Lloyds Banking Group Q2 26 and Strategy Update Preview

Goldman Sachs maintains a Buy rating on Lloyds Banking Group ahead of its Q2 results and Strategy Update, forecasting strong revenue growth and significant improvement in medium-term ROTE.

Key Takeaways

• 1.Anticipate a solid Q2'26 with stronger sequential Net Interest Income (NII) and resilient asset quality.
• 2.Strategy update expected to focus on revenue growth via diversification (wealth, pensions, insurance) and positive operating leverage.
• 3.Expect rising capital returns through a progressive dividend model and regular share buybacks.

Table of Contents

• Lloyds Banking Group (LLOY.L) Q2'26 and Strategy Update Preview
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement (£ mn)
• Balance Sheet (£ mn)
• NII Model
• Investment Thesis and Key Risks
• Disclosure Appendix

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