Lloyds Banking Group has announced a new strategy that will see the UK bank invest £3 billion over the next three years.

“Through our new strategy, we will transform our business, creating higher, more sustainable value for all stakeholders,” said the bank in its latest financial results. “We will drive revenue growth and diversification across all our main businesses, focusing on strengthening cost and capital efficiency, together with leveraging an enabling platform which maximises the potential of people, technology and data to support our business ambitions.”

Lloyds reported pre-tax profits of £6.9 billion for 2021.

Net income was up 9 per cent to £15.8 billion over the same period.

The bank also revealed that it had remediation charges of £1.3 billion, with £775 million in the fourth quarter, including £600 million for paying back victims of fraud at the bank’s reading branch of HBOS, which it bought in 2009.

"Building on our strong foundations, our purpose of Helping Britain Prosper forms the basis of our new strategy to profitably deliver for all of our stakeholders," said Charlie Nunn, group chief executive, Lloyds Banking Group. "We will look to deepen relationships with our existing customers, both consumers and businesses of all sizes, and meet more of their financial needs by making our great products more relevant to them and our channels simpler and more personalised to use.

"This will set the Group on a higher growth trajectory with more diversified revenue streams, while we retain our strong focus on cost and capital discipline. Enabled by maximising the potential of our dedicated people, technology and data capabilities, our strategy represents an exciting new chapter for Lloyds Banking Group."

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