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Lloyds Banking Group Plc's CEO Discusses 2011 Results - Earnings Call Transcript

Lloyds Banking Group plc (LYG)

2011 Earnings Call

February 24, 2012 4:30 am ET


Mark Fisher - Director of Group IT & Operations

Kate O'Neill - Managing Director of Investor Relations

Juan Colombás - Chief Risk Officer

Andrew Geczy - Chief Executive Officer of Wholesale Banking & Markets


Chris Manners - Morgan Stanley, Research Division

Robert Law - Nomura Securities Co. Ltd., Research Division

Jason Napier - Deutsche Bank AG, Research Division

Rohith Chandra-Rajan - Barclays Capital, Research Division

Manus Costello - Autonomous Research LLP

Michael Helsby - BofA Merrill Lynch, Research Division

Arturo de Frias Marques - Grupo Santander, Research Division

Peter Toeman - HSBC, Research Division

Michael Trippitt - Oriel Securities Ltd., Research Division

Raul Sinha - JP Morgan Chase & Co, Research Division

Gary Greenwood - Shore Capital Group Ltd., Research Division


Mark Fisher

Thank you, Tim. Good morning, everybody. I'd like to spend about 10 minutes talking to you about our progress on costs and simplification that I introduced to you when we here in June of last year.

So let's start with costs. As Tim said, total costs reduced by 4% absolutely. At the operating expense level, excluding major increases in the U.K. bank levy and FSCS charges, costs reduced by 6%. This excellent result reflects the delivery of planned integration synergies, with in-year integration cost savings in 2011 rising to GBP 1,851 million compared to GBP 1,361 million in 2010. Our tighter approach to cost management, which I'll describe later, and lower operating lease depreciation also helped to offset inflationary pressures.

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