LONDON, July 19, 2026, 12:54 BST
- Lloyds ended Friday at 111.5 pence, down 0.6% for the week. The FTSE 100 gained 1.0%.
- Filings show 35 million shares were repurchased. Their calculated cost was about £39.0 million.
- Lloyds’ 14.5-times price-to-earnings ratio exceeds Barclays LON:BARC at 11.7 and NatWest Group LON:NWG at 9.6.
London’s cash market was closed on Sunday. Lloyds Banking Group LON:LLOY closed Friday at 111.5 pence, down 1.0% that day.
Across the week, Lloyds slipped 0.6%. Barclays gained 0.7%, while NatWest rose 1.1%. The FTSE 100 added 1.0%.
The gap matters because Lloyds is not priced like a laggard. Its reported P/E multiple is 14.5 times earnings.
That is about 25% above Barclays and 52% above NatWest. The premium raises the bar for Lloyds’ coming strategy update.
| Security | July 17 close | Weekly move | P/E snapshot |
|---|---|---|---|
| Lloyds Banking Group LON:LLOY | 111.5p | -0.6% | 14.5x |
| Barclays LON:BARC | 516.7p | +0.7% | 11.7x |
| NatWest Group LON:NWG | 669.4p | +1.1% | 9.6x |
| FTSE 100 | 10,600.4 | +1.0% | — |
Weekly moves use July 10 and July 17 closes. P/E figures are market-data snapshots and may reflect different update times.
The buyback did not erase that performance gap. Lloyds purchased seven million shares during each trading session last week. All 35 million shares are due to be cancelled.
A calculation from the five filings puts total spending near £39.0 million. The average purchase price was 111.45 pence, almost Friday’s closing level.
Friday’s seven-million-share purchase equalled 5.3% of reported daily volume. The stock still fell 1.0%. The flow was sizeable, but not decisive.
Those purchases form part of Lloyds’ buyback programme of up to £1.75 billion. The bank has also targeted a capital ratio of about 13% by year-end.
Lloyds was not alone on Friday. Britain’s banking index declined 0.4%, although the FTSE 100 rose 0.3%. Energy and utility shares led the wider market higher.
Mortgage markets added another variable. Two-year UK swap rates have risen to 4.22% from 3.95% in recent weeks, prompting lenders to reprice fixed-rate loans.
For Lloyds, that move cuts both ways. Higher rates support new-loan pricing. They can also weaken affordability and mortgage demand.
The bank entered summer with stronger first-quarter figures. Net income rose 9%, while statutory profit after tax increased 37%.
Chief Executive Charlie Nunn said: “We are confident in our delivery for the year ahead and reiterate our guidance for 2026.” Lloyds expects a modest increase in full-year net interest income. Lloyds Banking Group
Macro data should dominate the coming trading week. Britain’s statistics office releases payroll and employment figures at 0700 BST on Tuesday. UK purchasing-manager readings later in the week will also shape rate expectations.
The next firm-specific test arrives on Thursday, July 30. Nunn and finance chief William Chalmers will present half-year results and an updated strategy at 0930 BST.
Risks centre on mortgage affordability, credit quality and strategy execution. Strong data could keep wholesale rates high. Weak employment figures could raise concern about loan losses.
The investor test is straightforward. Lloyds must show why its higher multiple is deserved, rather than merely supported by buybacks.
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