• Lloyds Banking Group average debt/equity ratio for 2023 was 1.83, a 7.02% increase from 2022.
• Lloyds Banking Group average debt/equity ratio for 2022 was 1.71, a 12.76% increase from 2021.
• Lloyds Banking Group average debt/equity ratio for 2021 was 1.96, a 12.11% decline from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.