Lloyds‘ (LSE: LLOY) share price broke back above £1 in early 2026 for the first time since before the global financial crisis. It’s since pushed as high as 117.90p, leaving it within sight of 120p, but not quite over the line.

What’s driving the climb

A decade-and-a-half of near-zero interest rates left little room for lenders to earn much on their loan books. That structural pressure made it difficult for the stock price to climb above £1.

Rates have since moved well away from those lows which has boosted the company’s share price over 20% in the past year. That gives the stock a market-cap just shy of £60bn, as I write, on Monday afternoon (5 October).

Those gains have come on the back of…