Lloyds Banking Group plc (NYSE:LYG) Financial institution of America thirtieth Annual Financials CEO Convention 2025 September 16, 2025 3:45 AM EDT
Firm Individuals
Charles Nunn – Group Chief Govt & Govt Director
Convention Name Individuals
Pui Mong – BofA Securities, Analysis Division
Presentation
Pui Mong
BofA Securities, Analysis Division
Right this moment, it is nice to have you ever right here as typical. I believe most individuals right here know you very effectively, so perhaps you’ll be able to simply dive straight in.
Query-and-Reply Session
Pui Mong
BofA Securities, Analysis Division
So perhaps beginning with the macro facet of issues, I believe William mentioned final week, the U.Ok. macro backdrop is uninspiring, however not unsupportive. I hope I am not misquoting him, however do you assume there’s a threat that we focus an excessive amount of on the uninspiring and never sufficient on the not unsupportive? As a result of if I take a look at unemployment and credit score high quality, all of that’s nonetheless wanting fairly supportive. And are there another areas that you simply assume are literally extra supportive than we give it credit score for?
Charles Nunn
Group Chief Govt & Govt Director
Sensible. So to start with, thanks for having me. It is nice to be right here as we speak. Sure, I believe William’s characterization is sweet. We have talked for some time about what we name a resilient, a really resilient economic system, however a slower progress economic system. And our forecasts, as you realize, have been saying that we get about 1% to 1.5% GDP progress, for instance, within the subsequent interval. However as you say, unemployment stays wholesome. And really, we see for Lloyds Banking Group a chance to develop sooner than the economic system. So I am going to come again to these alternatives.
And why we’ve got that confidence within the resilience of the economic system? It is primarily due to what we are able to see in households, people after which