Lloyds Banking Group PLC (NYSE:LYG) Q4 2023 Earnings Conference Call February 22, 2024 4:30 AM ET
Company Participants
Charles Nunn - Group Chief Executive & Executive Director
William Chalmers - Group CFO & Executive Director
Douglas Radcliffe - Group IR Director
Conference Call Participants
Alvaro Serrano - Morgan Stanley
Joseph Dickerson - Jefferies
Rohith Chandra-Rajan - Bank of America Merrill Lynch
Jonathan Pierce - Numis Securities Limited
Christopher Cant - Bernstein Autonomous
Amandeep Rakkar - Barclays Bank
Raul Sinha - JPMorgan Chase & Co.
Charles Nunn
Good morning, everyone, and thanks very much for joining us at our 2023 full year results presentation. In line with prior results, I'll begin with a short overview of the group's financial and strategic performance. William will then provide the usual detail on our financials. Following a brief summary, we'll then take your questions. Let me begin on Slide 3.
I'm really pleased with the progress we've made on implementing our customer-focused strategy, whilst at the same time, delivering strong outcomes for our shareholders. Now there are lots of moving parts in Q4 that William will talk through shortly. But underlying that, the business has performed strongly.
With that in mind, I'd like to highlight the following 3 things. Firstly, we've now completed the second year of our strategic transformation and are generating real business momentum. We remain on track to meet our strategic targeted outcomes. Secondly, we've met or exceeded the guidance that we laid out during the year, whilst taking proactive action to address a number of headwinds. Our financial performance has enabled increased capital returns of £3.8 billion in the year.
And finally, we're confident of delivering higher, more sustainable returns for shareholders. Importantly, we are reiterating both our returns and capital generation for 2024 and 2026. Turning now to Slide 4, where I will highlight how we've delivered for all stakeholders in 2023. We have provided proactive and targeted support during a period of ongoing uncertainty for our customers. For example, we've contacted more than 15 million customers in 2023 to increase awareness regarding savings options and enhanced propositions.
Off the back of this, more customers trusted us with their savings, with balances actually growing in the year. We've also used our data insights to contact around 7.5 million customers offering support where required. Alongside this, our purpose-driven strategy is focused on building a more inclusive society.
To this end, we've provided further support to first-time buyers and the social housing sector. Those are both part of a multiyear commitment that combined totals nearly £100 billion of support since 2018.