Lloyds Banking Group PLC (LSE:LLOY) said it has completed the £2bn share buyback it announced in February this year.
Proposed along with a final dividend, the FTSE 100 lender said at the time that it expected the buyback to be complete by the end of the year, with the outlook from chief executive Charlie Nunn at the time being that "we are seeing an early recovery and the macroeconomic outlook is improving".
In aggregate between February 25 and October 11, 2022, the company repurchased 4.53bn ordinary shares.
The share prices paid ranged from 49.68p at the start of the buyback, before shortly falling to below 42p in the wake of Russia's invasion of Ukraine, then briefly topping 50p in March on expected gains for the banking sector from the rising interest rate, before a lurch below 45p that lasted from May through to the end of August.
Current concerns for Lloyds and the wider banking sector are around an immediate economic outlook that is much less rosy than in February, though analysts say the big lenders are all in good shape to ride out the storm.
Also this week, the bank completed a tender offer to purchase one series of its outstanding sterling-denominated bonds, which had a 7.625% fixed rate coupon, with an end-date of 2023.
Yesterday it announced that £924.3mln of the securities were validly tendered and not validly withdrawn by midnight New York time on the expiration deadline.
The offer is part of the group's "continuous review and management of its outstanding capital base, maintaining a prudent approach to the management of LBG's capital position", it said.
Still outstanding were £135.3mln after the completion of the offer.