Lloyds Banking Group is the UK's largest retail and commercial bank, operating almost exclusively in the UK under brands including Lloyds Bank, Halifax, Bank of Scotland, and Scottish Widows. Lloyds' core business is retail banking — mortgages, current accounts, savings, personal loans, and credit cards — and the group holds around a 19-20% share of new UK mortgage lending. Lloyds serves customers through branches, digital channels (over 20 million mobile app users), and mortgage brokers. Beyond retail, Lloyds serves businesses through its Commercial Banking division, covering SMEs through to large corporates, and offers life insurance, pensions, and wealth management through its Insurance, Pensions & Investments division, primarily under the Scottish Widows brand. Lloyds makes money primarily through net interest income — the spread between loan yields and deposit costs — which represents roughly 74% of net income. A key earnings driver is Lloyds' structural hedge, where stable deposits are hedged into fixed-rate assets via interest rate swaps; as low-rate swaps roll over and are replaced at higher rates, this creates a multi-year NII tailwind. The second revenue stream is fees and non-lending income, which Lloyds has been growing through motor leasing, general insurance, bancassurance, transaction banking, workplace pensions, and equity investments. Lloyds' current strategy focuses on diversifying revenue away from interest income, expanding into mass affluent wealth management, and deploying AI across operations. Capital is returned to shareholders through growing dividends and annual share buybacks.