Lloyds Banking Group profits near £6bn

Lloyds Bank, Hebden Bridge.
Lloyds Bank, Hebden Bridge.
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Lloyds Banking Group has posted annual pre-tax profits of £5.96bn, up 13 per cent from £5.28bn in 2017.

Lloyds Banking Group has announced that it will return up to £4bn to shareholders as it reported a 13 per cent increase in profits.

Lloyds hiked the dividend by 5 per cent to 3.21p per share and proposed a share buyback of up to £1.75bn, which represents a total return of up to £4bn to investors.

Chief executive Antonio Horta-Osorio said: “Over 2018 the UK economy has proven itself to be resilient with record employment and continued GDP growth. Although the near-term outlook for the UK economy remains uncertain, our strategy continues to deliver for our customers.

“I remain confident that with our unique business model and market leading efficiency we can continue to increase investment in customer propositions and grow our leading digital bank, whilst at the same time delivering strong financial performance and market leading returns.

“Our strategy is framed by our purpose of Helping Britain Prosper, being the bank with the largest retail and commercial presence throughout the country.”