LON:NWG | 681.80p / 682.00p | up 0.50% | 684.80p | £54.30 bln |
| HSBC Holdings PLC | LON:HSBA | 1,448.00p / 1,448.40p | gained 0.19% | 1,454.60p | £248.44 bln |
Data from AJ Bell delayed quotes.
Lloyds is set for a two-stage test ahead of its results. There’s a delay in the group redress which helps short-term capital. The main question is the Halifax rebrand: how much efficiency can Lloyds get from merging branches and apps, and will it see customers leave? The bank said on July 1 that it will stop new Halifax accounts, switch the brand to Lloyds, keep Bank of Scotland as the main Scottish label, and that no jobs are being cut with the change. Jas Singh, chief of consumer relationships, said Halifax customers keep “the same sort code and account number.” Lloyds Banking Group
Lloyds Q1 results point to why the stock could trade at a premium. Statutory pretax profit jumped 33% to £2.0 billion. Underlying net interest income was up 8% at £3.6 billion. Net interest margin hit 3.17%. The group lifted its 2026 outlook for underlying NII to over £14.9 billion, and structural hedge earnings should top £7.0 billion this year.
Lloyds has its half-year results and strategy update set for July 30. The company’s calendar also shows a Q3 interim management statement is due on Oct. 29.
