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Lloyds Banking Group: shares climb after strategic plan

(CercleFinance.com) - Shares of Lloyds Banking Group are up 2% after the group presented its new strategic plan for the next three years, with the aim at "transforming the group" in a digital world.

One of the key actions of the 2018-2020 plan includes investments of over 3 billion pounds (around 3.4 billion euros), up over 40% relative to the previous strategic plan.

The British bank said it wants to further enhance customer propositions, further digitise the group, and maximise capabilities as an integrated financial service provider while transforming the way it works.

In other words, Lloyds intends to become "a digitised, simple, low risk, customer focused, UK financial services provider" according to the statement issued this morning.

"Lloyds Banking Group's 2020 strategy should deliver best in class efficiency and return on tangible equity (ROTE), strong capital generation, EPS upgrades and lower forecast risk," UBS commented.

This long-awaited strategic plan overshadowed the group's annual results, which were also published this morning, even though figures were solid.

Underlying pre-tax profit reached 8.5 billion pounds, up from 7.9 billion pounds in 2016. Total profit for the year reached 3.5 billion pounds, versus 2.5 billion pounds in 2016.

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