The buyback was managed by Goldman Sachs International between 30 January 2026 and 24 September 2026.

The repurchased shares, which make up around 2.7% of Lloyds’ issued share capital, are intended for cancellation. This reduces the number of shares in issue, which supports earnings and dividend per share.

The completion comes as Lloyds’ pro forma common equity tier 1 (CET1) ratio, which reflects the full impact of ongoing capital returns, stood at 13.1% at 30 June 2026, down from 13.2% at 31 December 2025 and against the bank’s target range of around 13%.

A second buyback programme of up to £1bn, announced alongside the bank’s half-year results on 31 July 2026 and also run by Goldman Sachs, is running concurrently and is due to complete by 27 January 2027.

The two programmes have been running side by side for much of the third quarter: on 18 September alone, Lloyds bought 15,163,145 shares under the January programme and a further 12,000,000 shares under the July one.

The £1.75bn programme is smaller in relative terms than Lloyds’ February 2024 buyback, which retired around 6% of the share count over a £2bn programme completed that November. Lloyds has run a share buyback programme in each year since 2022.