9th May 2007 11:04
Lloyds TSB Group PLC09 May 2007 57/07 9 May 2007 LLOYDS TSB Group annual general meeting statement Lloyds TSB is holding its annual general meeting in Glasgow today (9 May 2007). During 2006 the Group made considerable progress in the delivery of its organicgrowth strategy and in the development of its customer franchises. This resultedin good levels of sales growth throughout the organisation, positioning theGroup to deliver stronger future revenue growth. The Group's focus on continuousproductivity improvement, whilst continuing to invest in further businessgrowth, was maintained. As a result, revenue growth was well ahead of costgrowth. Overall asset quality remained satisfactory. The following is an extract from the statement made by Eric Daniels, Group ChiefExecutive: "In 2006, we delivered a good financial performance with strong trading momentumacross all three divisions, whilst continuing to build our customer franchisesto support future earnings growth. We operate a lower risk business model thatdelivers higher quality earnings based on the strength of our customerrelationships and, as a result, we are well positioned to deliver sustainablerevenue and earnings growth. In the first few months of 2007, we have continued to make strong progressacross the Group and are confident that we will deliver another good tradingperformance for the half-year. We will continue to extend the reach and depth ofour customer relationships whilst improving productivity and efficiency in 2007and beyond. By doing so, we believe that we can deliver sustained double-digiteconomic profit growth over time." For further information:- Investor RelationsMichael Oliver +44 (0) 20 7356 2167Director of Investor RelationsE-mail: [email protected] Sarah PollardSenior Manager, Investor RelationsE-mail: [email protected] +44 (0) 20 7356 1571 MediaMary Walsh +44 (0) 20 7356 2121Director of Corporate RelationsE-mail: [email protected] FORWARD LOOKING STATEMENTS This announcement contains forward looking statements with respect to thebusiness, strategy and plans of the Lloyds TSB Group and its current goals andexpectations relating to its future financial condition and performance.Statements that are not historical facts, including statements about Lloyds TSBGroup's or management's beliefs and expectations, are forward lookingstatements. By their nature, forward looking statements involve risk anduncertainty because they relate to events and depend on circumstances that willoccur in the future. Lloyds TSB Group's actual future results may differmaterially from the results expressed or implied in these forward lookingstatements as a result of a variety of factors, including UK domestic and globaleconomic and business conditions, risks concerning borrower credit quality,market related risks such as interest rate risk and exchange rate risk in itsbanking businesses and equity risk in its insurance businesses, inherent risksregarding changing demographic developments, catastrophic weather and similarcontingencies outside Lloyds TSB Group's control, any adverse experience ininherent operational risks, any unexpected developments in regulation orregulatory actions, changes in customer preferences, competition, industryconsolidation, acquisitions and other factors. For more information on these andother factors, please refer to Lloyds TSB Group's Annual Report on Form 20-Ffiled with the US Securities and Exchange Commission and to any subsequentreports furnished by Lloyds TSB Group to the US Securities and ExchangeCommission or to the London Stock Exchange. The forward looking statementscontained in this announcement are made as of the date hereof, and Lloyds TSBGroup undertakes no obligation to update any of its forward looking statements. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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