Trading Statement

Lloyds TSB Group PLC
19 November 2001


              LLOYDS TSB - TRADING UPDATE


Lloyds  TSB  Group  plc will shortly be meeting  analysts
ahead  of  its  close  period for the  year  ending  31st
December 2001.  This announcement details the information
that will be provided at those meetings.

Lloyds  TSB continues to build on its satisfactory  first
half  performance and is set to meet its  objectives  for
earnings  growth.   Asset quality remains  good  and  the
Group   expects   to   deliver  a  further   satisfactory
performance   for   the  year,  in   line   with   market
expectations.

As  at 30th September 2001 total Group loans and advances
to  customers were £121.1 billion, an annualised increase
of  11  per  cent,  reflecting  good  quality  growth  in
mortgages,  retail lending, and corporate and  commercial
lending.    Total   Group   risk   weighted   assets   at
30th   September  2001  were  £106.4  billion.   Customer
deposits  totalled £107.0 billion, an annualised increase
of  7 per cent.  The Group  net  interest margin  for the
9 months to  30th September 2001  was  largely  unchanged
compared with the margin for the first half of the year.

The Group continues to see good market share performances
in  many  of  its  key product areas.   In  the  mortgage
market,  estimated  market share has  increased  slightly
from  the  first  half  of the year.   In  the  life  and
pensions market, the trends experienced in the first half
of  the year have largely been continued, although  sales
of  unit  trusts  have  reduced significantly  reflecting
overall market trends.  The Group's Customer Relationship
Management  programme  has  continued  successfully   and
branch  network  sales continue to grow.   We  remain  on
target  to achieve 3 million added value current accounts
by the end of December 2001.

A  strong focus continues on managing the Group's day  to
day operating costs and business as usual cost growth  in
the  second half of the year is expected to be lower than
cost  growth  in the first half of the year.   Similarly,
business  as  usual  cost growth for  the  full  year  is
expected  to  be  lower than business  as  usual  revenue
growth.

Group asset quality remains good and the Group charge for
bad and doubtful debts as a percentage of average lending
in  the  third quarter of 2001 was at a similar level  to
the  first half.  Group lending remains primarily  retail
focused  with over 60 per cent of total customer  lending
to  the  personal  sector.  The Group  remains  the  only
'Triple  A'  rated bank in the world in  comparison  with
other major commercially owned banking groups and is well
positioned for any economic downturn.

The  22  per  cent reduction in the FTSE All Share  Index
created  adverse  short-term fluctuations  in  investment
returns  totalling £621 million in the first 9 months  of
2001.   These  short-term movements, which  fluctuate  as
stockmarket  values  fluctuate, should  not  represent  a
permanent   impairment  to  the  value  of  the   Group's
reserves.

In  October  2001  Lloyds  TSB sold  its  Brazilian  fund
management  and private banking business  to  Banco  Ita£
S.A. and a profit before tax on the sale of approximately
£35  million will be included in the Group's accounts for
the second half of 2001.

Peter  Ellwood, Group Chief Executive commented 'Many  of
the  positive  trends seen in our first half  performance
have continued into the third quarter and we continue  to
see  these trends in the three key areas of our business;
revenue growth, cost control and credit quality.

The economic outlook for the UK, as well as for all major
world  economies,  continues to look  uncertain  but  the
Group  is  well  positioned  to  withstand  any  economic
slowdown and continues to produce good results.'


                    IMPORTANT NOTICE

This announcement should be read in conjunction with  our
results  announcement for the half-year ended June  2001,
copies  of  which are available from Investor  Relations,
Lloyds TSB Group plc, 71 Lombard Street, London EC3P  3BS
or on our website at www.lloydstsb.com.

This document contains certain forward-looking statements
with  respect to certain of the plans of the  Lloyds  TSB
Group, its current goals and expectations relating to its
future  financial  condition and performance.   By  their
nature,  forward-looking  statements  involve  risk   and
uncertainty because they relate to events and  depend  on
circumstances  that  will occur in  the  future.   Lloyds
TSB's  actual  future results may differ materially  from
the results expressed or implied in these forward-looking
statements as a result of a variety of factors, including
UK  domestic and global economic and business conditions,
market  related  risks  such as interest  rate  risk  and
exchange  rate  risk in its banking business  and  equity
risk  in its insurance businesses, unexpected changes  to
regulation,  changes in customer preferences, competition
and  other  factors.   Please refer to  the  Registration
Statement on Form 20F of Lloyds TSB Group filed with  the
US Securities and Exchange Commission for a discussion of
such factors.