Helping Britain Prosper: annual report and accounts 2022

Given the Group’s performance and strong capital position, the Board has recommended a total ordinary dividend of 2.40 pence per share. This represents an increase of 20% on 2021, in line with our progressive and sustainable ordinary dividend policy.

We have also announced a further share buyback of up to £2 billion, marking 2022 as a very strong year of capital return to shareholders.

We have been engaging with colleagues in shaping our journey and co-creating our new Group values to make sure that every colleague is motivated and excited by the role they can play in Helping Britain Prosper.

We have also been conscious of the impact that the increased cost of living has continued to have on our colleagues. In August 2022, the Group gave the vast majority of colleagues a £1,000 one-off payment to help with the rising cost of bills.

In addition, we made significant changes to our reward approach which reflect our continued desire to support our colleagues, particularly those that are lower paid, during these extraordinary times and over the longer term. The 2023 pay award has a cash value typically in the range of 8% to 13% for our lowest paid colleagues.

We’ve proactively contacted more than 550,000 businesses to offer support and through our financial wellbeing tools, we’re monitoring those clients who may be at risk of falling into financial difficulty.

We have been working with these clients to offer bespoke support such as temporary payment plans and 30-day holds which can stop interest or product fees continuing to build.

We continue to offer help to children and young adults across the UK to better understand the value of money and manage their finances day-to-day as they transition to financial independence. Our activity is primarily delivered face-to-face by colleague volunteers in classrooms, but we also have a range of resources that are available for download via the Lloyds Bank Academy site.

In addition, we donated £22.4 million to our four Foundations which cover England and Wales, Scotland, Northern Ireland and the Channel Islands. They provide an invaluable contribution by partnering with hundreds of small and local charities in their area. The Foundations provide funding and other forms of support to help people overcome complex social issues such as mental health, domestic abuse, addiction and homelessness.

Our suppliers and supply chains are integral to how we fulfil our customers’ needs. We rely on around 2,600 suppliers for important aspects of our operations and customer service provision.

Recognising the emissions we generate through the purchase of goods and services and working collaboratively with our suppliers to reduce the Group’s supply chain emissions are integral to our net zero strategy.

In October 2022, we announced our ambition to achieve a 50% reduction in the carbon emissions we generate through our supply chain by 2030 on the path to net zero by 2050 or sooner.

We regularly engage in open discussion with our regulators and other Government authorities (including HMRC) to ensure the Group operates in line with current and developing legislation. 

Lloyds Banking Group is proud to be one of the UK’s largest tax payers, helping finance public services.