. Lloyds (LSE: Lloy) The price of the action had a fantastic run this year and this made me think about banking campaigns in Great Britain.

Actions in the company have increased by 50% so far and are sitting at 82.6 pence when I write on August 18. However, I think that an impressive run means that the British bank can be overstated compared to other banks.

Last profits

British banks, including Lloyds, took advantage of the growing margins of interest, resistant demand for a loan and positive results for half a year, all of which fueled the last share price rally.

Investors also cheered on their shareholders affable to buy actions and a coherent dividend payment.

But let’s talk about the numbers: Lloyds now trades in price to profit (p/e) around 12.6, as I write. This is noticeably more than Barclays and Natwest (both 9.4 times). One exception is HSBC, which is now valued at 12.9 times.

This made me think about relative value. Is there a good reason for the P/E bonus or the price of Lloyds just works too far in 2025?

Bonus

There are some decent arguments regarding the lofty multiple. The bank has a really mighty balance, with solid capital indicators and a budget-friendly deposit base from customers.

Its focus on Great Britain can also be seen as a strength compared to some of the more international rivals, such as HSBC, potentially leaving it less vulnerable to global geopolitical variability.

Then there is a strategy. Barclays and HSBC are undergoing high restructuring, which can give Lloyds an advantage because it leads a more fixed path.

Bank investments in digital services can also be a potential motor to future growth. If the funds undertaken can lend a hand maintain the margin, this can lend a hand justify the bonus for peers.

The price of the company’s shares jumped to a 10-year level at the beginning of August after a favorable decision of the Supreme Court, which can significantly reduce the expected payments from the ongoing car financing scandal.

Why does it look steep

I hesitate here. I think Lloyds is more based on the British retail and mortgage market than other main banks in Great Britain. For example, HSBC has a larger international range, while Barclays has a larger (though more unstable) investment banking department.

I think this makes Lloyds more susceptible to local economic fluctuations or assessment shocks than some of his peers. Given this risk of concentration, it is complex for me to pay the premium despite the positive ones presented above.

This is especially the case when Natwest and Barclays offer more diverse models with lower multiplier.

My verdict

The price of Lloyds was an outstanding contractor in 2025 and I think that existing shareholders must be satisfied with 50% of profit.

The bank seems to be in a decent financial form and has potential growth strategies.

However, I think that there are not enough cases of bonuses on such as Natwest and Barclays. Although I am not actively looking for a banking exhibition, Lloyds is not the best banking in my eyes on a current quote.