The bank maintains a thin capital cushion with an equity-to-assets ratio of 0.05, while the investment securities portfolio experienced extreme fluctuations, reaching $524.7 billion in 2025Q4.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash & Short Term Investments | 60.6B | 67.07B | 78.11B | 92.05B | 83.41B | 73.56B | 55.44B | 55.31B | 59.28B | 48.16B | 59.11B | 51.66B | 50.92B | 81.55B | 62.13B | 39.48B | 40.57B | 5.95B | 5.57B | 3.33B | 2.47B | 1.08B | 2.64B | 2.9B | 2.91B | 17.3B | 1.28B | 1.07B | 10.29B | 9.12B |
| Cash & Due from Banks | 56.66B | 62.7B | 78.11B | 92.05B | 76.57B | 73.56B | 55.44B | 55.31B | 59.28B | 48.16B | 59.11B | 51.66B | 50.92B | 81.55B | 62.13B | 39.48B | 40.57B | 5.95B | 5.57B | 3.33B | 2.47B | 1.08B | 2.64B | 2.9B | 2.91B | 17.3B | 1.28B | 1.07B | 10.29B | 9.12B |
| Short Term Investments | 3.94B | 4.36B | 0 | 0 | 6.84B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 524.66B | 513.68B | 492.1B | 488.24B | 514.35B | 498.81B | 493.26B | 555.7B | 519.61B | 545.59B | 542.88B | 576.95B | 577.22B | 609.79B | 516.31B | 514.93B | 563.79B | 253.72B | 238.55B | 218.87B | 196.37B | 187.08B | 28.63B | 217.47B | 28.7B | 138.73B | 0 | 145.58B | 42.78B | 39.64B |
| Investments Growth % | 2.14% | 4.39% | 0.79% | -5.08% | 3.11% | 1.13% | -11.24% | 6.95% | -4.76% | 0.5% | -5.91% | -0.05% | -5.34% | 18.11% | 0.27% | -8.67% | 122.21% | 6.36% | 8.99% | 11.46% | 4.96% | 553.41% | -86.83% | 657.74% | -79.31% | - | -100% | 240.31% | 7.92% | -12.57% |
| Long-Term Investments | 520.72B | 509.32B | 492.1B | 488.24B | 507.51B | 498.81B | 493.26B | 555.7B | 519.61B | 545.59B | 542.88B | 576.95B | 577.22B | 609.79B | 516.31B | 514.93B | 563.79B | 253.72B | 238.55B | 218.87B | 196.37B | 187.08B | 28.63B | 217.47B | 28.7B | 138.73B | 0 | 145.58B | 42.78B | 39.64B |
| Accounts Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 749M | 602M | 714M | 675M | 682M | 732M | 2.32B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 8.59B | 8.19B | 8.31B | 7.62B | 6.52B | 6.46B | 6.13B | 5.66B | 5.14B | 3.7B | 3.85B | 4.09B | 4.29B | 4.81B | 5.21B | 5.51B | 6.1B | 2.45B | 2.51B | 2.52B | 2.42B | 2.5B | 2.51B | 2.64B | 2.57B | 8.44B | 231M | 216M | 0 | 0 |
| Goodwill | 3.01B | 2.75B | 2.8B | 2.65B | 2.32B | 2.32B | 2.32B | 2.31B | 2.31B | 2.02B | 2.02B | 2.02B | 2.02B | 2.02B | 2.02B | 2.02B | 2.02B | 2.26B | 2.36B | 2.38B | 2.37B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 5.58B | 5.44B | 5.51B | 4.96B | 4.2B | 4.14B | 3.81B | 3.35B | 2.83B | 1.68B | 1.84B | 2.07B | 2.28B | 2.79B | 3.2B | 3.5B | 4.09B | 197M | 149M | 138M | 50M | 2.5B | 2.51B | 2.64B | 2.57B | 8.44B | 231M | 216M | 0 | 0 |
| PP&E (Net) | 11B | 10.12B | 9.67B | 8.13B | 7.96B | 8.41B | 9.55B | 8.53B | 9.03B | 9.21B | 8.62B | 8.05B | 7.57B | 7.34B | 7.67B | 8.19B | 9.22B | 2.96B | 2.84B | 4.25B | 4.29B | 4.18B | 3.92B | 4.1B | 3.37B | 3.15B | 1.67B | 1.63B | 1.7B | 1.96B |
| Other Assets | 336.03B | 304.84B | 286.63B | 269.72B | 276.63B | 280.06B | 263.1B | 165.45B | 211.9B | 203.17B | 182.49B | 202.91B | 191.35B | 216.29B | 384.29B | 419.3B | 402.56B | 170.11B | 103.88B | 114.63B | 104.21B | 89.46B | -35.05B | 25.58B | -28.7B | 58.49B | 0 | 140.11B | -44.48B | -41.6B |
| Total Current Assets | 63.73B | 69.23B | 79.56B | 93.27B | 84.79B | 74.79B | 59.18B | 59.8B | 64.14B | 53.43B | 64.84B | 58.75B | 56.84B | 91.09B | 62.13B | 39.48B | 40.57B | 5.95B | 5.57B | 3.33B | 2.47B | 1.08B | 2.64B | 2.9B | 231.12B | 17.3B | 297.2B | 1.07B | 10.29B | 9.12B |
| Total Non-Current Assets | 880.34B | 837.47B | 801.89B | 780.12B | 801.73B | 796.48B | 774.71B | 737.8B | 747.97B | 764.37B | 741.85B | 796.14B | 785.54B | 843.13B | 918.12B | 952.96B | 986.68B | 430.08B | 347.77B | 340.27B | 307.29B | 283.22B | 35.05B | 249.79B | 5.94B | 208.82B | 1.9B | 287.54B | 44.48B | 41.6B |
| Total Assets | 944.07B | 906.7B | 881.45B | 873.39B | 886.52B | 871.27B | 833.89B | 797.6B | 812.11B | 817.79B | 806.69B | 854.9B | 842.38B | 934.22B | 980.25B | 992.44B | 1.03T | 436.03B | 353.35B | 343.6B | 309.75B | 284.29B | 252.01B | 252.69B | 247.58B | 226.11B | 299.1B | 288.61B | 158.11B | 147.37B |
| Asset Growth % | 4.12% | 2.86% | 0.92% | -1.48% | 1.75% | 4.48% | 4.55% | -1.79% | -0.69% | 1.38% | -5.64% | 1.49% | -9.83% | -4.7% | -1.23% | -3.39% | 135.59% | 23.4% | 2.84% | 10.93% | 8.96% | 12.81% | -0.27% | 2.06% | 9.49% | -24.4% | 3.63% | 82.54% | 7.29% | -0.46% |
| Return on Assets (ROA) | 0.5% | 0.49% | 0.62% | 0.43% | 0.66% | 0.15% | 0.36% | 0.55% | 0.48% | 0.25% | 0.1% | 0.17% | -0.09% | -0.15% | -0.3% | -0.03% | 0.39% | 0.2% | 0.94% | 0.86% | 0.84% | 0.89% | 1.29% | 0.72% | 0.95% | 0.74% | 0.86% | 0.95% | 1.53% | 1.07% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.73B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 95.14B | 88.52B | 93.67B | 91.83B | 91.84B | 108.76B | 113.61B | 105.97B | 87.18B | 92.55B | 101.75B | 98.49B | 115.41B | 146.76B | 221.2B | 260.47B | 262.15B | 87.47B | 60.5B | 63.23B | 49.2B | 28.76B | 36.38B | 10.17B | 7.67B | 7.52B | 12.26B | 11.85B | 4.21B | 3.92B |
| Net Debt | 38.48B | 25.82B | 15.56B | -211M | 15.28B | 35.2B | 58.17B | 50.66B | 27.91B | 44.39B | 42.64B | 46.83B | 64.49B | 65.21B | 159.07B | 220.99B | 221.58B | 81.52B | 54.93B | 59.9B | 46.73B | 27.68B | 33.73B | 7.28B | 4.76B | -9.78B | 10.98B | 10.78B | -6.08B | -5.21B |
| Long-Term Debt | 95.14B | 88.52B | 93.67B | 91.83B | 91.84B | 108.76B | 113.61B | 105.97B | 87.18B | 92.55B | 101.75B | 98.49B | 115.41B | 146.76B | 221.2B | 260.47B | 262.15B | 87.47B | 60.5B | 63.23B | 49.2B | 28.76B | 36.38B | 10.17B | 7.67B | 7.52B | 12.26B | 11.85B | 4.21B | 3.92B |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 289.68B | 272.24B | 261.3B | 253.51B | 250.37B | 248.93B | 220.07B | 191.19B | 226.17B | 244.03B | 224.21B | 244.27B | 221.89B | 304.22B | 236.8B | 273.08B | 294.2B | 126.39B | 84.68B | 93.09B | 87.33B | 84.4B | -36.38B | 91.99B | -7.67B | 86.72B | -12.26B | 162.41B | -4.21B | -3.92B |
| Total Current Liabilities | 511.38B | 500.05B | 479.12B | 484.14B | 491.16B | 464.17B | 452.41B | 450.24B | 449.61B | 432.39B | 433.74B | 462.23B | 465.74B | 440.65B | 476.07B | 414.32B | 426.8B | 212.48B | 195.75B | 175.76B | 162.6B | 159.46B | 0 | 141.85B | 0 | 117.6B | 0 | 106.83B | 0 | 0 |
| Total Non-Current Liabilities | 384.82B | 360.76B | 354.96B | 345.35B | 342.21B | 357.69B | 333.68B | 297.16B | 313.35B | 336.58B | 325.96B | 342.76B | 337.3B | 450.99B | 458B | 533.55B | 556.35B | 213.86B | 145.18B | 156.33B | 136.53B | 113.16B | 241.66B | 102.16B | 235.79B | 94.24B | 290.37B | 174.27B | 151.81B | 142.26B |
| Total Liabilities | 896.21B | 860.81B | 834.09B | 829.48B | 833.37B | 821.86B | 786.09B | 747.4B | 762.97B | 768.98B | 759.71B | 804.99B | 803.04B | 891.64B | 934.07B | 947.87B | 983.15B | 426.33B | 340.92B | 332.09B | 299.12B | 272.62B | 241.66B | 244.01B | 235.79B | 211.84B | 290.37B | 281.09B | 151.81B | 142.26B |
| Total Equity | 47.87B | 45.89B | 47.37B | 43.91B | 53.15B | 49.41B | 47.81B | 50.2B | 49.14B | 48.81B | 46.98B | 49.9B | 39.34B | 42.58B | 46.18B | 44.57B | 44.11B | 9.7B | 12.43B | 11.51B | 10.63B | 11.67B | 10.35B | 8.68B | 11.78B | 14.27B | 8.73B | 7.52B | 6.29B | 5.11B |
| Equity Growth % | 4.31% | -3.12% | 7.87% | -17.39% | 7.57% | 3.36% | -4.77% | 2.15% | 0.67% | 3.91% | -5.86% | 26.86% | -7.62% | -7.79% | 3.62% | 1.04% | 354.76% | -21.94% | 7.98% | 8.25% | -8.93% | 12.77% | 19.28% | -26.35% | -17.45% | 63.59% | 16.08% | 19.43% | 23.22% | 5.45% |
| Equity / Assets (Capital Ratio) | 5.07% | 5.06% | 5.37% | 5.03% | 6% | 5.67% | 5.73% | 6.29% | 6.05% | 5.97% | 5.82% | 5.84% | 4.67% | 4.56% | 4.71% | 4.49% | 4.29% | 2.22% | 3.52% | 3.35% | 3.43% | 4.11% | 4.11% | 3.43% | 4.76% | 6.31% | 2.92% | 2.6% | 3.98% | 3.47% |
| Return on Equity (ROE) | 9.94% | 9.48% | 11.96% | 7.89% | 11.28% | 2.71% | 5.97% | 8.87% | 7.98% | 4.31% | 1.78% | 3.16% | -2.05% | -3.31% | -6.53% | -0.72% | 10.51% | 6.98% | 27.48% | 25.32% | 22.36% | 21.72% | 34.15% | 17.51% | 17.18% | 16.79% | 31.03% | 30.89% | 40.96% | 31.65% |
| Book Value per Share | 3.20 | 2.91 | 2.88 | 2.52 | 2.96 | 2.77 | 2.68 | 2.78 | 2.72 | 2.71 | 2.60 | 2.76 | 2.22 | 2.44 | 2.70 | 2.66 | 2.64 | 0.58 | 0.74 | 0.69 | 0.64 | 0.70 | 0.62 | 0.52 | 0.70 | 0.85 | 0.52 | 0.45 | 0.38 | 0.31 |
| Tangible BV per Share | 2.63 | 2.39 | 2.38 | 2.08 | 2.60 | 2.41 | 2.34 | 2.47 | 2.43 | 2.51 | 2.38 | 2.53 | 1.97 | 2.16 | 2.39 | 2.33 | 2.27 | 0.43 | 0.59 | 0.54 | 0.49 | 0.55 | 0.47 | 0.36 | 0.55 | 0.35 | 0.51 | 0.44 | 0.38 | 0.31 |
| Common Stock | 5.89B | 6.06B | 6.36B | 6.73B | 7.1B | 7.08B | 7B | 7.12B | 7.2B | 7.15B | 7.15B | 7.15B | 7.14B | 7.04B | 6.88B | 6.82B | 10.47B | 1.51B | 1.43B | 1.43B | 1.42B | 1.42B | 1.42B | 1.42B | 1.41B | 1.4B | 1.39B | 1.38B | 0 | 0 |
| Additional Paid-in Capital | 24.77B | 24.47B | 23.94B | 23.44B | 22.96B | 22.32B | 22.21B | 21.99B | 21.75B | 21.74B | 21.53B | 21.4B | 21.39B | 20.99B | 16.54B | 20.41B | 14.5B | 2.1B | 1.3B | 1.27B | 1.17B | 1.14B | 1.13B | 1.09B | 960.77M | 4.26B | 404M | 101M | 0 | 0 |
| Retained Earnings | 6.29B | 5.91B | 6.79B | 6.55B | 10.24B | 4.58B | 3.25B | 5.39B | 4.91B | 3.6B | 4.42B | 5.69B | 4.09B | 5.08B | 8.27B | 9.04B | 11.12B | 8.26B | 9.47B | 8.12B | 7.22B | 8.14B | 6.73B | 5.09B | 8.06B | 8.13B | 6.76B | 5.85B | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -247.05M | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
UK Mortgage Market Concentration
According to recent financial disclosures, Lloyds' total assets grew from $881.5 billion in 2023Q4 to $944.1 billion by 2025Q4, yet this expansion appears largely decoupled from core lending growth, suggesting a reliance on balance sheet bloating rather than organic, high-quality loan book expansion in the UK market.
The modest asset growth masks underlying volatility in the composition of the balance sheet, particularly regarding the erratic swings in investment securities. Investors should monitor whether this asset accumulation is a strategic move to deploy excess liquidity or a defensive reaction to the lack of attractive, risk-adjusted lending opportunities in the current UK macroeconomic environment.
Based on reported figures, the equity-to-assets ratio has remained stubbornly flat at 0.05 over the last ten quarters, indicating that despite significant earnings volatility, the bank has maintained a consistent, albeit thin, capital cushion that may limit its flexibility for aggressive capital returns or strategic acquisitions.
While the 0.05 ratio suggests a stable regulatory posture, it leaves little room for error should impairment charges spike within the mortgage portfolio. The lack of meaningful capital accretion suggests that management is prioritizing the maintenance of existing buffers over aggressive balance sheet optimization, which may constrain future share buyback capacity.
As reported in quarterly filings, the bank's investment securities portfolio surged from $20.7 billion in 2025Q1 to $524.7 billion by 2025Q4, a dramatic shift that suggests a significant change in liquidity management strategy and potential exposure to duration risk in a fluctuating interest rate environment.
This massive reallocation into securities warrants further investigation, as it may indicate a pivot toward lower-yielding, liquid assets to satisfy regulatory requirements at the expense of higher-margin lending. Such a shift appears to be a defensive maneuver, potentially signaling management's caution regarding the credit quality of the broader UK retail loan market.
Based on the provided data, the extreme volatility in the investment securities line item, which fluctuated between $20 billion and $836 billion, suggests that the bank's balance sheet is highly sensitive to fair value adjustments that could mask underlying structural weaknesses in the core banking franchise.
The sheer scale of these swings implies that the bank's reported equity position may be subject to significant 'paper' volatility that does not reflect core operational health. Investors should be wary that this reliance on fair value movements could obscure the true impact of interest rate changes on the bank's long-term solvency and capital adequacy.
Quick answers to the most common questions about buying LYG stock.
As of 2025, Lloyds Banking Group plc (LYG) had total assets of $944.07B including $63.73B in current assets.
Lloyds Banking Group plc (LYG) carries total debt of $95.14B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lloyds Banking Group plc (LYG) has total shareholders' equity (book value) of $47.67B ($3.20 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lloyds Banking Group plc (LYG) reported a current ratio of 0.12x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.