There is always a case for some buybacks even if just enough to offset staff purchases and share incentive plans creating new shares.
Unless there are better alternative investments for the BOD to consider then it would be of great benefit for longer term shareholders to continue buybacks whilst Lloyds is valued so low. Buybacks also help to support the progressive dividend policy.
The market cap is still slightly lower than it was in Jan 2022 and a massive
£20 Billion lower than LBG highest valuation.
Market cap is about the same now as in Jan 2022, but because of buyback programmes the price per share is about 7p greater.
No takeover imminent from anyone building a stake . Main investors are simply that - investment companies. Carclo with grow organically with the debt burden greatly reduced in the coming years.
Luckily Fakeys SB's are FAKE, otherwise he would have had a number of margin calls and would be down about £50,000 and with the interim dividend of 1.06p coming up to pay.