Image copyright ReutersLloyds Banking Group has reported its highest annual profit in a decade, helped by a reduction in payment protection insurance (PPI) provisions. The government spent £20.3bn to acquire a 43% stake in Lloyds at the height of the financial crisis. The UK government's stake in Lloyds has now fallen below 5% and it has said it wants to return the bank to full private ownership this year. Lloyds shares rose by 3.6% following the results, making the bank the biggest riser on the FTSE 100. Lloyds, which is the UK's biggest retail banking group, also owns the Halifax and HBOS brands.
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According to the BBC , this is the highest annual statutory profit reported by the bank in a decade. Lloyds Banking Group shares are on the rise this morning after the bank more than doubled its annual pre-tax profit for 2016 to £4.24bn, boosted by a reduction in payment protection insurance (PPI) provisions. The bank has seen its pre-tax profits for the year rise 158%, from £1.64bn in 2015 to £4.24bn last year, as PPI provisions fell dramatically, from £4bn to £1bn. The government recently reduced its stake in the bank to less than 6%, which has made BlackRock the largest shareholder in the lender for the first time. However, its underlying profits fell from £8.1bn to £7.9bn in 2016, with slightly lower income and higher impairments, which was partly offset by lower costs.
Image copyright ReutersLloyds Banking Group has reported its highest annual profit in a decade, helped by a reduction in payment protection insurance (PPI) provisions. The government spent £20.3bn to acquire a 43% stake in Lloyds at the height of the financial crisis. The UK government's stake in Lloyds has now fallen below 5% and it has said it wants to return the bank to full private ownership this year. Lloyds shares rose by 3.6% following the results, making the bank the biggest riser on the FTSE 100. Lloyds, which is the UK's biggest retail banking group, also owns the Halifax and HBOS brands.
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collected by :Jack Luxor
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Lloyds shares soar as bank reports highest annual profit in decade
According to the BBC , this is the highest annual statutory profit reported by the bank in a decade. Lloyds Banking Group shares are on the rise this morning after the bank more than doubled its annual pre-tax profit for 2016 to £4.24bn, boosted by a reduction in payment protection insurance (PPI) provisions. The bank has seen its pre-tax profits for the year rise 158%, from £1.64bn in 2015 to £4.24bn last year, as PPI provisions fell dramatically, from £4bn to £1bn. The government recently reduced its stake in the bank to less than 6%, which has made BlackRock the largest shareholder in the lender for the first time. However, its underlying profits fell from £8.1bn to £7.9bn in 2016, with slightly lower income and higher impairments, which was partly offset by lower costs.
Image copyright ReutersLloyds Banking Group has reported its highest annual profit in a decade, helped by a reduction in payment protection insurance (PPI) provisions. The government spent £20.3bn to acquire a 43% stake in Lloyds at the height of the financial crisis. The UK government's stake in Lloyds has now fallen below 5% and it has said it wants to return the bank to full private ownership this year. Lloyds shares rose by 3.6% following the results, making the bank the biggest riser on the FTSE 100. Lloyds, which is the UK's biggest retail banking group, also owns the Halifax and HBOS brands.
read more visit us profit
collected by :Jack Luxor
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