Passive income is all about bringing in a regular stream of cash that we don’t have to lift a finger for. It’s money that we can earn while we’re sleeping, or doing anything other than working for it.

The only way for me is to go for a Stocks and Shares ISA. To aim for some fully passive income in the future, we do have to do a bit work work up front, including earning the money to put into the ISA in the first place.

And we have to choose which shares to buy. But if we can adopt a hands-off long-term strategy, we can hopefully look forward to just sitting back and watching the cash roll in.

Banking on dividends

Buying shares that pay steady dividends is a popular approach. HSBC Holdings (LSE: HSBA) is a popular income stock, so what’s good about it? The share price has had a great five years, rising 80%. But its real popularity comes from dividends, with a 5.5% forecast yield.

Some FTSE 100 dividends are quite a bit higher. But investors generally see the HSBC dividend as one of the more reliable ones and typically well covered by earnings. Forecasts for the next few years put earnings per share (EPS) at around twice the predicted dividend.

The huge forecast 10.2% at Phoenix Group Holdings looks very attractive. But analysts expect earnings to fall short of the projected dividend in the next few years.

Phoenix might still be a good investment, and I quite like it myself. But I can see why investors might see lower risk from HSBC and believe they’d sleep more soundly with it.

The main risk I see with HSBC is its exposure to China, and growing trade wars don’t help on that front. I have HSBC on my candidates list, well ahead of a Cash ISA, but I’d only consider buying as part of a diversified ISA.

But what about…?

People often ask me what about property rather than shares? Buy a rental property and the income could keep you going nicely, surely. Well, I’ve done that, and it’s very much not a no-work investment. It needs management, and it can be quite intense at times.

To go for property, I prefer a real estate investment trust (REIT). They invest shareholders’ money, and hand the profits over to us… and they do all the work of managing the portfolio so we don’t have to do a thing.

They can be flexible too. Supermarket Income REIT owns and rents supermarket real estate, as its name suggests. Primary Health Properties invests in purpose-built healthcare facilities. I’m actively considering both of those.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice.

And what about…?

So what about gold and silver, then? They’re big with investors and they’ve been doing well. Rather than hoarding the metal and having to polish it, why not consider buying shares in a mining company? Fresnillo, the worlds largest primary producer of silver (with gold too) has to be one consider.

Whatever businesses or sectors I want, I reckon a diversified Stocks and Shares ISA has to be the least-effort way to build up passive income. Sweet dreams.

When it comes to FTSE 100 dividend stocks, Barclays (LSE: BARC) is one I wanted to consider. I wanted to dive into this strong performing Footsie stock, with its strong track record in UK banking and a renewed focus on shareholder returns, as a potential option for income.

Share price gains

The company’s share price is up over 80% in the past year, climbing to 314.4p as I write on 3 March. This rally has been driven by solid earnings, significant cost-cutting efforts, and a focus on returning capital to shareholders.

In its latest results, the bank reported a 23% increase in third-quarter profits to £1.6bn. Higher interest rates and a robust loan book, as well as strong investment banking division performance, all played their part.

A new £1bn buyback announced in February 2025 is the latest step in a plan to return £10bn to shareholders over two years. 

Valuation

Barclays currently offers an annual dividend yield of 2.8%. The bank declared a total dividend of 8.4p per share for 2024, up from 8p the year prior.

That’s not the highest yield in the FTSE 100, and is actually below the 3.5% average for the UK large-cap index. However, the payout is well supported by earnings with dividend cover of 4.3 times.

On the valuation front, I thought I’d take a look at a couple of common metrics to size up the bank versus the market and its peers.

Barclays trades on a price-to-earnings (P/E) ratio of 8.5, which is below the FTSE 100 average of around 17. However, financial services companies do tend to trade at lower multiples. For example, NatWest and Lloyds are trading at P/E ratios of 8.7 and 11, respectively.

One key valuation metrics for banks it the price-to-book (P/B) ratio, which stands at 0.6 for Barclays. This means the bank’s shares are trading below their book value on the balance sheet. 

The bank does look cheaper than Natwest (0.95) and Lloyds (0.91), which are both closer to par. This could make Barclays a steal, or reflect some of the uncertainty around the transformation programme underway.

Weighing it up

Barclays has been on a fantastic run and has a lot going for it as a FTSE 100 dividend stock. A steady increase in its dividend in recent years, as well as a commitment to returning money to shareholders, has helped boost valuations higher.

Both the P/E and P/B ratios are encouraging. However, there is still plenty of uncertainty.

Interest rates appear to be headed lower, which could impact the bank’s net interest income as it fights to keep deposits high and its lending margins could be squeezed.

There is also the ever-present threat of an economic downturn, which might increase default rates and non-performing loans.

Volatility in financial services stocks is one reason I’ve decided not to Barclays shares right now. Given the current state of the economy, I’d rather look at more defensive sectors like pharmaceuticals for the time being.

Incredibly, the S&P 500 has delivered total returns of 25%+ in four out of the last six years. However, 2025 hasn’t been as fruitful, with the benchmark index falling almost 5% since a mid-February peak.

This means it’s already halfway towards a correction (a decline of 10%, or more). Could a bear market — a prolonged period of share price declines greater than 20% — be on the cards? Here are my thoughts.

The case for

Looking around, I think there are two main issues that could push the index into a bear market. For starters, the 25% US tariffs on imports from Canada and Mexico, and a new 10% levy on goods from China, started today (4 March).

China and Canada have already retaliated, and Mexico may well follow suit. This has sparked fears of a global trade war.

According to Goldman Sachs, President Trump’s tariffs could lead to a 1-2% decline in US corporate profits in 2026. In a worst-case scenario, the US could slip into a recession (the so-called ‘Trumpcession’).

Second, the S&P 500 remains highly valued. According to the Vanguard S&P 500 ETF, the index’s price-to-earnings (P/E) ratio’s 27. That’s a high multiple, historically speaking, which might start spooking investors.

The case against

Alternatively, investors might stomach tariffs and focus on other factors. For example, tax cuts, deregulation, the ongoing artificial intelligence (AI) revolution, and a potentially a more efficient US government.

Meanwhile, the ‘Magnificent Seven’ — Apple, Amazon, Alphabet (NASDAQ: GOOGL), Meta, Microsoft, Nvidia, and Tesla — now account for a third of the S&P 500’s value. While that presents concentration risk, it’s also true that these tech firms (barring Tesla) continue to grow profits strongly.

Last year, their collective earnings increased by 36%, which was far higher than the rest of the S&P 500 (just 4% growth). That figure is set to be lower this year, but brisk growth’s still expected.  

Returning to Goldman Sachs, its chief equity strategist sees the S&P 500 rising to 6,500 by the end of this year. That would be a solid 11% increase from today’s level, if achieved.

Personally, I don’t see a bear market happening. But corrections, bear markets, and even crashes are a normal part of the investing cycle. In other words, nothing to fear.

Googol!

Either way, I think Alphabet stock looks great value today. Shares of the Google and YouTube parent company are trading at a P/E multiple of 21 (and therefore a discount to the S&P 500).

Now, one reason for this might be that Google faces anti-trust challenges. So there’s an outside risk here that Alphabet gets broken up.

However, it’s also possible that Alphabet could be worth more in pieces. Google Search/Android, YouTube, and Google Cloud would each likely command huge market valuations. Meanwhile, its robotaxi division, Waymo, did over 4m fully autonomous rides last year. And it’s just getting started!

Incredibly, Alphabet now has seven different products with more than 2bn monthly active users. 

• Google Search
• Android
• Chrome 
• Gmail
• Google Maps
• Google Play Store 
• YouTube 

The sheer amount of data this ecosystem generates is mind-boggling. Fittingly, Google’s name comes from ‘Googol’, which is a 1 followed by 100 zeros. These massive datasets provide the company with huge advantages in AI and quantum computing research.

I think Alphabet stock’s worth considering.

When Aberdeen renamed itself to abrdn (LSE: ABDN) four years ago, mockery ensued. And the share price has had a poor time since then. The five-letter name apparently represented a “modern, agile, digitally enabled brand.”

Now, in a move that will surely gladden the hearts of vowel-loving investors everywhere, it’s goodbye abrdn and welcome aberdeen group. I still don’t know what they’ve got against capital letters.

It’s apparently all about removing distractions. And the share price got off to an immediate distraction-free start with a 12% morning spike on 2024 results released Tuesday (4 March).

First profit growth in three years

CEO Jason Windsor opened the results announcement with: “The group grew profit in 2024 for the first time in three years, with each business increasing its contribution.”

Adjusted operating income dipped a bit, by 6%. But it fed through to a 2% rise in adjusted operating profit with net capital generation up 34%. Assets under management rose 3% to reach £511bn. Positive investment inflow seems especially good to me in the current climate of investor fear.

Down at the bottom line, adjusted earnings per share (EPS) grew 8% to 15p. But what about the thing we’ve all been waiting for, dividend news?

The CEO said: “We are able to maintain the historic dividend per share from materially higher, and sustainable capital generation.” That’s 14.6p per share again, for a 9% dividend yield on the previous day’s close. In my mind it must surely be the biggest contributor to the share price jump.

FTSE 250 passive income

Some of the top FTSE 250 forecast dividend yields are stunning right now, some well over 10%. Amazingly, aberdeen’s 9% doesn’t even make the top 10. But these results have just propelled it higher up my list of possible buys for passive income.

The biggest risk I saw was a lack of earnings cover for the dividend. The potential to pay dividends is a bit more complex than that for this kind of investment company. But falling profits coupled with declining assets under management can lead to dividend cuts.

The company was formed from the merger of Standard Life and Aberdeen Asset Management in 2017. And it was almost immediately hit by Lloyds Banking Group walking away. Lloyds withdrew £109bn of assets, seeing the new abrdn as a competitor for its own insurance products.

It’s taken a while to turn things round. But now it looks like it’s happening, my fears of a dividend cut have receeded, though not completely.

Some convincing to do

I still think aberdeen has some way to go to fully reverse the negative sentiment of the past few years. This latest share price spike is welcome. But the shares are still down 45% since the high point of 2021.

And we’re definitely not yet into the clear in terms of economic strength and new days of booming investment. But I think it could turn out to be a good time to consider aberdeen shares for long-term passive income.

Investing can be a confusing business. Take the London stock market for example. A lot of people talk about it being “cheap” or ignored compared to other markets.

Yet the FTSE 100, up 16% in a year and 37% across five years, has already hit an all-time high this year.

It has since fallen back slightly, but what is going on?

One market, many shares

Talking about the stock market in general can be useful in some ways. For example, it can be seen as something of a barometer for how the wider economy is performing (though at times that link is actually quite weak).

But the thing is, like most investors, I do not ‘buy the market’. Even investing in a FTSE 100 tracker fund already means getting exposure to just a fraction of the shares listed on the London market, albeit in terms of size they are substantial.

I do not even do that. Rather, I prefer to choose a diversified selection of individual shares to hold in my portfolio. So I may be able to find bargains at any given moment regardless of whether the wider stock market is soaring, crashing, or moving sideways.

There’s value to be found in today’s market

In fact, while the FTSE 100 has been riding high of late, I think a number of leading British shares continue to look relatively cheap given the quality of their business.

For example, one FTSE 100 share I recently added to my portfolio is Twinings and Primark owner Associated British Foods (LSE: ABF).

The company is trading on a price-to-earnings ratio of under 10. That looks fairly cheap to me.

Why is it valued that way? Well, there are risks that could see earnings fall – quite a few, in fact. Primark is facing heavy competition from the likes of Shein and Temu. And on the food processing side of the business, sugar pricing this year could well be weak, while cost inflation remains a threat for the sector.

I’ve been buying!

Still, Associated British Foods is a profitable and well-proven business. It has a strong collection of brands and I expect customer demand to stay resilient.

From cheap jeans to teabags and sugar to agricultural products, it operates in a number of areas that can see the tills ringing even in a weak economy. Its premium brands give the company pricing power. That can help it earn profits that, in turn, enable it to fund dividends. At the moment, the yield is 3.4%, not far off the FTSE 100 average.

It may look like a rather unglamorous business. That could help explain why some stock market investors are not very excited by it.

However, that does not bother me. I am looking for what I reckon are solid businesses with long-term potential that currently sell at an attractive share price. I snapped up Associated British Foods shares precisely because I think it fits that bill.

Penny stocks are an attractive prospect for investors looking for high returns at a cheap price. But they also come with considerable risks, including low liquidity and even potential scams. 

Here, I’m looking at ways to try and separate the winners from the duds using the popular UK-based mining company Helium One (LSE: HE1) as an example.

Check the financials

Small businesses are usually unprofitable for the first few years. That’s not necessarily a bad thing, so long as they exhibit signs of growth.

Potential investors should check the balance sheet to see where they’re headed. Hopefully they’ll be able to see:

• Growing revenues: a consistent upward trend in sales is a positive sign
• Strong cash flow: a company burning through cash too quickly may struggle to survive
• Manageable debt levels: excessive debt can be a major red flag

Helium One’s not profitable yet but recently received a mining license offer for its Rukwa project in Tanzania. This is a huge development for the company and, if approved, could help drive significant revenue down the line.

Examine the business model

Businesses with strong demand, a competitive edge and solid long-term prospects are more likely to succeed.

Helium’s a rare gas that’s in high demand and can’t be artificially synthesised. Should Helium One’s mining efforts pay off, it could enjoy high demand for years to come. 

Assess management quality

Research the management team’s background. Larger companies are kept in check by their board members but smaller companies can be unpredictable. This is critical when assessing their prospects.

In February 2023, Helium One’s CEO stepped down unexpectedly, which isn’t a promising sign. However, he was quickly replaced with Lorna Blaisse, the company’s lead geologist with 19 years’ experience in exploration projects across Africa.

Look for market potential

A penny stock operating in a growing industry has a better chance of gaining traction. Sectors such as technology, biotech and renewable energy often offer promising opportunities.

Helium’s unique characteristics make it crucial in medical imaging, scientific research, space exploration and leak detection.

Still, there’s a risk that alternative gases like argon could replace some of its uses. So while it’s a growing industry, long-term demand isn’t guaranteed.

Watch out for red flags

Not all penny stocks are worth the risk. Avoid companies with frequent share dilution, overly promotional tactics and low trading volumes.

If a company constantly issues new shares, existing investors may suffer. Avoid companies that rely on hype rather than substance. If liquidity‘s low, it can be difficult to buy or sell shares at a fair price.

This is a key risk at Helium One, as it’s repeatedly diluted shareholders to raise capital. It now has almost 6bn shares in circulation from the original 497m — a 12-fold increase.

There’s a risk of further shareholder dilution if more cash is needed.

Assess institutional interest

If professional investors or major institutions are backing a penny stock, that’s usually a positive sign. Their due diligence can help validate the company’s potential.

According to reports, over 50% of Helium One shares are held by institutional investors such as abrdn, Barclays and Oberon Investments.

From the above examples, we can see that while Helium One’s a promising penny stock, it still faces considerable risks. However, should its mining license in Tanzania be approved, it’s certainly one to consider.

Over the past few weeks, the FTSE 100’s pushed higher, making fresh all-time highs. It’s trading around 8,840 points, with the psychologically key 9,000 point level almost irresistibly close.

Yet, given the size and timing of the recent move, the index is potentially looking a bit overbought. Therefore, I thought I’d turn to everyone’s favourite AI-bot to see what objective information it would give me for the year ahead.

Getting the green light

ChatGPT thinks there’s a reasonable expectation that the index will surpass 9,000 points this year. It provided a couple of reasons to back this up. The first was analyst expectations. It cited different sources from the internet and reputable investment platforms that forecast growth for the index from the current levels.

The second reason was based around UK economic forecasts. For example, Morningstar analysts anticipate moderate economic growth for the UK this year, with inflation only slightly above target.

The team suggest that revised fiscal policies could provide more flexibility, potentially supporting higher valuations in the stock market. As a result, this could help to fuel a rally above 9,000 points.

Caution required

The problem with ChatGPT is that it’s purely objective. It doesn’t factor in sentiment or the view from the ground, which is why humans still have a significant role to play when it comes to making investment decisions.

For example, the latest inflation figure for January hit 3%, the highest level since last March. I know many people are tightening their belts again when it comes to discretionary spending.

This might not hamper FTSE 100 stocks today, but I think it could impact the index overall later this year. For example, consider Whitbread (LSE:WTB). The consumer discretionary stock’s down 23% over the past year.

The hospitality company owns Premier Inn, with most of the hotels in the UK, but also some exposure in Germany. It makes money from the hotel bookings, food and drink sales and associated add-ons.

I thought it was interesting that in a trading update for the recent Christmas/New Year period, UK accommodation sales were only up 2% versus the previous year. Total group sales actually fell 2% to £763m.

Looking forward, I feel Whitbread could struggle if the UK economy does slow down. Customers might decide to cut back on holidays or choose more budget alternatives. Of course, in my view, the risk is that fears around the UK are misplaced. If we reach summer and sentiment’s booming, the company has the potential to outperform massively.

Bringing it all together

I believe the FTSE 100 will break through 9,000 points shortly. But I think the index could have some form of healthy correction as we move into the summer. This could be driven by some investors banking profits, as well as the potential for a global trade war with US tariffs taking effect. Any slowdown in the UK economy could weigh on the market too. I’d expect consumer discretionary stocks to underperform in this period, so I’ll be staying away from Whitbread right now.

But should we get such a dip, I’d use it as the opportunity to load up on cheap bargains.

As an investor it is often a case of ‘right company, wrong price’ or simply ‘wrong company’ when it comes to building my portfolio. Nvidia (NASDAQ: NVDA) is the former. It is a share I would gladly own – if only I could buy it at an attractive price. But with Nvidia stock having fallen 12% over the past week — meaning it is 23% cheaper than at its January high point – could now be the moment for me to make the move?

Here are a few questions I have.

Question 1: why the price fall?

When a share falls in price and I am potentially interested in buying it, I always try to understand why the price has fallen.

That can be wider market sentiment, a change in investors’ focus or something more company-specific such as the release of an earnings report or profit warning.

Last week saw Nvidia release its 2025 financial results.

Were they terrible, explaining the fall in the price?

On the contrary, to me they looked very strong.

Full-year revenue more than doubled to  a record $131bn. Net income rose even more (by 130%) to $74bn.

The chief executive sounded upbeat about business prospects, saying that “AI is advancing at light speed”.

Question 2: how attractive is the business?

Whenever I think of buying any share, I want to know what I am getting into.

I am not just buying a number, hoping that it goes up. Instead, I see things the way billionaire investor Warren Buffett does. I am buying a stake in a business. I want to understand the business and its prospects.

As the fall in the Nvidia stock price suggests, some investors are worried that demand for microchips could slow. Add to that the threat of trade tariffs hurting demand and snarling complex global supply chains and there are clearly risks for a firm such as Nvidia.

However, Nvidia’s recent performance has been little short of phenomenal in my view. $74bn of net income is something very few companies achieve.

Can the good times keep rolling?

Although I see risks, I reckon Nvidia has a lot going for it too.

Chip demand is huge (even without AI) and is likely to stay that way. AI investment may reduce once the initial spending spree is over. But it could go the other way. Maybe if companies really do see benefits from their AI spending they will start shelling out even more, not less, on chips.

Nvidia has a large existing client base and many proprietary chip designs. This is a company in which I would gladly invest.

Question 3: is the current price an attractive one?

But I do not want to overpay.

So, does the recent fall in the Nvidia stock price bring it within a range I consider attractive?

For me, the answer is no.

Nvidia’s price-to-earnings (P/E) ratio is now 38. The prospective P/E ratio could be even lower if the company’s strong earnings growth continues.

But that still looks a bit pricey for my tastes. I prefer a higher margin of safety. So I will do nothing now but wait to see whether the share falls further to what I see as a buying level.

The Fresnillo (LSE: FRES) share price perked up when the market opened Tuesday (4 March) on the back of a big boost in 2024 full-year revenue and earnings. At the time of writing, it’s up 3.4%. And we’re looking at a 25% rise so far in 2025 for the world’s largest primary silver producer.

Silver production for the year was unchanged, with gold output up just 3.4%. So it’s really all about rising precious metals prices. The silver price rose 21% in 2024, and it’s up almost another 10% so far in 2025. Gold has performed similarly, up 40% since the start of 2024.

CEO Octavio Alvídrez acknowledged the impact of prices, speaking of “a solid financial performance for Fresnillo in 2024, underpinned by higher precious metal prices, operational discipline, and a continued focus on cost efficiencies.”

He added: “Our adjusted revenue grew by 26.9% to US$3.64 billion, while EBITDA more than doubled to US$1.55 billion.”

The bottom line’s complicated by tax issues related to Fresnillo’s Silverstream agreement with Peñoles of Mexico. But excluding those effects, Fresnillo reported a 17.4% rise in earnings per share.

More to come?

Fresnillo’s production guidance for 2025 indicates a slight slowdown for its two key metals. The company says it expects attributable silver production of between 49 and 56 million ounces of silver, after recording 56.3 million ounces in 2024. Gold guidance suggests between 525,000 and 580,000 ounces, down from 2024’s 631,573 ounces.

Even with that, forecasts show EPS rising strongly in the next few years. And it could be enough to drop the price-to-earnings ratio to under 13 in 2025 and 2026.

The question is, does that make the Fresnillo share price look cheap?

Global outlook

If there’s one positive thing we can say about the tragic global situation, it’s good for precious metals prices as investors seek a hedge against risk. But silver’s more than just that, as it’s in demand for industrial uses too. It’s used in making solar panels, and in a wide range of consumer electronics. And I don’t see demand for either of those dropping off soon.

I could easily see another strong couple of years for silver and gold prices. But profits for miners can be very cyclical in the long term, and I’d need to think forward further than 2026. But that’s not easy.

I’m also wary of what’s been going on with Fresnillo’s Silverstream partnership. So I’d need to dig deeper into that before I considered buying. And maybe wait and see another year’s progress first.

Tempting

The biggest attraction I see is that relatively small percentage rises in metals prices can bring about higher percentage rises in profits. Because of that gearing effect, I think investors who are bullish about silver and gold might do well to consider Fresnillo shares.

The down side though, is that metals price declines can lead to bigger percentage profit falls. It’s a sector for those who can stand volatility, I’d say.

Lloyds’ (LSE: LLOY) shares have been bombing it this year and frankly, I couldn’t be happier. The FTSE 100 stock makes up a big chunk of my portfolio, and it’s getting bigger.

This year’s strong start also helped me get over the fact that last year Lloyds trailed rivals Barclays and NatWest by some distance. Now it’s making up lost ground. The Lloyd share price is up 31% year-to-date. By contrast, Barclays is up a relatively modest 13.5%, while NatWest’s up 21%.

An investor who went big on Lloyds at the start of the year, investing £20k, would have a handsome £26,200 today after charges. They can also look forward to their first dividend on 20 May. So can I.

Can this stock continue to smash the FTSE 100?

Last year, Lloyds was knocked back by relatively high exposure to the motor finance mis-selling scandal. The board has now set aside a total of £1.15bn to cover potential compensation. Some estimates suggest it may need £3bn.

However, Lloyds’ proactive approach in addressing the matter has helped mitigate fears, allowing the board to shift its focus back to core operations.

Announcing a £1.7bn share buyback along alongside 2024 results on 20 February was a canny move. That put the potential compensation bill into perspective. It underlined Lloyds’ robust capital position and cheered up investors.

The results weren’t exactly stellar though. Pre-tax profits plunged more than 20% from £7.5bn to £5.97bn. Analysts had expected £6.39bn. That didn’t stop the buyback, and it didn’t stop the board from increasing the total 2024 dividend by almost 15% from 2.76p to 3.17p per share. Nice.

The board’s keen to keep investors happy and I’m down with that. The Lloyds share price may have trailed competitors, but it’s still up 53% over 12 months, with a trailing yield of 4.35% driving my total return even higher. That’s forecast to hit 4.73% in 2025 and 5.26% in 2026.

It’s not without risk though. Lest we forget, Lloyds shares went sideways for years. Also, its focus on the UK domestic retail and small business banking sectors means its fortunes are tightly pegged to our struggling economy.

I’ll reinvest dividends while I wait for growth

Inflation isn’t licked yet either. This is forcing the Bank of England to keep interest rates relatively high, squeezing mortgage lending and the housing market.

Interest rate cuts may revive the housing market, but could rebound on Lloyds. Its 2024 net interest margins contracted by 16 basis points to 2.95%. Falling rates could squeeze them further.

The 17 analysts offering one-year share price forecasts have produced a median target of 72.58p. That’s only a fraction above today’s 72.38p. I suspect those figures were produced before the recent Lloyds share price bump. They may also indicate that we’ve had our fun for now.

Much depends on whether the board can deliver on strategic initiatives aimed at generating more than £1.5bn in additional income by 2026.

I think Lloyds is well worth considering for investors today. The price-to-earnings ratio still looks undemanding at 11.5. If share price growth does slow, at least I’ve got those dividends.